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TPG Capital Said to Target $2.65 Billion for Credit Fund

Nov. 20 (Bloomberg) -- TPG Capital, the private-equity firm started by David Bonderman and Jim Coulter, has set a $2.65 billion goal for its next global credit-focused fund, according to two people familiar with the situation.

The fund, TPG Opportunities Partners III LP, doesn’t have a capital-raising limit, said one of the people, who asked not to be identified because the information isn’t public. Fort Worth, Texas-based TPG started informally raising money from prospective investors in the third quarter.

The firm, which was founded in 1992 and has $55.3 billion under management, has been pursuing deals outside of its main buyout funds. In 2012, TPG gathered $2 billion for its latest growth-equity fund and started marketing its fourth biotechnology vehicle.

Lisa Baker, a spokeswoman at Owen Blicksilver Public Relations Inc., declined to comment on behalf of TPG.

The new fund is managed by the credit and special-situations business known as TPG Special Situations Partners, or TSSP. Special situations may involve companies that are poorly managed, lack access to capital or face structural changes in an industry, according to a marketing document obtained by Bloomberg News. The firm also seeks to purchase loan portfolios directly from banks at deep discounts.

Predecessor’s Returns

The firm’s prior Opportunities Partners fund, which raised more than $2 billion last year, was producing a multiple of 1.2 times invested capital as of August, a person familiar with the matter said at the time.

TPG and Alan Waxman founded the opportunities strategy in 2009 to take advantage of credit “dislocations” and other special situations, according to the marketing memorandum. The firm started investing in the strategy that May, mostly from the 2008 flagship fund, TPG Partners VI LP, and TPG Financial Partners LP.

Waxman, chief investment officer of TSSP, is a former co-head of the Americas Special Situations Group at Goldman Sachs Group Inc.

To contact the reporter on this story: Sabrina Willmer in New York at swillmer2@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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