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TPG closes latest regional buyout fund for Asia at $4.6 billion in commitments

TPG, a global alternative investments manager based in Fort Worth, Texas, announced the hard close of its latest private-equity fund focused on the Asia-Pacific region, TPG Capital Asia VII, at $4.6 billion in commitments.

In a news release Monday, TPG said those total commitments exceeded the fund's target. A spokeswoman for the fund declined to confirm the target but reports over the past two years had pegged it at $4 billion to $4.5 billion.

Big U.S. pension and endowments funds making commitments to TPG Capital Asia VII in recent years include the $376.9 billion California Public Employees' Retirement System, Sacramento, at $300 million; the $153.1 billion Texas Teachers Retirement System, Austin, at $150 million and the $24.7 billion, New Mexico State Investment Council, Santa Fe, at $100 million.

The TPG news release said TPG Asia VII has already committed more than 40% of that capital across 12 companies, including Beijing-based Du Xiaoman, the "consumer lending, wealth management and payments platform spun out from Baidu," and Greencross Ltd., a pet care company listed on the Australian Securities Exchange.

Since launching TPG's first Asia focused fund 25 years ago, the private-equity firm has invested a combined $11 billion in 88 investments across 13 countries in the region, the news release said.

TPG has offices in Beijing, Hong Kong, Melbourne, Mumbai, Seoul and Singapore.