TPG has collected $402 million so far for its first-ever mid-cap private equity fund for Asia’s developed markets after its CEO Jon Winkelried announced in February that the fund had reached almost half of its fundraising goal in the first close.
The 2025-vintage fund has deployed $52 million, show its first quarter earnings on Wednesday.
Singaporean nursing home operators Orange Valley and Econ Healthcare, which recently received a take-private offer, and Australia’s Five Good Friends were the first set of transactions from the fund, Winkelried said in a call with analysts that same day.
The Asia-focused vehicle is among several fund families the group is actively marketing in the wake of Trump’s see-sawing tariffs, which could throw a wrench in its capital-raising plans, Winkelried said, echoing similar opinions as other leaders of Wall Street funds.
“Several of our campaigns will likely elongate as clients are managing through this period of disruption.”
TPG’s lineup of climate-related funds, including Rise Climate II, Climate Transition Infrastructure Fund, and Global South Initiative, are likely to close later than the initial plan due to policy uncertainties in the United States, Winkelried said.
“We had a strong start to these campaigns and have raised more than 60% of our target, including capital that has been committed, but will close at a later date.”
China concerns
With US-China tensions escalating on multiple fronts, how US investors are approaching activities in China is drawing attention.
When asked about the firm’s exposure, Winkelreid said China has not been an investment focus in its recent Asia funds for a combination of reasons and now accounts for a small portion of its portfolio.
“China continues to be a small part of our total exposure. In aggregate, it’s less than 2% of our total AUM at the firm at this point,” Winkelreid said.
“We are obviously continuing to work on the residual portfolio that we have there to make sure that it performs,” he said, adding that the firm still has a presence in China and sees it as an important market for the group and its portfolio companies.
