Exclusive: Veteran LP to join TPG’s fundraising group

Jennifer Morais, a funds commitment professional who worked at the Canada Pension Plan Investment Board, is joining TPG on the investor relations and fundraising team, according to four people familiar with the situation.

TPG declined to comment. It’s not clear if Morais has actually started working at TPG yet.

Morais worked at CPPIB since 2005. She was senior principal of funds and secondaries. It was not made clear why she left CPPIB as the institution declined to comment. Prior to CPPIB, Morais had worked at the Ontario Municipal Employees’ Retirement System.

At TPG, Morais will join the expanding investor relations and fundraising group, which the firm has been growing over the past few years, according to a person with knowledge of the firm.

TPG has been busy talking to investors about its next flagship vehicle, Fund VII, that will likely launch next year. The firm secured an investment period extension earlier this year to February 2015 to finish deploying capital in Fund VI. With more time to invest, several sources said the firm would wait until next year to come back to market with its flagship vehicle.

Fund VI was one of the largest private equity funds ever raised, closing on $19.8 billion in 2008. However, the firm allowed investors in the fund to shrink their commitments, reducing the size of the fund by about $1 billion. Fund VI was generating an 8 percent internal rate of return and a 1.2x multiple as of March 31, 2013, according to information from the California Public Employees’ Retirement System.

Fund V, a $15 billion 2006 vintage, was generating a negative 1.4 percent IRR, and a .90x multiple as of March 31, according to CalPERS. Because of the disappointing performance in Fund V, and the subdued but strengthening performance in Fund VI, fundraising for the seventh flagship vehicle could be challenging, investor sources in the market have told me in past interviews.

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