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TPG closes technology growth equity fund at $1.6 billion

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.