TPG closed its $1.6 billion TPG Tech Adjacencies fund, exceeding the venture capital and growth equity fund's $1.5 billion fund's hard cap, TPG said Monday in a statement.
The fund — the first of its kind for TPG — is designed, in part, to offer liquidity to founders, employees and early investors in technology companies.
"In developing TTAD, we're combining our differentiated insight and sector expertise to bring a new capital solution to an emerging class of technology companies and entrepreneurs who are choosing to stay private longer," said Jon Winkelried, co-CEO of TPG, in a news release.
Investors in the fund include the $145.4 billion Texas Teacher Retirement System, Austin.
