US-based private equity investor TPG is downsizing its overall fundraising target by at least 13% amid market volatility and global macroeconomic uncertainties.

The buyout firm is reducing its overall target for its flagship funds currently in the market — TPG Healthcare Partners II; TPG Rise Fund III; TPG Partners IX; and TPG Asia VIII — to $23-24 billion from $27.5 billion, according to the firm’s first-quarter earnings call.

“We set our original flagship fundraising targets under different market conditions. We still expect each fund to grow compared to its predecessor. But in aggregate, they may not grow as much as we previously expected,” said Jack Weingart, CEO of TPG, in the firm’s sixth earnings announcement since its listing in January last year.

TPG had raised $2 billion in the first quarter, bringing its assets under management up to $137.1 billion as of March 31, which is a 14% increase year on year.

“Near-term fundraising will remain difficult for the industry,” Weingart added.

TPG has also been cautious in spending in the previous quarters with $2 billion in capital deployment and $14 billion over the last 12 months.

In April, TPG offloaded an undisclosed amount of stake in India-based healthcare services platform Manipal Health Enterprises to Singapore’s sovereign wealth fund Temasek from TPG Capital Asia VI. The firm said it will reinvest in Manipal via its current Asia-focused fund TPG Capital Asia VIII, which raised $3.4 billion for the first close in November 2022.

The same day, TPG announced that it had agreed to swallow US-based debt and real estate manager Angelo Gordon, which manages $73 billion in global assets. The $2.7-billion acquisition will expand TPG’s real estate presence in Europe and open new geographies with Angelo Gordon’s business in Asia.

Recent quarterly financial results of private equity giant Blackstone, which held its earnings call in April, show that it has so far raised $8.2 billion in capital commitments for its latest Asia-focused real estate fund.