Private equity firm TPG is on its way to a $1.5bn first close in the fundraising for its latest Asian fund, with an eventual goal of at least $4bn, according to people who attended its annual investor meeting in Hong Kong this week.

The largest investor is likely to be Government of Singapore Investment Corp, which also has a stake in the TPG management company. TPG’s fundraising comes at a time of stiff competition both from other international firms such as KKR, and an increasing number with Asian roots, such as Charles and Richard Ong of RRJ Capital or Frank Tang of Fountainvest.

The competition for deals and money also comes from thousands of domestic funds in markets such as China, where private equity is now a primary source of funds in the face of constrained bank lending.