TPG Capital has raised $2.9 billion for its sixth Asian fund after an overhaul of its senior management in the region sped up the process, two people with knowledge of the matter said.
The Fort Worth, Texas-based private-equity firm completed a third round of fundraising this week, and may raise as much as $3.5 billion for the fund when it closes in the second half of May, said the people, who asked not to be identified because the matter is confidential.
Fundraising accelerated after TPG appointed Tim Dattels as co-head of Asia operations with Ben Gray in November, replacing Stephen Peel, who is now focusing on emerging markets outside the region. Peel said at the time he didn’t want to stay for the sixth fund and asked to step aside from management.
Dattels and Gray worked together at Newbridge Capital LLC, the former Asian unit of TPG formed in 1994. Lisa Baker, a spokeswoman for TPG, declined to comment.
TPG started raising the fund in early 2012 and has been slower to gather fresh capital than rivals including KKR & Co. and CVC Capital Partners Ltd., the people said.
CVC started raising its fund last June and finished eight months later after exceeding its $3 billion target, a person with knowledge of the matter said at the time. CVC was close to raising $3.5 billion, the person said.
TPG’s latest fund is the firm’s second biggest in Asia, and has already invested in three companies, including China-focused broadcaster Phoenix Satellite Television Holdings Ltd. and Xinyuan Real Estate Co., the people said.
The firm offered to buy Chindex International Inc. (CHDX:US) with Shanghai Fosun Pharmaceutical Group Co. in February in a deal valuing Chindex, a hospital operator, at $369 million. Nasdaq-listed Chindex said this week that it received an alternative offer from a third party and is weighing both, according to an April 7 statement.
TPG’s fourth Asian fund, raised in 2005, is returning about three times the capital, the people said, after the firm invested in companies including Australian retailer Myer Holdings Ltd., India’s Shriram Transport Finance Co. (SHTF) and Singapore’s Parkway Holdings Ltd.
The buyout company raised $3.8 billion in 2008 in its fifth fund in Asia, its biggest in the region.
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