TPG has held a final close of its seventh fund at $10.5bn (€9.22bn), exceeding its target of $10bn.
TPG Partners VII will be focused on North American and European businesses. $2.1bn has already been invested across six companies including Cirque du Soleil, real estate firm Cushman & Wakefield, educational software company Ellucian, and UK retail chain Poundworld.
Investors last year cited the fund as “make or break” for the firm, according to Reuters, as previous investments realised smaller returns than desired.
“TPG Partners VII will build on our momentum, and we will continue to identify and execute on opportunities that reflect our differentiated investment strategy, deep sector specialisation, and focus on operational improvement,” said Todd Sisitsky, managing partner of TPG Capital.
TPG has deployed more than $22bn of capital since 2009, and has returned $22bn to investors since 2014.