Lexington leads TPG tender offer – exclusive

Lexington Partners has emerged as the lead buyer in the tender offer on two of TPG‘s Asia funds, Secondaries Investor has learned.

The New York-headquartered secondaries firm is offering to buy limited partners’s stakes in the 2008-vintage TPG Asia Partners V and the 2013-vintage TPG Asia Partners VI, according to three sources familiar with the matter.

It is understood that Lexington will syndicate the deal.

The deadline by which LPs must reply is unclear.

Secondaries Inverstor reported in July that Forth Worth-headquartered TPG had hired advisor Lazard to work on a deal to give liquidity to LPs in the funds. Two sources said at the time the backer or backers of the transaction would be expected to make a stapled commitment to TPG Asia Partners VII. Asia VII launched in September 2016, according to PEI data.

Asia VII has a $4.5 billion target, a spokesman for the New Mexico State Investment Council, which committed $100 million to the fund, told sister publication Private Equity International in January last year.

The Asia-Pacific region has seen a number of large, brand-name GP-led deals this year, including the spin-out of Standard Chartered’s private equity team and L Catterton’s GP-led process on its 2009-vintage, $637 million L Capital Asia fund.

The region accounted for 8 percent of the $7 billion in GP-led deal volume in the first half of this year, according to Greenhill’s Secondary Market & Trends Outlook, published in July.

Lexington is seeking $12 billion for Lexington Capital Partners IX, its latest dedicated secondaries fund, according to PEI data.

TPG and Lexington declined to comment. Lazard did not return a request for comment.