# TPG: portfolio, investments and team > TPG is a private equity based in United States. 204 investments on record, 25 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/tpg (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # TPG Last cheque observed Oct 2026; 204 cheques on record. Email Deploying now New fund $10B, Oct 2026 Private equity Growth Buyout Private Equity Impact Credit Follow TPG and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ftpg) Deploying now **86%** of best year **25** **cheques in 12 months**, 204 on record Since the last cheque **19** days **00** hrs **00** min **00** sec Median round **$91M** Rounds led **10 of 204** Sole investor **42 rounds** Exits **9 from the portfolio** Mostly in **United States, 76%** Pitch TPG ## TPG highlights - 01 25 cheques in the last 12 months - 02 Mostly Series B and Venture: 48% of its rounds - 03 Sole investor in 42 rounds, median $98M - 04 9 exits from the portfolio ## What they do > a leader in the alternative asset space, TPG manages $327 billion in assets through a principled focus on innovation From their own website - **Type:** Private equity - **Cheque size:** Not stated - **Stages:** Growth Buyout - **Sectors:** Private Equity Impact Credit - **Based in:** San Francisco, United States - **Cold pitches:** Not accepted ## The record Every round we can evidence, newest first **204 appearances** - **2026** 20 rounds - **Oct** **[Tessolve Semiconductor](https://millionrounds.com/company/tessolve-semiconductor)** IN · Inc42 **$75M** With 2 others - **Sept** **[Crusoe](https://millionrounds.com/company/crusoe)** Series F · US · TechCrunch **$3.9B** With 8 others - **Sept** **[Twelve](https://millionrounds.com/company/twelve)** Debt · US **$45M** With 4 others - **Sept** **[Sling Therapeutics](https://millionrounds.com/company/sling-therapeutics)** Series C · US **$123M** With 1 other - **Aug** **[Super.com](https://millionrounds.com/company/super-com)** Series D · US · Ventureburn **$65M** With 4 others - **Jun** **[Hybar](https://millionrounds.com/company/hybar)** Debt · US **$1.1B** Sole investor - **May** **[Odyssey Therapeutics](https://millionrounds.com/company/odyssey-therapeutics)** US **$25M** With 4 others - **May** **[OpenAI Deployment Company](https://millionrounds.com/company/openai-deployment-company)** Growth · US **$4.0B** With 2 others - **May** **[Harvest Capital Real Estate Services](https://millionrounds.com/company/harvest-capital-real-estate-services)** Debt · US **$11M** Sole investor - **Apr** **[Zum](https://millionrounds.com/company/zum)** Growth · US · TechStartups **$100M** *Led* - **Apr** **[Adcendo](https://millionrounds.com/company/adcendo)** Series C · DK · Ventureburn **$75M** With 9 others - **Apr** **[OpenAI](https://millionrounds.com/company/openai)** Venture · US **$75M** With 4 others - **Apr** **[Allogene Therapeutics](https://millionrounds.com/company/allogene-therapeutics)** US **$200M** With 2 others - **Mar** **[OpenAI](https://millionrounds.com/company/openai)** Growth · US · Crunchbase News **$110B** *Led* - **Mar** **[AirTrunk](https://millionrounds.com/company/airtrunk)** Debt · AU **$1.2B** With 3 others - **Feb** **[Bicara Therapeutics](https://millionrounds.com/company/bicara-therapeutics)** US **$150M** With 3 others - **Jan** **[Zipline](https://millionrounds.com/company/zipline)** Growth · US · Crunchbase News **$600M** With 8 others - **Jan** **[Ambar Technologies](https://millionrounds.com/company/ambar-technologies)** Venture · BR **Undisclosed** With 4 others - **Jan** **[Vaxcyte](https://millionrounds.com/company/vaxcyte)** US **$633M** With 3 others - **Jan** **[Elevex Capital](https://millionrounds.com/company/elevex-capital)** Debt · US **$1.0B** With 1 other - **2025** 19 rounds - **Dec** **[Databricks](https://millionrounds.com/company/databricks)** Growth · US · Crunchbase News **$5.0B** With 25 others - **Dec** **[Identity Digital](https://millionrounds.com/company/identity-digital)** Venture · US **Undisclosed** With 2 others - **Nov** **[Saluda