Insight

TPG’s inaugural NEXT fund secures $500m from anchor investor CalPERS

The target size of the fund was not disclosed.

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  • TPG NEXT seeks to back the next generation of underrepresented alternative asset managers
  • The TPG NEXT strategy joins The Rise Fund and TPG Rise Climate as part of TPG’s $16 billion global impact investing platform
  • Founded in San Francisco in 1992, TPG has $135 billion of assets under management

CalPERS has made a $500 million commitment to TPG‘s new NEXT fund. The target size of the fund was not disclosed.

TPG NEXT seeks to back the next generation of underrepresented alternative asset managers.

“We launched TPG NEXT to empower principal talent underrepresented in alternative assets to become next generation industry leaders,” said Jon Winkelried, CEO of TPG, in a statement. “CalPERS’ anchor commitment to the inaugural TPG NEXT fund is an important step in mobilizing change in our industry. Together, we will bring financial and operational capital support to diverse-led firms, accelerating their growth and success and demonstrating their ability to generate competitive returns.”

The TPG NEXT strategy joins The Rise Fund and TPG Rise Climate as part of TPG’s $16 billion global impact investing platform.

Founded in San Francisco in 1992, TPG has $135 billion of assets under management.