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Bloomberg
TPG, an investor in Uber Technologies Inc. and Airbnb Inc., is seeking $3 billion for its fourth growth-equity fund, according to people with knowledge of the matter.
The private equity firm plans to start raising money for the pool this year and is targeting the same amount it got for its third fund, which finished collecting $3 billion in 2015, said the people, who asked not to be identified because they weren’t authorized to speak publicly. TPG wants to stay at that amount even as client demand is surpassing it, one of the people said.
The asset manager formed the growth unit in 2007 and has expanded it to manage more than $8.3 billion, including a social impact fund started last year. Led by Bill McGlashan, the strategy focuses on smaller, faster-growing companies than TPG’s main buyout fund does.
In addition to Uber and Airbnb, the growth funds have backed Club Pilates, Philz Coffee Inc., music-streaming service Spotify Ltd., telecommunication towers in Myanmar, hospital groups in Sri Lanka and a private-school operator in Morocco, among other companies. TPG is considering who to name to Uber’s board after David Bonderman, the private equity firm’s chairman, stepped down as a director of ride-hailing company last week.