Medical](https://millionrounds.com/company/saluda-medical)** Venture · US **$30M** With 3 others - **Nov** **[HyperVault AI Data Center](https://millionrounds.com/company/hypervault-ai-data-center)** Growth **$1.0B** Sole investor - **Nov** **[Ultragenyx Pharmaceutical](https://millionrounds.com/company/ultragenyx-pharmaceutical)** Debt · US **$400M** With 1 other - **Oct** **[Human Interest](https://millionrounds.com/company/human-interest)** Venture · US **$100M** With 4 others - **Oct** **[NextPower](https://millionrounds.com/company/nextpower)** Venture · US **Undisclosed** With 2 others - **Oct** **[Enpal](https://millionrounds.com/company/enpal)** Debt · DE **$812M** With 3 others - **Sept** **[Tide](https://millionrounds.com/company/tide)** Growth · GB · Silicon Canals **$120M** *Led* - **Sept** **[NIO](https://millionrounds.com/company/nio)** CN · TechNode **$1.2B** With 4 others - **Sept** **[Anthropic](https://millionrounds.com/company/anthropic)** Series F · US · Crunchbase News **$13B** With 21 others - **Sept** **[Odyssey Therapeutics](https://millionrounds.com/company/odyssey-therapeutics)** Series D · US **$213M** With 4 others - **Aug** **[OpenAI](https://millionrounds.com/company/openai)** US · TechCrunch **$8.3B** With 12 others - **Aug** **[Evolent Health](https://millionrounds.com/company/evolent-health)** Debt · US **$145M** Sole investor - **Jun** **[DayBreak](https://millionrounds.com/company/daybreak)** Series A · JP **$15M** With 1 other - **May** **[Twelve](https://millionrounds.com/company/twelve)** Venture · US **Undisclosed** With 5 others - **Apr** **[DealStack](https://millionrounds.com/company/dealstack)** Seed · GB **$5.5M** With 1 other - **Mar** **[Shadowfax Technologies Limited](https://millionrounds.com/company/shadowfax-technologies-limited)** Venture **$3.0M** With 3 others - **Jan** **[Ouro Medicines](https://millionrounds.com/company/ouro-medicines)** Series A · US **$120M** With 2 others - **2024** 13 rounds - **Dec** **[Intersect Power](https://millionrounds.com/company/intersect-power)** Growth · US · TechStartups **$800M** *Led* An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **7 named** JN **Jenny Neslin** General Counsel - Secretary & Chief Compliance Officer i Form ADV JK **Jordan Kolar** Vice President i Form ADV ML **Martin Louis Davidson** Chief Accounting Officer i Form ADV RJ **Roberta Joann Harris** Chief Compliance Officer i Form ADV SA **Steven Andrew Willmann** Treasurer i Form ADV TJ **Terrence Joshua Walters** Chief Financial Officer & Treasurer i Form ADV TJ **Trevor Jerome Clark** Chief Executive Officer & President i Form ADV We also hold **85** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$45B** assets it manages, 5 advisers combined Oct 2026 **Registered** investment adviser full reporting to the SEC - **Legal name:** PCM Management Advisor, LLC - **SEC number:** CRD 288851 Funds on its Form ADV **41** private funds, **$20B** in gross assets · filed Sept 2024 Real estate **30** Private equity **11** - TPG Real Estate Partners IV, L.P. *Real estate* 55 investors $3.1B - TPG Real Estate Partners IV (C), L.P. *Real estate* 20 investors $2.4B - TPG Real Estate Partners IV (B), L.P. *Real estate* 5 investors $1.7B - TPG Real Estate Partners III (B), L.P. *Real estate* 9 investors $1.5B - Newquest ASIA Fund IV, L.P. *Private equity* 62 investors $1.3B - TPG Real Estate Partners III, L.P. *Real estate* 48 investors $1.3B - Newquest ASIA Fund V, L.P. *Private equity* 22 investors $719M - TPG GP Solutions (B), L.P. *Private equity* 17 investors $693M - TPG Real Estate Partners III (A), L.P. *Real estate* 28 investors $634M - TPG Real Estate Thematic Advantage Core-Plus JV I, L.P. *Real estate* 4 investors $522M And 31 more on the filing. Who backs their funds ## 7 LPs on record in TPG's funds - **Committed:** $20B - **Funds:** 33 - **Vintages:** 1994 to 2026 The institutions that put money into its funds, which the firm then invests in companies. Source: the pension's own report and fund news, latest Jun 