Canada Pension Plan Investment Board has emerged as the lead backer in the tender offer on TPG’s second growth fund, Secondaries Investor has learned.
The Toronto-headquartered pension giant is in poll position on the deal that would give liquidity to LPs in the 2011-vintage $2.04 billion TPG Growth II, according to three sources familiar with the matter.
Pricing details and the remaining net asset value of the fund were unclear.
TPG is seeking at least $3 billion for its impact-focused Rise Fund II, according to PEI data. The secondaries process does not involve a stapled offer, according to the three sources.
Evercore is advising TPG on the process, two of the sources said.
Sister publication Buyouts reported in May that TPG was exploring a secondaries process on the Growth II fund. TPG’s Growth funds and its impact investing funds are were launched and led by Bill McGlashan who left the firm in March after he was indicted over alleged participation in a US college entrance exam cheating scheme as well as a college recruitment scheme.
TPG’s co-chief executive Jim Coulter became co-managing partner for both the growth and rise funds in June. Matt Hobart is also co-managing partner of TPG Growth.
Growth II delivered a net 1.98x total value multiple as of December, according to an April investment report from the New Jersey Division of Investment. It is unclear whether the figure is gross or net.
TPG’s growth platform has invested in companies including Airbnb, Spotify and Uber, according to its website.
CPPIB’s secondaries team is led by Michael Woolhouse, Nik Morandi and Louis Choy.
TPG, CPPIB and Evercore all declined to comment.
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