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TPG, Warburg Pincus and Olympus close multibillion-dollar private equity funds

Three private equity managers announced Monday they closed multibillion-dollar funds.

TPG has closed its latest middle market and growth equity fund, TPG Growth IV, at $3.7 billion, reaching its hard cap in four months, a TPG spokeswoman said in an email.

The fourth fund is 23% larger than the $3 billion TPG Growth III, which closed in 2015.

Warburg Pincus announced the closing of Warburg Pincus Financial Sector Fund at $2.3 billion, exceeding its $1.6 billion target.

The fund will invest in "financial services opportunities sourced through the firm's global investment platform, seeking to partner with entrepreneurs and management teams to build companies of sustainable value," said a news release from the private equity firm Monday. It is Warburg Pincus' first fund devoted solely to the financial sector.

"This new fund, in conjunction with our main, global fund (Warburg Pincus XII), will enable us to invest behind both secular and cyclical trends that are driving the growth in the financial services sector, including increasing financial penetration in emerging markets, technology enablement, financial services outsourcing and, in the event of a downturn, potential market dislocation opportunities," said Michael Martin, managing director and head of financial services at Warburg Pincus, in the release.

A spokeswoman was not immediately available for additional information.

Also, Olympus Partners has closed its $3.04 billion Olympus Growth Fund VII, the private equity money manager announced in a news release Monday.

The buyout fund is the third Olympus fund to close at more than $1 billion. In 2008, Olympus Growth Fund V closed at $1.5 billion and in 2013, Olympus Growth Fund VI closed at $2.3 billion.

Olympus officials could not be immediately reached to provide further information.

Investors in the TPG fund include the Florida State Board of Administration, Tallahassee, board, which oversees a total of $195.6 billion, including the $158.9 billion Florida Retirement System; the $146 billion Texas Teacher Retirement System, Austin; $76.6 billion New Jersey Pension Fund, Trenton; New Mexico State Investment Council, Santa Fe, which manages $23 billion in endowments; $18.7 billion Louisiana Teachers' Retirement System, Baton Rouge; and $18 billion Kansas Public Employees Retirement System, Topeka.

Investors in the Warburg Pincus fund include the Washington State Investment Board, Olympia, which oversees $95.1 billion in pension fund assets, and the $89.5 billion Minnesota State Board of Investment, St. Paul.

Investors in Olympus Growth Fund VII include the $44.4 billion Tennessee Consolidated Retirement System, Nashville.

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