TPG Capital Fund V Under Par For 2010

One of buyout shop TPG Capital’s largest funds is under par, reported Reuters, citing an article in the Financial Times. At the end of 2010, TPG’s $17.4 billion fund V was worth less than 100 cents on the dollar. According to the Financial Times, TPG has told investors that the fund was worth about 80 cents on the dollar.

(Reuters) – One of private equity group TPG Capital’s [TPG.UL] biggest funds, its $17.4 billion fund V, was still worth less than par at the end of 2010, the Financial Times said, citing people familiar with the matter.

Although TPG has yet to complete its accounts for 2010, preliminary calculations show that its $17.4 billion fund V was still worth less than 100 cents on the dollar, the paper said.

A TPG spokesman contacted by Reuters had no comment on the FT report.
At the end of the third quarter last year, TPG had said in a letter to investors that the fund was worth 80 cents on the dollar, according to the paper.

TPG’s fund V is still being hampered by losses on holdings including Energy Future Holdings, the paper said.

Overall, TPG’s funds are likely to be up about 29 per cent at the year end when the group finalises its numbers, the FT said, citing people familiar with the matter.

(Reporting by Sakthi Prasad in Bangalore; Editing by David Holmes)