Global private equity giant TPG Capital has closed its sixth pan-Asian fund at US$3.3 billion, according to media reports.
The vehicle began fundraising in mid-2012 with an original target of US$4 billion. Last June, the fund reached second close of US$2 billion. In the fourth quarter of last year, TPG decided to reduce the fund size to US$3.5 billion due to challenging fundraising environment.
The vehicle attracted limited partners (LPs) including the San Diego County Employees’ Retirement Association, Second Swedish National Pension Fund, British Colombia Investment Management, and New Mexico State Investment Council.
In 2008, the Fort Worth, Texas-based firm raised US$4.25 billion for its fifth pan-Asian fund.