At TPG, a Low-Profile Fund’s Diversity Thrives

SAN FRANCISCO — Since its inception, TPG has been best known for the leveraged buyouts of prominent companies including Continental Airlines, Neiman Marcus and a now-bankrupt Texas utility that was a big player in the energy sector.

But perhaps the brightest spot in its ever-growing constellation of investment vehicles is a relatively low-profile fund that has invested in a diverse array of firms: a cellphone tower operator in Myanmar, a Brazilian airline led by the founder of JetBlue, and the Silicon Valley darlings Uber and Airbnb.

Now that fund, TPG Growth, is preparing to announce on Monday that it has raised $3 billion for its latest pool of capital, as the firm and its rivals continue to move away from their roots and expand their offerings for the big institutions and wealthy families that are their investors.

“We’re taking the resources of the whole firm and are delivering them in a different way,” William E. McGlashan Jr., who leads the fund, said in an interview.