Texas-based private equity firm TPG Capital (formerly known as Texas Pacific Group) was able to get the approval of its investors for a time extension to invest their money. More than two-thirds of the investors gave their written consent to wait for the opportune time to do deals, TPG said in a letter to its backers, a copy of which was sent to Reuters. It was only last month when TPG asked its partners to give them an extension to deploy the USD 19 billion which they placed for the TPG Partners VI fund in 2008.
The letter, which was signed by founders David Bonderman and James Coulter and partners Jamie Gates, Jack Weingart and Jonathan Coslet, did not say how much the private equity firm still needed to invest but promised investors prudence and strong returns. "We look forward to continuing our focus on the performance of the fund, to investing the remaining capital prudently, and to delivering you strong investment returns," TPG Capital founders and partners wrote.
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