Mumbai: American private equity major TPG on Monday said that it has closed its latest Asia focused fund TPG Capital Asia VII with commitments of over $4.6 billion, exceeding the fund’s target, the firm said in a statement.
“With Asia VII, we will continue to invest in opportunities that reflect our differentiated investment strategy, deep sector expertise, and focus on operational improvement. We look forward to continuing to deliver value for our investors while helping to build great new companies across Asia," said Ganen Sarvananthan, co-managing partner for TPG Capital Asia.
The fund has so far committed more than 40% of the capital across 12 companies, including, Du Xiaoman, the consumer lending, wealth management and payments platform spun out from Baidu; Pathology Asia Holdings, Healthscope’s Asian Pathology business that operates 39 labs across Singapore, Malaysia and Vietnam; UPL, a global leader in agricultural solutions; and Greencross Limited, an ASX-listed integrated pet care platform in Australia.
Last year, TPG tied up with UPL Ltd for its the latter’s acquisition of Arysta Lifescienes Inc for $4.2 billion. TPG along with sovereign wealth fund ADIA, invested $1.2 billion in the transaction.
TPG established it's first Aisa dedicated fund in 1994. The PE fund’s Asia team comprises of approximately 50 investment professionals with offices in Beijing, Hong Kong, Mumbai, Seoul, Singapore, and Melbourne. The platform has invested $11 billion in 88 investments across 13 countries. The team pursues investments in a broad range of industries, with a significant focus on financial services, healthcare, consumer, and new economy.
Overall, TPG manages assets worth $103 billion globally.