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TPG closes TPG Tech Adjacencies II above target at $3.4bn

Global alternative investment firm TPG has held the final closing of TPG Tech Adjacencies II, the firm’s second fund for its strategy dedicated to providing flexible capital solutions to the technology industry, above treat at $3.4 billion in capital commitments.

Global alternative investment firm TPG has held the final closing of TPG Tech Adjacencies II (TTAD II), the firm’s second fund for its strategy dedicated to providing flexible capital solutions to the technology industry, above treat at $3.4 billion in capital commitments.

Fundraising for TTAD II and its related vehicles more than doubled the capital raised for the inaugural TTAD fund in 2018.

TPG Tech Adjacencies (TTAD) grew organically out of TPG’s technology practice after the firm recognised the significant opportunity for value creation as more technology companies opted to stay private through more advanced stages of growth. 

The fund, which has a flexible mandate and is designed to invest in tech companies across all stages of growth through structured and opportunistic minority investments, is led by co-managing Partners Nehal Raj, who co-leads the firm’s investment activities in Software and Enterprise Technology across its private equity platforms, and David Trujillo, who leads TPG’s Internet, Digital Media, and Communications investing efforts across the firm.

TTAD has developed a dynamic portfolio of leading technology companies, including Dream11, India’s largest daily fantasy sports platform; FreedomPay, a cloud-based integrated payments platform; Kaseya, an infrastructure software company that provides comprehensive IT management solutions; Learneo (fka Course Hero), a platform of technology-driven productivity and learning businesses; Sonatype, a provider of automated open source governance solutions for software developers; and Toast, a payments platform purpose-built for restaurants. TTAD has generated and is expected to continue to generate co-investment opportunities for investors.

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