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TPG raises US$4.6b for Asia-focused private equity fund

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TPG raised more than US$4.6 billion for its Asia private equity fund, almost 40 per cent larger its previous pool of capital and its biggest in the world's fastest-growing region.

[HONG KONG] TPG raised more than US$4.6 billion for its Asia private equity fund, almost 40 per cent larger its previous pool of capital and its biggest in the world's fastest-growing region.

The US-based alternative asset firm has already committed 40 per cent 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 US$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 US$4.65 billion fund in December following KKR & Co's US$9.3 billion in mid-2017, and Blackstone Group's US$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.

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