Jan 10, 2023
TPG Announces Inaugural TPG NEXT Fund to Invest in Underrepresented Alternative Asset Managers
TPG launched TPG NEXT to seed new managers, strengthen their access to capital, offer business building expertise, and provide strategic advisory support to talent that is chronically underrepresented in alternative asset management. The strategy aims to increase the number of diverse-led firms in alternative assets, aligning the industry more closely with broader demographic trends.
“We launched TPG NEXT to empower principal talent underrepresented in alternative assets to become next generation industry leaders,” said
“CalPERS is committed to giving access and opportunity to new and innovative talent in the investment industry,” said CalPERS Chief Investment Officer
TPG will also partner with CalPERS to create additional insights, resources, and networking opportunities for investor entrepreneurs as they launch their businesses. TPG and CalPERS are developing holistic tools that will provide practical, actionable expertise to enable investors to implement operational and managerial best practices on Day 1. The organizations will also host gatherings to convene GPs and LPs seeking to diversify the alternative asset management ecosystem.
TPG NEXT leverages the full TPG ecosystem by combining capital, operating expertise, and the broad reach of its network to help underrepresented founders and teams build businesses for the future. The firm began investing in diverse managers in 2019 and has since backed three firms:
The TPG NEXT strategy joins
“TPG NEXT seeks to address the talent gap through a suite of capital solutions and value-add support that is designed to address frequent pain points of new firms in a comprehensive way,” said
CalPERS, which has been investing in newly established teams and partnerships in the investment industry for more than 30 years, is investing with TPG as part of an initiative aimed at identifying and supporting the next generation of investor entrepreneurs in the private markets. The CalPERS Board recently increased its allocation to private equity from 8% to 13%, starting with the 2022-23 fiscal year.
TPG (Nasdaq: TPG) is a leading global alternative asset management firm founded in