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Dec 16, 2021 - Economy

Private equity giant TPG files for an IPO

headshot
David Bonderman.

TPG co-founder David Bonderman. Photo by Ian Tuttle/Getty Images for Breakthrough Prize.

TPG, one of the world's largest and most successful private equity firms, filed for an IPO on Thursday.

Why it matters: TPG has talked for more than a decade about going public, but instead remained private while most of its mega-PE peers took the plunge.

Details: The firm plans to list on the Nasdaq under ticker symbol "TPG," with J.P. Morgan as the first bank listed among 23 other underwriters.

  • It reports $109 billion in assets under management, more than 900 employees and over 280 current portfolio companies.
  • TPG generated nearly $3.9 billion in 2021 revenue, around $685 million of which was from fees.

Background: The Texas-based firm was formed in 1992, and quickly gained attention for helping to buy Continental Airlines. It eventually became the first U.S. private equity firm to open significant operations in Asia, and also was early on impact investing and tech growth equity.

  • Earlier this year, TPG named onetime Goldman Sachs president Jon Winkelried as its sole CEO, with co-founder Jim Coulter moving to an executive chairman role. Co-founder David Bonderman now serves as non-executive chair.

Rival firms that already are public include Apollo, Blackstone, Carlyle and KKR.

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