TPG Said to Allow Clients to Cut Fund Commitments
Date: December 23, 2008
Dec. 23 (Bloomberg) — TPG Inc., manager of a $20 billion buyout fund, will allow investors to trim their commitments as they seek to conserve cash amid losses across financial markets, according to a person familiar with the matter.
The firm told clients in a letter that they can hold back as much as 10 percent of their original pledges, said the person, who asked not to be identified because the fund is private. TPG’s backers include the Washington State Investment Board and California Public Employees’ Retirement System, the biggest U.S. public pension plan. Calpers’s assets tumbled 28 percent in the past year to $182.5 billion.
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Source: Bloomberg
