TPG, the Texas-based private equity firm, wrote down the value of investments by its latest buy-out fund, TPG Partners VI, by 29% at the end of 2008, according to Reuters.
TPG lost $473 millio on its investment in savings and loan company Washington Mutual Inc following a move by the US government to close and sell WaMu’s banking assets to JPMorgan Chase & Co. TPG had a total investment in WaMu of $1.35 billion but that was spread across three of its funds.
Investments in Tygris Commercial Finance Group, Strauss Coffee and American Beacon are marked in total at a value of $217 million compared to a cost of $307 million.
The fund has made a total realised loss of $563 million, a significant portion of the $780 million invested so far.
Only a small percentage of the $19 billion fund has been invested as it closed just six months ago, the report said.
Last month is was reported that TPG returned 25% of commitments to a $6 billion fund it raised to invest in distressed financial companies.
The firm, formerly known as Texas Pacific Group, has over $50 billion of capital under management and typically makes investments of between $100 million and $750 million.
D.C.