Buyout shop TPG Capital plans to sell minority stakes in itself to two sovereign wealth funds: Kuwait Investment Authority and the Government of Singapore Investment Corp., Reuters reported. The private equity firm plans to use the funds to expand its existing business lines and firm-wide operations, Reuters wrote.
(Reuters) – Private equity firm TPG Capital [TPG.UL] has agreed to sell a minority stake in itself to two sovereign wealth funds, the Kuwait Investment Authority and the Government of Singapore Investment Corp, a source familiar with the situation said on Friday.
TPG told its investors in a letter that it had agreed to a small stake sale, said the source who has also seen the letter, although the letter did not specify who the buyers were.
The letter said that the capital would be used to fund the expansion of TPG’s existing business lines and firmwide operations, said the source. (Reporting by Megan Davies, editing by Gerald E. McCormick)