TPG Capital and KKR were slated to make one of the biggest private equity (PE) exits in Southeast Asia after Singapore-based real estate platform PropertyGuru’s much-hyped listing on the NYSE. But it might not be going according to plan.
With PropertyGuru’s market cap tumbling to $870 million from $1.61 billion on listing in March this year, the value of the stakes held by TPG (30%) and KKR (26.9%) has fallen from $410 million and $368 million, respectively, to $250 million and $230 million, respectively.