Aug 7, 2018

Scoop: TPG raises over $10 billion for new fund

TPG co-founder David Bonderman. Photo by Horacio Villalobos, Corbis/Getty Images.

TPG, one of the world's largest private equity firms, has closed on over $10 billion in total commitments for its eighth flagship buyout fund and a new healthcare focused fund, per an investor memo obtained by Axios.

Why it matters: Because TPG appears to be back in its investors' good graces, after a stumble earlier this decade.

  • A big part of the rebound can be credited to a bolstered management team, including the 2015 addition of former Goldman Sachs president Jon Winkelried.
  • TPG is targeting a total of $13.5 billion, including $11 billion for TPG Partners VIII and $2.5 billion for TPG Healthcare Partners.
  • There's still no indication that TPG is finally planning for a long-rumored IPO.

A firm spokesman declined comment.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.