TPG is targeting $18 billion for a new buyout fund, TPG Partners VI, and about $7 billion for private equity fund TPG Financial Partners, according to information on the website of the $81.5 billion New Jersey State Investment Council, Trenton, which is committing to both funds. TPG Partners VI would be larger than its last buyout fund, the $15.3 billion TPG Partners V. TPG Financial Partners would take minority stakes of less than 50% in large financial services firms. TPG Financial Partners would also participate in buyouts with TPG V and TPG VI, which could result in combined stakes of up to 100% in certain companies.
The New Jersey council committed $400 million to TPG Partners VI and $100 million to TPG Financial Partners. The council is an investor in TPG V and a loan fund, TPG Axon Capital Management. TPG spokesman Owen Blicksilver declined to comment.