Forth Worth and San Francisco-based private equity firm TPG is seeking $3 billion in capital commitments for its fourth growth equity fund, according to Bloomberg. The firm plans to start fundraising for the pool in 2017, and wants to stay at the $3 billion market even as client demand is reportedly surpassing it.
The Bill McGlashan-led unit was launched in 2007 to specialize in growth equity and middle-market buyout opportunities around the world. TPG’s Growth funds focus on smaller, faster growing companies than its main buyout fund.
The subsidiary of TPG has grown to manage over $8.4 billion, including a social impact fund started in 2016. The unit currently holds assets across a variety of sectors including media, technology and industrials. Investments include sharing economy giants Uber and Airbnb along with music-streaming service Spotify Ltd., Zenefits, SurveyMonkey and data storage provider Box.
TPG Growth received $3 billion for its third fund in 2015.
The private equity shop, head by co-CEOS Jim Coulter and Jon Winkelried, manages $72 billion in private equity holdings, credit assets, real estate and hedge funds.