TPG has raised $1.3 billion for its debut Asia growth equity fund, TPG Emerging Companies Asia, surpassing its fundraising target as the US alternative asset manager expands its investment strategies in the region.
The fund, also known as TECA, was established to target mid-cap companies in Asia’s developed markets. TPG confirmed the completion of its fundraising during its third-quarter earnings call.
The $1.3-billion final tally marks an 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.
The 2025-vintage fund had deployed $338 million, according to TPG’s earnings release. Its initial investments included Singapore nursing home operators Orange Valley and Econ Healthcare, now part of One Age Care, as well as Australia’s Five Good Friends.
TPG 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.
The firm’s private equity strategies raised $8.5 billion in the third quarter and more than $21 billion year to date.
TPG’s total assets under management stood at $303 billion in 2025, with fee-related AUM of $170.1 billion. Capital deployed during the year climbed 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, Tata Consultancy Services’ AI data centre business. TCS is expected to hold up to 49% of the business.
