TPG, one of the world’s biggest private equity groups, has taken the unusual step of asking investors in its $19bn flagship fund if it can have an extra year to spend $3bn of undeployed capital, underscoring the difficulty of finding good deals in the wake of the global recession.
It is hoping to convince investors in TPG VI to extend the investment period to February 2015 by offering to waive management fees and other charges that could amount to tens of millions of dollars.
In a handout accompanying a call with investors last week, TPG said the extension would allow the firm “to continue intense focus on performance” and would mean there would be “no need to begin raising TPG VII prematurely”.
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