TPG to launch infrastructure investing effort
Construction workers in the Chennai Metro Rail
TPG Capital is dipping its foot into infrastructure investing, with a new emerging markets-focused strategy that would launch as a pledge fund, Axios has learned from multiple sources.
Staffed up: The infrastructure effort would be partially led by recent hire Jin-Yong Cai, who previously was CEO of The World Bank's International Finance Corp.
Prologue: TPG has employed the pledge fund model before when launching new business lines, including both credit and real estate.
What's a pledge fund? A deal-by-deal structure, rather than a pool of committed capital.
Flagship: TPG told investors that it could begin raising its eighth flagship buyout fund by the end of Q1 2018, although it did not provide a target.