Fundraising

The firm’s predecessor vehicle, Lexington Capital Partners IX, closed on $14bn in 2020.

The fundraising comes as its secondaries unit, Strategic Partners, eyes as much as $20bn for its latest private equity flagship.

The market has been waiting to see what kind of reception TPG’s pool would attract from LPs, being a first-time fund and a new platform for the mega-firm.

The fundraising comes as its secondaries unit, Strategic Partners, eyes as much as $20bn for its latest private equity flagship.

Landmark Equity Partners XVII raised 40% of its target in a final close last month amid an overall drop in secondaries fundraising among firms so far this year.

The volume of PE secondaries vehicles holding final closes between January and September this year dropped 49% year-on-year, according to Secondaries Investor data.

The investment consultant is seeking $250m for a dedicated secondaries fund, following consultants such as Hamilton Lane and StepStone in managing pooled private markets funds.

Abu Dhabi Investment Authority is also understood to have been in talks to buy a stake in the secondaries giant.

Blackstone Strategic Partners IX hit $17.2bn in the third quarter of the year, according to the firm's latest earnings call.

Unlike traditional VC funds, Industry Ventures Direct III will only invest in companies the firm already has exposure to through its secondary and fund of funds strategies.