TPG has closed its seventh and biggest Asia-focused private equity fundraising to date, becoming the latest major player to build up its Asian war chest in recent months.
With more than $4.6 billion in commitments, according to a statement on Monday, TPG Capital Asia VII exceeded its original target by more $100 million.
That is after Hong Kong-headquartered PAG closed its $6 billion Asia III fund in November and Hillhouse Capital closed its largest fund to date in July, raising $10.6 billion in the process.
“We are incredibly grateful for the trust placed in us by both our long-standing partners, and welcome a new group of limited partners to Asia VII,” Stephen Bamford, a partner and co-head of the US-based global buyout firm said in the statement.
To help build out its coverage, TPG has recently hired a slew of senior executives in Asia. It appointed Chang Sun managing partner for China in September 2017, Sanghoon Lee was appointed as partner to lead the firm’s Korea business in Aug 2016 and Joel Thickins was made head of Australia in March 2016.