TPG has raised $4.8bn for its latest growth equity vehicle, TPG Growth VI, exceeding its $4bn target and securing commitments from new investors in the Middle East, Asia, and Latin America, according to Bloomberg reports.

The fund targets high-growth companies in sectors including software, enterprise technology, digital media, communications, healthcare, and business services. About 40% of the capital is already deployed across 10 deals, among them Schott Pharma, Cliffwater, and K2 Medical Research.

TPG Growth, which manages $20.2bn, has completed $2.3bn in exits so far this year, maintaining a 2:1 ratio of sales to new investments. “Getting the sector and theme-driven micro calls right and finding those businesses that are growing is often more important than the macro environment,” said co-managing partner Matt Hobart. Fellow co-managing partner David Trujillo added that the team avoided “a ton of unprofitable tech in 2020 and 2021.”

Founded in 1992 and managing $261bn globally, TPG has also launched co-investment opportunities for wealthy individuals via its Private Equity Opportunities fund. The firm reported Q2 after-tax distributable earnings of $268.3m, up 30% year-on-year, alongside $11.3bn raised and $10.4bn deployed during the quarter.

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