TPG has closed its latest growth equity vehicle, TPG Growth VI, at $4.8bn – surpassing its $4bn target – following strong demand from both existing LPs and new investors across the Middle East, Asia, and Latin America, according to a report by Bloomberg.
The fundraise took just under two years and continues the firm’s growth strategy, launched in 2007, targeting high-growth businesses in sectors including software, enterprise technology, internet and digital media, healthcare, and business services.
Despite a tougher exit environment for many GPs, TPG has already committed around 40% of the fund to 10 investments, among them Schott Pharma, Cliffwater, and K2 Medical Research. As of 30 June, TPG Growth managed $20.2bn in AUM and had signed or closed $2.3bn in exits this year—maintaining a roughly 2:1 ratio of realisations to new investments.
Co-managing partners David Trujillo and Matt Hobart said the strategy targets companies capable of delivering 20–30% growth, with governance influence secured through control positions or minority stakes of at least 20%. Trujillo noted that TPG avoided overexposure to unprofitable tech during the 2020–21 boom, while Hobart emphasised the importance of sector and theme selection over macro conditions.
Select deals will also be syndicated to TPG Private Equity Opportunities, the firm’s co-investment platform for high-net-worth investors. TPG, which oversaw $261bn in AUM at end-June, reported a 30% year-on-year rise in Q2 after-tax distributable earnings to $268.3m.
