TPG Growth closes on fourth fund, raising $3.7 billion

CREDIT: Photo for The Washington Post by Astrid Riecken)

TPG Growth, the middle market and growth equity platform of Fort Worth and San Francisco-based investment firm TPG, announced Monday the closing of its fourth fund, TPG Growth IV. The fund reached $3.7 billion in commitments, putting the firm’s assets at over $3.7 billion, achieving its hard cap on LP commitments in four months, according to a news release. .

“We are long-term partners to entrepreneurs, founders, and management teams, working with them to build and scale their businesses,” said Bill McGlashan, founder and managing partner of TPG Growth and co-founder and CEO of The Rise Fund, a social impact fund. “We focus on key themes across different geographies and industries, utilizing a variety of financial structures, which enables us to be both disciplined and opportunistic. The close of TPG Growth IV is a testament to the strength of our strategy, collaborative culture, globally integrated approach, and commitment to growth and innovation.”

TPG Growth partners with companies in a range of sectors and geographies, from thriving consumer businesses in India such as Lenskart to global consumer brands such as Fender. TPG Growth has also co-founded innovative businesses—including enterprise artificial intelligence platform and next-generation global media company STX Entertainment—in partnership with industry executives. Other current and past investments include well-known names such as Uber, Airbnb and Spotify, along with companies such as, Beautycounter, C3 IoT, e.l.f. Cosmetics, ipsy, Philz Coffee, Schiff Nutrition, SuccessFactors and SurveyMonkey.

With the close of its fourth fund, the TPG Growth platform now manages more than $13 billion in assets. Earlier this year, the platform announced that The Rise Fund—a global social impact fund co-founded by Bill McGlashan, Bono, and Jeff Skoll and managed by TPG Growth—closed at $2.1 billion in commitments. The Rise Fund has made seven investments since its launch this year, and is considered the largest private impact fund ever raised.