Mr Gray, who has been joint head of TPG's Asian operations since November 2013, is expected to leave TPG once the current Asian fund is fully invested and start an Australian and New Zealand-focused private equity firm in mid-to-late 2017, sources said.
The Harvard-educated son of former Tasmanian Liberal premier Robin Gray, Mr Gray joined TPG in 2004 and has been a key player in some of Australia's highest-profile private equity deals, including the $3 billion purchase of hospital group Healthscope, the profitable $1.4 billion acquisition of department store chain Myer in 2006.
Mr Gray and his family had been based in Singapore since 2011 but he moved back to Melbourne in early 2014.
Mr Gray's track record means he would probably attract strong backing from investors if and when he sets up his own independent private equity house. There is already solid competition among Australian private equity firms such as PEP, Anchorage Capital Partners and Quadrant Private Equity.
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