TPG is allowing its investors to reduce their commitments to its $4.2bn Asian fund, in a move that reflects the poor performance of investments in companies such as Singapore’s United Test and Assembly Center and Japan’s NIS .

The offer to let investors scale back 10 per cent of their commitments is the same as the one extended to investors in TPG’s $18.8bn flagship fund, say people familiar with the matter. TPG declined to comment.