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Asset Management / Wealth Management
TPG raises US$8 billion for Asia PE, real estate funds
Latest capital commitments bring total AUM in the region to over US$35 billion
The Asset 9 May 2024

Alternative asset management firm TPG has closed its Asia-focused private equity and real estate funds, raising nearly US$8 billion.

The funds include private equity fund TPG Asia VIII, TPG Angelo Gordon Asian real estate funds, TPG AG Asia Realty Fund V, and TPG AG Japan Realty Value Fund.

This brings TPG’s total assets under management in Asia to over US$35 billion across private equity, real estate, and secondaries, as well as the firm’s investments in the region through its global growth and impact funds.

TPG Asia VIII secured US$5.3 billion in aggregate capital commitments, closing around 14% higher than its predecessor fund and making it the firm’s largest Asia fund in its 30 years of investing in the region. The fund will continue to pursue a geographically distributed strategy of thematic growth investing.

Two real estate funds – TPG AG Asia Realty Fund V and the firm’s first Japan Realty Value fund – closed with a combined capital of more than US$2.5 billion, exceeding their respective fundraising targets.

Asia Realty V closed more than 50% higher than its predecessor. It seeks to capitalize on attractive real estate investments in the region with a focus on sourcing off-market transactions in Japan, South Korea, mainland China, Hong Kong, and Singapore.

The Japan Realty Value Fund will target value-add real estate opportunities in Japan, focused primarily on the acquisition of equity interests in real estate across various product types, including industrial, office, residential, and retail.

Ganen Sarvananthan, head of Asia and the Middle East and co-managing partner of TPG Capital Asia, attributes the successful close of Asia VIII to “our geographically diversified and sector-led private equity strategy, our stable and tenured leadership team, and our partnership-focused investment approach in Asia”.

“Looking ahead, we expect markets across Asia to continue to experience strong economic growth,” says TPG chief executive officer Jon Winkelried. “Our investment strategy in the region – characterized by thematic, sector-driven investing by local teams in key markets – positions us to continue to deliver excellent performance and drive further innovation and growth.”

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