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Predictions of a steep drop-off in private equity fundraising may be premature as buyout shop TPG Capital is poised to put $30 billion in new capital under management this year.
The Texas-based firm has raised an estimated $20 billion
for its primary leveraged buyout fund, TPG Partners VI. The Wall Street
Journal is also reporting that TPG has put another $10 billion under management
through a $6 billion financial services investment vehicle and a $4
billion Asia-focused fund. One of the top private equity firms in the
world, TPG, formerly Texas Pacific Group, has an internal rate of
return of 55% since 1985, excluding fees, according to the firm's
marketing materials.
TPG may have gained a significant advantage over rival buyout shops when it began raising its latest megafund earlier than other firms. Private equity firms such as Madison Dearborn Partners and Kohlberg Kravis Roberts & Co. have run into difficulties in closing their latest funds this year. Madison Dearborn scaled back the size of its fund from $10 billion to $7.5 billion and KKR closed two vehicles slightly shy of their original targets. - George White See WSJ story (subscription required) See Dealscape post on TPG's LBO fund See story on Madison Dearborn on TheDeal.com See Dealscape post on KKR funds See Dealscape post on PE fundraising Categories Deal Video
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