TPG Joins Asia’s Rush for Mid-Sized Buyouts With Latest Fund

TPG Inc. is among large alternative asset managers now seeking money to back mid-sized investments in Asia, a move away from its traditional focus on bigger deals.

San Francisco-based TPG had its first closing for an Asia emerging companies fund in the first quarter, according to people familiar, who asked not to be named discussing private information. A representative for TPG declined to comment.

Mega deals have been slow to return in Asia, in part due to subdued activity in China. That’s providing an impetus for big buyout funds to increasingly compete in the mid-market space, where deal sizes are ...