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TPG Raises $4.6 Billion for Asia-Focused Private Equity Fund

Cathy Chan
TPG Raises $4.6 Billion for Asia-Focused Private Equity Fund

(Bloomberg) -- TPG raised more than $4.6 billion for its Asia private equity fund, almost 40 percent larger its previous pool of capital and its biggest in the world’s fastest-growing region.

The U.S.-based alternative asset firm has already committed 40 percent of the latest fund across 12 companies, including Du Xiaoman, the consumer lending platform spun out from Baidu Inc., and Healthscope Ltd.’s Asian pathology business, according to its statement Monday.

TPG had last raised a $3.3 billion Asia buyout fund in 2014, the year that Tim Dattels took over as co-head of Asia with Ben Gray, who left in 2016. The firm has since then rebuilt its management in the Asia-Pacific region, appointing new heads in countries including China, Korea and Australia.

Asia-focused buyout funds are raising record amounts of capital in the last 18 months, according to company disclosures and announcements. Bain Capital pooled a $4.65 billion fund in December following KKR & Co.’s $9.3 billion in mid-2017, and Blackstone Group LP’s $2.3 billion first regional Asia private equity fund raised last year. CVC Capital Partners and Baring Private Equity Asia are also in the process of raising new funds for the region.

(Updates with chart.)

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Jeanette Rodrigues

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