TPG has held a final close of its latest fund, TPG Partners VII, LP, with $10.5 billion in commitments. The final tally of commitments includes $400 million from TPG and its investment staff. Fund VII limited partners included new investors as well as returning investors from other TPG funds.
“The continued support of our limited partners allowed us to surpass the target figure for TPG Partners VII,” said Jim Coulter, Co-Founder and Co-CEO of TPG. “The closing of the fund marks the culmination of a successful era in fundraising across our capital, growth, real estate, Asia, and credit platforms, raising over $45 billion and generating strong momentum in the wake of the financial crisis.” Partner Jon Winkelried, who joined TPG in October 2015 after 27 years at Goldman Sachs, is the other Co-CEO of TPG.
The new fund has already has invested $2.1 billion in six portfolio companies: Cirque du Soleil acquired in April 2015 (www.cirquedusoleil.com); real estate firm Cushman & Wakefield acquired in September 2015 (www.cushmanwakefield.com); educational software company Ellucian acquired in August 2015 (www.ellucian.com); midstream oil and gas company EnLink acquired in December 2015 (www.enlink.com); Life Time Fitness acquired in June 2015 (www.lifetimefitness.com); and UK-based single price retail chain Poundworld acquired in May 2015 (www.poundworld.co.uk).
“Fund VII will build on our momentum, and we will continue to identify and execute on opportunities that reflect our differentiated investment strategy, deep sector specialization, and focus on operational improvement,” said Todd Sisitsky, Managing Partner of TPG Capital. “Our operations team and global network of deal professionals have enabled us to carve out sectors where we can help companies grow and excel.”
TPG was founded in 1992 and makes investments throughout North America, Europe, Asia and Australia. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare. The firm has offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, Istanbul, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Singapore, and Tokyo (www.tpg.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-10-16
