Wednesday, 11 May 2016

TPG closes TPG Partners VII at $10.5 billion

Yes, it's the, er, Wednesday night PR email, back by popular demand. I wasn't going to write about it, but ...

Fort Worth, Texas, and San Francisco - May 9, 2016 - Leading global alternative asset firm TPG today announced the final close of its latest North American-and European-focused private equity fund, TPG Partners VII. The fund raised $10.5 billion in commitments, including $400 million from TPG and its personnel. TPG Partners VII has so far invested $2.1 billion across six companies, including Cirque du Soleil, real estate firm Cushman & Wakefield, educational software company Ellucian, integrated midstream company EnLink, Life Time Fitness, and U.K. retail chain Poundworld.

You see, that's the problem, and why I get angry. Don't these guys like money?! Why close at $10.5 billion? TPG could have gone for $12 billion, or $15 billion ... even $20 billion. 'And they could have given some of it to us, boss.' Yes, Voice, they could have given some of it to me.

"Thanks to the continued support of our limited partners, we surpassed the target figure for TPG Partners VII. The closing of the fund marks the culmination of a successful era in fundraising across our Capital, Growth, Real Estate, Asia, and Credit platforms, raising over $45 billion and generating strong momentum in the wake of the financial crisis," said Jim Coulter, Co-Founder and Co-CEO of TPG. "TPG VII is already building on that momentum with early investments in exciting companies."

 Well, at least they surpassed the target, eh?

"As the stewards of capital for our limited partners, we are committed to earning their continued support by maintaining a focus on value creation," said Jon Winkelried, Co-CEO of TPG. "We will continue to seek opportunities that align with TPG's culture and values while building an innovative, dynamic future for the firm and its partners. We thank our investors in TPG VII - old and new - for their partnership and look forward to continuing to serve them."

Oh, Christ! Culture and values are to blame. I knew it was something!


Anything else? Ha! Not tonight, my lovely reader(s). I'm knackered. Come back tomorrow morning - if you love this shit so much. / Laters.