2026. - [**Washington State Investment Board** 17 funds *$6.6B*](https://millionrounds.com/fund/washington-state-investment-board) Fund Vintage Committed TPG Partners X 2025 $600M TPG Rise Climate II 2025 $400M TPG Growth VI 2024 $400M TPG Partners IX 2023 $480M TPG Asia VIII 2023 $150M TPG Healthcare Partners II 2023 $120M TPG Growth V 2021 $400M TPG Partners VIII 2019 $750M and 9 more - [**Oregon Public Employees Retirement Fund** 16 funds *$4.4B*](https://millionrounds.com/fund/oregon-public-employees) Fund Vintage Committed TPG Partners IX 2022 $280M TPG Healthcare Partners II 2022 $70M TPG Growth V 2020 $250M TPG Partners VIII 2018 $400M TPG Healthcare Partners 2018 $100M TPG Growth IV 2017 $200M TPG Partners VII 2015 $700M TPG Growth III 2015 $200M and 8 more - [**California Public Employees' Retirement System (CalPERS)** 18 funds *$4.2B*](https://millionrounds.com/fund/california-public-employees) Fund Vintage Committed TPG Emerging Companies Asia 2026 $100M TPG NEXT 2025 $500M TPG Asia VIII 2024 $250M TPG Growth VI 2024 $200M TPG GP Solutions 2024 $100M TPG Life Sciences Innovations 2024 $75M TPG PARTNERS IX 2023 $300M TPG Tech Adjacencies II 2023 $200M and 10 more - [**California State Teachers Retirement System** 12 funds *$3.3B*](https://millionrounds.com/fund/california-state-teachers-retirement-system) Fund Vintage Committed TPG Asia VIII 2024 $100M TPG Partners IX 2023 $200M TPG Growth V 2021 $100M TPG Partners VIII 2019 $200M TPG Asia VII 2019 $150M TPG Growth IV 2018 $200M TPG Growth III 2016 $200M TPG Growth II 2011 $125M and 4 more - [**Minnesota State Board of Investments** 7 funds *$950M*](https://millionrounds.com/fund/minnesota-state-board-of-investments) Fund Vintage Committed TPG Partners X 2025 $150M TPG Growth VI 2023 $150M TPG Partners IX 2022 $100M TPG Tech Adjacencies II 2021 $150M TPG Growth V 2021 $150M TPG Partners VIII 2018 $150M TPG Partners VII 2015 $100M - [**Regents of the University of California** 3 funds *$265M*](https://millionrounds.com/fund/regents-of-the-university-of-california) Fund Vintage Committed TPG Capital VIII 2018 $100M TPG Capital VIII (Healthcare I) 2018 $50M TPG Growth IV 2017 $115M - [**ALTÉRRA** 1 fund](https://millionrounds.com/fund/alterra) Fund Vintage Committed TPG Rise Climate II and the Global South Initiative - - ## Exits from the portfolio Companies it backed that were later bought or listed **9 in all** **[lynda.com](https://millionrounds.com/company/lynda-com)** Bought by [LinkedIn](https://millionrounds.com/fund/linkedin) **$1.5B** Apr 2015 **[Aerie Pharmaceuticals](https://millionrounds.com/company/aerie-pharmaceuticals)** Listed **Undisclosed** Oct 2013 **[Five Prime Therapeutics](https://millionrounds.com/company/five-prime-therapeutics)** Listed **Undisclosed** Jul 2013 **[Elevation Pharmaceuticals](https://millionrounds.com/company/elevation-pharmaceuticals)** Bought by Sunovion Pharmaceuticals **$430M** Aug 2012 **[CloudShield Technologies](https://millionrounds.com/company/cloudshield-technologies)** Bought by Science Applications International Corporation (SAIC) **Undisclosed** Jan 2010 **[Tandem Diabetes Care](https://millionrounds.com/company/tandem-diabetes-care)** Listed **$138M** Nov 2008 **[Avidia](https://millionrounds.com/company/avidia)** Bought by [Amgen](https://millionrounds.com/fund/amgen) **$290M** Sept 2008 **[OnVantage](https://millionrounds.com/company/onvantage)** Bought by Lanyon Meetings **Undisclosed** Dec 2006 **[Spotcast Communications](https://millionrounds.com/company/spotcast-communications)** Bought by [Leap Wireless](https://millionrounds.com/fund/leap-wireless) **Undisclosed** Mar 2001 An exit counts when it came after the firm's first round in the company. From historical deal records. ## Companies it bought Acquisitions by the firm itself **[Poundworld](https://millionrounds.com/company/poundworld)** **Undisclosed** May 2015 **Cirque du Soleil** **$1.5B** Apr 2015 **[Aptalis Pharma](https://millionrounds.com/company/aptalis-pharma)** **Undisclosed** Apr 2015 **Prezzo** **$482M** Nov 