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TPG to halve China allocation of new $5bn Asia fund

TPG Inc is to cut the China investment allocation of its eighth Asia buyout fund, which is set to close with around $5bn in total capital commitments, by about 50% compared with previous funds focused on the region, according to a report by Bloomberg.

The report cites an unnamed person familiar with the matter as confirming the change which will see the investment firm to put about 10% of its Asia VIII pool in China, down from around 25% of invested capital in previous funds.

TPG will allocate more than 80% to Australia, India and Southeast Asia — up from 70% in the predecessor fund, according to Bloomberg’s source, with the rest going to South Korea.

To date, the fund, which is expected to hold its final close early next month, has invested about $2bn of its capital with no investment having so far been made in China. Around 70% of the initial investments have been in India and Australia.

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