TPG Capital Said to Target More Than $4 Billion in New Asia Fund

  • Texas firm said to launch its seventh regional fund this year
  • TPG raised $3.3 billion for last Asia fund in May 2014

TPG Capital is planning to seek at least $4 billion for its seventh Asia fund, according to a person with knowledge of the matter.

The Fort Worth, Texas-based private equity firm plans to start raising money for the new fund later this year, the person said, asking not to be identified because the matter is confidential. TPG garnered $3.3 billion for its sixth fund in May 2014, after it appointed Tim Dattels as co-head of Asia in November 2013, people familiar with the matter said at the time.

Luke Barrett, a TPG spokesman based in New York, declined to comment. Reuters reported the fundraising earlier.

Among other private equity firms expected to source money for new Asia-Pacific funds is KKR & Co., which is planning to seek about $7 billion for its third Asian fund later in 2016, a person familiar with the move said this week. Last year, RRJ Capital and Baring Private Equity Asia raised a combined $8.5 billion for new funds.

TPG’s new fund comes after a slew of new hires this year. Among those are three partners for its Asia operation including Sanghoon Lee, who was hired from Morgan Stanley’s private equity division to be TPG’s Korea head.

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