About the AMC
- In 1992 David Bonderman and Jim Coulter former colleagues at legendary Bass Family Office opens first TPG office in California. TPG is abbreviation for Texas Pacific Group.
- In 1994 TPG became one of the first private equity firms to begin investing in China and exploring opportunities throughout the continent with creation of Asia specific fund.
- TPG does not have dedicated India funds.
- In 2006 TPG capital Asia invests in Shriram transport , 2009 in Shriram City Union Finance , successful exits of both made international headlines and the partnership TPG’s presence in India.
- TPG Capital Asia currently manages approximately $10 billion in assets from the offices in Beijing, Hong Kong, Melbourne, Mumbai, and Singapore.
- TPG growth’s main focus area is distressed assets.
- In April 2015, TPG Growth closed its third fund, raising total commitments of over $3 billion. Globally, TPG has over $70 billion under management.
- Key staff- Puneet Bhatia, Co-Managing Partner and Country Head, India of TPG Capital Asia. Prior work experience – Chief Executive at PE group for GE India. Hold Bcom. honors degree from SRCC, Delhi and an MBA from IIM Calcutta.
- Mitesh Daga, MD at TPG Capital, prior work experience served as Board Member at RR Kabel ltd and Sai Life Science Ltd. Holds Btech. Degree from IIT, Delhi.
TPG Growth
TPG Growth was founded in 2007 to specialize in growth equity and middle-market buyout opportunities. Taking a long-term and hands-on approach to partnership, we identify unique companies across the U.S., Europe, Africa, and Asia and help them achieve their full potential. We can assist at all stages of a company’s growth, from its inception to its international expansion, by drawing on our geography-specific experience and expert global operational resources from the TPG platforms. TPG Growth currently manages approximately $14.5 billion in assets across a variety of sectors including media, technology, and industrials.
TPG Capital
TPG Capital has more than two decades of experience partnering with companies around the world. Since 1993 they have invested more than $50 billion of equity capital through approximately 175 transactions.
TPG Capital Asia
TPG Capital Asia currently manages approximately $10 billion in assets from the offices in Beijing, Hong Kong, Melbourne, Mumbai, and Singapore.
Investment Philosophy (for firm)
“Distressed (assets) opportunities in India are more suited for private equity, as you have to own the entire capital structure and need to make management changes,” Bloomberg quoted Bhatia as saying.
Media
Title: TPG to sell oncology hospital chains to Varian Medical for $283 million, Source: ET, Date: 21 May 2019
TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, will sell its portfolio company Cancer Treatment Services International (CTSI) to New York-based Varian Medical Systems for $283 million
“We invested in CTSI in 2016 with the belief that the company was in a strong position to address a substantial and growing need for quality cancer care in India. Today, CTSI is one of the largest and leading providers of high-quality oncology services across the country and broader South Asia,” said Matthew Hobart, Partner at TPG Growth.
TPG Growth incubated a platform called Asia Healthcare Holdings which is basically India’s first integrated specialty healthcare delivery platform. They started with a thesis that if they take smaller companies and in the world of PE you end up taking scaled up company help them to grow and put your capital , take minority stake to help company’s future and growth. TPG Growth at AHH will take very early stage companies, take majority control , put management teams behind that and help those healthcare delivery platforms to grow. They consider it a different thought process from buy to build at AHH they are actually building enterprises. The first one was Cancer Treatment Services International which was one oncology center in Hyderabad, post investment they have 14 oncology centers in India and South Asia. Second Investment is Motherhood, which has now become women healthcare center.
Title: PE firm TPG mops up $4.6 bn for Asia fund, Source: ET, date: January 2019
Global private equity firm TPG has raised over $4.6 billion towards its seventh Asia focused private equity fund – TPG Capital Asia VII. “With Asia VII, we will continue to invest in opportunities that reflect our differentiated investment strategy, deep sector expertise, and focus on operational improvement.”
“The team pursues investments in a broad range of industries, with a significant focus on financial services, healthcare, consumer, and TMT/new economy” the release said.
Title: TPG Growth invests $42 million in Ess Kay Fincorp, Source: ET, Date: 31 October 2018
TPG Growth, the middle market and growth investment fund of TPG Group, announced that it has invested $42 million in Ess Kay Fincorp, a Jaipur-based NBFC. Existing investors Norwest Venture Partners and Evolvence India Fund II Ltd are investing alongside TPG Growth, the fund said in a joint statement. Post this deal TGP will hold 30% stake in the company.
Title: TPG Group changes India investment approach, Source: Live Mint, Date: 2016
American private equity (PE) firm TPG has merged the India investment teams of its two arms, TPG Capital and TPG Growth, as it looks to adopt a more focused approach to investing in India, according to two people aware of the development.
“The TPG Growth team looked at deals that were below $70-75 million and deals bigger than those would go to the TPG Capital team. From a sector point of view, the two teams looked at the same sectors other than e-commerce, where Growth is invested,”
“Under the new unified structure, the same team will now look at all deals and depending on the final size of the investment, money will be drawn down either from the Capital or Growth fund.”
According to data from VCCEdge, the financial research platform of VCCircle, TPG has deployed more than $1.5 billion in India over the past decade, which includes investments by both TPG Capital and TPG Growth.
“Distressed (assets) opportunities in India are more suited for private equity, as you have to own the entire capital structure and need to make management changes,” Bloomberg quoted Bhatia as saying. TPG has exposure to the Indian consumer Internet market through TPG Growth’s investment in Lenskart.com.
Analyst questions
- Tell us about your investment philosophy?
- What are the key parameters that you look into consideration for identifying right enterprise for AHH (Asia Healthcare Holding)? You say you help in building the enterprise what is your contribution in building the enterprise except for the capital?
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