Deals - Asia

Investment firm TPG closes over $4.6 billion new Asia fund

HONG KONG (Reuters) - Global private equity firm TPG Capital Management LP said on Monday it has closed its seventh Asia-focused private equity fund with over $4.6 billion in commitments.

The fund, the firm’s largest to date for the region, exceeded its initial target size of $4 billion-$4.5 billion, according to a person familiar with the fundraising.

TPG Asia’s new fund has already invested more than 40 percent of its capital across 12 companies, the firm said, including Chinese internet company Baidu Inc’s financial spin-out Du Xiaoman, Healthscope’s unit Pathology Asia Holding, agricultural firm UPL and Australian pet care platform Greencross Ltd.

TPG Asia, which has invested $11 billion across 13 countries in the region, will focus on financial services, healthcare, consumer and TMT or other economy sectors with the new fund.

Earlier last month, TPG Asia established a dual-currency joint investment platform with the private equity arm of China International Capital Corp to explore cross-border opportunities with a China focus and international companies’ expansion in the country.

Reporting by Kane Wu, Editing by Sherry Jacob-Phillips