Key Takeaways
- • TPG has closed its debut Asia growth equity fund, TPG Emerging Companies Asia (TECA), at $1.3 billion, surpassing its fundraising target, according to the firm's third-quarter earnings call.
- • The fund targets mid-cap companies in Asia's developed markets and has grown from $742 million in commitments reported in February 2026.
- • The 2025-vintage fund has deployed $338 million, with initial investments in Singapore nursing home operators Orange Valley and Econ Healthcare (now part of One Age Care) and Australia's Five Good Friends.
- • TPG raised more than $15 billion in the third quarter and nearly $42 billion in the first nine months of 2026, and now expects more than $55 billion for the full year versus an original target of more than $50 billion.
- • TPG's private equity strategies raised $8.5 billion in the third quarter and more than $21 billion year to date.
Summary
TPG has raised $1.3 billion for its debut Asia growth equity fund, TPG Emerging Companies Asia, known as TECA, surpassing its fundraising target as the US alternative asset manager expands its investment strategies in the region. The fund is designed to target mid-cap companies in Asia's developed markets. TPG confirmed the completion of the fundraising during its third-quarter earnings call.
The final $1.3 billion tally represents a substantial increase from the $742 million in capital commitments reported in February 2026. The fund had secured an additional $187 million in the fourth quarter of 2025, bringing commitments to $742 million at that point. According to TPG's earnings release, the 2025-vintage fund has deployed $338 million. Its initial investments include Singapore nursing home operators Orange Valley and Econ Healthcare, now part of One Age Care, as well as Australia's Five Good Friends.
TPG's broader fundraising momentum was also strong. The firm raised more than $15 billion in the third quarter, bringing capital formation for the first nine months of 2026 to nearly $42 billion. It now expects to raise more than $55 billion for the full year, above its original target of more than $50 billion, supported by fundraising across private equity, credit and real estate. Its private equity strategies raised $8.5 billion in the third quarter and more than $21 billion year to date.
Firm-wide metrics for 2025 showed total assets under management of $303 billion, with fee-related AUM of $170.1 billion, and capital deployed climbing to $51.9 billion. Its Rise and Rise Climate platforms were among its most active equity strategies, with $5 billion in signed or closed investments in 2025, supported by demand for energy and infrastructure. In India, TPG Rise Climate's Global South Initiative announced a $1 billion investment in HyperVault, the AI data centre business of Tata Consultancy Services, in which TCS is expected to hold up to 49%.
The final $1.3 billion tally represents a substantial increase from the $742 million in capital commitments reported in February 2026. The fund had secured an additional $187 million in the fourth quarter of 2025, bringing commitments to $742 million at that point. According to TPG's earnings release, the 2025-vintage fund has deployed $338 million. Its initial investments include Singapore nursing home operators Orange Valley and Econ Healthcare, now part of One Age Care, as well as Australia's Five Good Friends.
TPG's broader fundraising momentum was also strong. The firm raised more than $15 billion in the third quarter, bringing capital formation for the first nine months of 2026 to nearly $42 billion. It now expects to raise more than $55 billion for the full year, above its original target of more than $50 billion, supported by fundraising across private equity, credit and real estate. Its private equity strategies raised $8.5 billion in the third quarter and more than $21 billion year to date.
Firm-wide metrics for 2025 showed total assets under management of $303 billion, with fee-related AUM of $170.1 billion, and capital deployed climbing to $51.9 billion. Its Rise and Rise Climate platforms were among its most active equity strategies, with $5 billion in signed or closed investments in 2025, supported by demand for energy and infrastructure. In India, TPG Rise Climate's Global South Initiative announced a $1 billion investment in HyperVault, the AI data centre business of Tata Consultancy Services, in which TCS is expected to hold up to 49%.
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