TPG Is Said to Seek $3 Billion Fund After Backing Airbnb

TPG Capital’s growth-investing arm is seeking as much as $3 billion for a global fund after backing Uber Technologies Inc. and Airbnb Inc., two people with knowledge of the matter said.

The firm is seeking its largest growth fund after raising $2 billion in 2012 for a pool that invested in the companies that are part of the sharing economy, said the people, who asked not to be identified because the information is private. At $3 billion, it would be more than twice the size of the firm’s debut growth pool from 2007, called TPG Star.

TPG, run by David Bonderman and Jim Coulter, manages $66 billion across private equity, private credit, real estate and public equity. In addition to seeking as much as $10 billion for its next buyout fund, the firm is gathering assets outside of corporate takeovers. The firm told investors earlier this year it planned to target $1.25 billion for its first dedicated energy fund, people familiar with the plan said at the time.

Owen Blicksilver, a spokesman for Fort Worth, Texas-based TPG with Blicksilver Public Relations, declined to comment on fundraising.

TPG’s growth platform, led by William McGlashan, makes investments in mid-sized companies that fall outside of TPG’s main buyout strategy, including growth equity and private investment in public equities.

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The group this year took part in financing room-sharing service Airbnb at a valuation said to be $10 billion. The firm also backed transportation service Uber, which was recently valued at $40 billion. TPG Growth also teamed up with Coatue Management to invest $150 million in cloud-storage provider Box Inc. at a $2.4 billion valuation, people with knowledge of the situation said in July.

The firm’s prior fund, TPG Growth II LP, had annualized returns of 33 percent after fees as of June 30, according to data from the Washington State Investment Board. TPG Star’s return rate was 14 percent.

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