TPG latest PE to go public; Asia private capital set to grow

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

Private equity giant TPG Inc. announced the launch of its IPO this week, joining the wave of firms that have listed over the past 12 months.

TPG said 33,900,000 shares of class A common stock will be offered in the IPO, consisting of 28,310,194 shares sold by TPG and the remaining shares offered by China Life Insurance Co. Ltd., according to a Jan. 4 filing. China Life bought a stake in TPG in 2014. Shares are expected to sell between $28.00 and $31.00 apiece.

A total of 20 private equity firm IPOs amounting to roughly $5.27 billion were completed globally in the 2020-21 period, with 13 of those executed in 2021, according to S&P Global Market Intelligence data compiled Dec 1, 2021.

High-profile listings in 2021 included London-based midmarket investment firm Bridgepoint Group PLC's IPO and the float of The Goldman Sachs Group Inc.'s Petershill Partners PLC business. Antin Infrastructure Partners also completed its offering.

Private equity firms are listing on public markets for several reasons. Read more here.

CHART OF THE WEEK: Flow of private capital into Asia-Pacific unlikely to slow

➤ Excluding yuan-denominated funds, private capital flowing into Asia-Pacific including Japan is expected to total $1.12 trillion in 2021, and it is forecast to more than double to $2.25 trillion by the end of 2026, according to Dave Lowery, head of research insights at Preqin Inc.

➤ Private equity and venture capital investment is expected to account for about $823 billion of the year-end amount, and Preqin forecasts that the figure will increase to $1.87 trillion at the end of 2026.

➤ Private equity and venture capital deals in China totaled more than 3,000 as of mid-December 2021, surpassing 2020's tally of 2,194, according to S&P Global Market Intelligence data.

FUNDRAISING AND DEALS

* Apollo Global Management Inc. raised roughly $2.54 billion for Apollo Infrastructure Opportunities Fund II LP, its second dedicated infrastructure fund.

* TPG's Asian arm, TPG Capital Asia, will invest $360 million in Fractal Analytics Inc. in a deal slated to close during the first quarter. Funds managed by Apax Partners LLP will continue as a major shareholder in the artificial intelligence company.

* An investor group including Berkshire Partners LLC and Permira Advisers Ltd. struck an approximately $3.5 billion deal to sell a majority stake in African carrier-neutral colocation provider Teraco Data Environments (Pty) Ltd. to Digital Realty Trust Inc. The transaction is scheduled to close during the first half of 2022.

* Vista Equity Partners Management LLC provided growth capital to pure-play customer data platform BlueConic Inc.

ELSEWHERE IN THE INDUSTRY

* Hull Street Energy LLC finalized its purchase of the 84-MW A.L. Pierce CT, a repowered gas-fired facility in New Haven County, Conn., from the Connecticut Municipal Electric Energy Cooperative.

* Cable One Inc. carved out Clearwave Fiber LLC in partnership with affiliates of GTCR LLC, Stephens Capital Partners LLC, The Pritzker Organization LLC and certain members of its management team. The broadband communications company will be the majority shareholder of the newly formed entity.

* Gryphon Investors Inc. will exit its investment in pest control business management software company Field Service Holdings LLC, doing business as FieldRoutes, in a deal struck with ServiceTitan Inc.

FOCUS ON: INSURANCE

* Apollo closed its roughly $11 billion merger deal with Athene Holding Ltd.

* Beat Capital Partners sold London-based cyber underwriting platform Tarian Underwriting Ltd. to insurtech company Corvus Insurance Holdings Inc. in a deal completed Jan. 4.

* Kinderhook Industries LLC added Medical Card System Inc. to its portfolio through a subsidiary of its MHH Healthcare LLC platform company.