TPG holds interim $11.2bn close for TPG Partners VIII

Francesca Veronesi
05 July 2019

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US-based GP TPG Partners has held an $11.2bn interim close for TPG Partners VIII, a vehicle backing medium-sized and large companies in the US and Europe, according to filings with the US Securities and Exchange Commission (SEC).

Registered in June 2018, TPG Partners VIII was launched with an $11bn target, which it surpassed with its latest $11.2bn interim close in June 2019.

The fund is now larger than its predecessor, which closed on $10.5bn in 2016.

Merill Lynch is acting as a placement agent.

TPG is concurrently raising $2.5bn for its healthcare sector-focused fund, TPG Healthcare Partners, according to another document from the SEC.

Investors
The fund has been backed by a group of US pension funds, according to Unquote Data. California Public Employees Retirement System allocated $600m to the vehicle, California State Teachers Retirement System $200m, Employees Retirement System of the State of Hawaii $50m, Kansas Public Employees Retirement System $75m, Minnesota State Board of Investment $150m, Oregon Investment Council $400m, State of Michigan Retirement Systems $125m, State of Wisconsin Investment Board $100m, Teacher Retirement System of Texas $320m, Washington State Investment Board $750m and the Teachers' Retirement System of Louisiana allocated an undisclosed sum.

Canadian pension fund Canada Pension Plan Investment Board backed the vehicle as well, allocating $410m.

Investments
The fund will implement the same strategy as its predecessor, taking equity stakes in medium-sized and large companies in the sectors of healthcare, technology, telecommunications, consumer, general industrials and energy in North America and Europe.

People
TPG Partners – Stephen Bamford (principal).