2014 **Cassidy Turley** **Undisclosed** Sept 2014 **Kensington** **$290M** Sept 2014 **The Warranty Group** **$1.5B** Aug 2014 **DTZ** **Undisclosed** Jun 2014 New fund on file **$10B** raised in Oct 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Growth Buyout Median round joined **$91M** the round, not its cheque Alone, median **$98M** Led 10 of 204 rounds **5%** - **Sole investor:** 42 rounds - **Last cheque:** Oct 2026 - **Exits:** 9 from the portfolio Rounds by stage said on their site - Series B *33* - Venture *30* - Series C *27* - Growth said *21* - Series A *20* - Buyout said *-* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [Kleiner Perkins Caufield & Byers](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers) 12 - [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 10 - [Novo Holdings](https://millionrounds.com/fund/novo-ventures) 9 - [OrbiMed](https://millionrounds.com/fund/orbimed) 9 - [BlackRock](https://millionrounds.com/fund/blackrock) 7 - [Fidelity](https://millionrounds.com/fund/fidelity) 7 **Pitching TPG?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as TPG. A count of rooms they were both in, not a relationship either has claimed. [**Kleiner Perkins Caufield & Byers** VC firm **12** rounds together](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers)[**Andreessen Horowitz** VC firm **10** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Novo Holdings** VC firm **9** rounds together](https://millionrounds.com/fund/novo-ventures)[**OrbiMed** Private equity **9** rounds together](https://millionrounds.com/fund/orbimed)[**BlackRock** Asset manager **7** rounds together](https://millionrounds.com/fund/blackrock)[**Fidelity** VC firm **7** rounds together](https://millionrounds.com/fund/fidelity)[**New Enterprise Associates** VC firm **7** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**Sequoia Capital** VC firm **7** rounds together](https://millionrounds.com/fund/sequoia-capital)[**Founders Fund** VC firm **6** rounds together](https://millionrounds.com/fund/founders-fund)[**Google Ventures** Corporate VC **6** rounds together](https://millionrounds.com/fund/gv)[**RA Capital Management** Private equity **6** rounds together](https://millionrounds.com/fund/ra-capital-management)[**T. Rowe Price** Private equity **6** rounds together](https://millionrounds.com/fund/t-rowe-price) ## Recently backed The latest companies TPG put money into. [**Crusoe** $3.9B · Sept 2026](https://millionrounds.com/company/crusoe)[**Twelve** $45M · Sept 2026](https://millionrounds.com/company/twelve)[**Sling Therapeutics** $123M · Sept 2026](https://millionrounds.com/company/sling-therapeutics)[**Super.com** $65M · Aug 2026](https://millionrounds.com/company/super-com)[**Hybar** $1.1B · Jun 2026](https://millionrounds.com/company/hybar)[**Odyssey Therapeutics** $25M · May 2026](https://millionrounds.com/company/odyssey-therapeutics) ## Quick answers about TPG ### What does TPG invest in? TPG invests most often at Series B and Venture (48% of the rounds on record), in sectors such as Private Equity, Impact and Credit. ### How active is TPG? 204 investments on record, 25 of them in the last 12 months, and it led 10. The most recent was in Oct 2026. ### What has TPG invested in recently? Its most recent investments on record: Tessolve Semiconductor (Oct 2026), Crusoe (Series F, Sept 2026) and Twelve (Debt, Sept 2026). ### How big are TPG's cheques? The median round it joins is $91M. ### Does TPG lead rounds? Sometimes: it led 10 of its 204 investments on record (5%). ### Where does TPG invest? Most of the companies it backs are in the United States (76%) and the United Kingdom (5%). ### Is TPG investing now? Yes: it is actively investing, with 25 investments in the last 12 months. ### Who does TPG invest alongside? Most often Kleiner Perkins Caufield & Byers (12 rounds together), Andreessen Horowitz (10 rounds together) and Novo Holdings (9 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. 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