U.S. private equity firm TPG Inc is set to reach first-close of its new Asia-focused fund at more than $3bn
TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6bn, the company said during its March earnings call.
If successful, the fund will be its largest Asia fund to date.
TPG is among a slew of global and regional private equity firms that are raising new funds for the region this year.
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The first-close of the TPG fund will come against the backdrop of challenging global macroeconomic and geopolitical environment that has triggered a sharp sell-off in markets and a rise in financing costs.
In Asia, the total value of deals backed by private equity in 2022 up to Sept. 15 was $121.5bn, plunging 41% from a year earlier.
TPG’s new Asia fund will have about 20% of its capital allocated to China investments, as did its previous last two funds.
Source: MarkerScreener
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