Wednesday, 27 May 2015
Last updated 8 hours ago
Aug 7 2013 | 10:48am ET
TPG Capital needs a little more time.
The private-equity giant has asked investors to give it an extra year to invest the remaining $3 billion from its last fund. TPG, which is offering to waive a variety of fees in exchange for the additional time, told investors that it was simply too difficult to find enough promising opportunities during the economic crisis, the Financial Times reports.
TPG raised the fund, its sixth, just prior to the financial collapse in 2008. The firm won commitments of $19 billion, making TPG VI the third-largest private equity fund in history at that time.
Giving it until February 2015 to deploy the rest of the capital would allow TPG "to continue intense focus on performance" and would spare the firm the need "to begin raising TPG VII prematurely," it told investors.
TPG made its plea in a conference call last week. Investors have until Friday to approve the extension, which will require the support of two-thirds of investors. According to the FT, success is likely, given the backing of several large sovereign-wealth funds.
"It is better to extend than to do stupid deals," one investor told the newspaper.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…