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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.

Go deeper

Dan Primack, author of Pro Rata
Jan 14, 2022 - Economy & Business

Eyecare products company Bausch + Lomb files for IPO

Illustration: Brendan Lynch/Axios

Bausch + Lomb, a Canadian maker of contact lenses and eyecare products, filed for an IPO.

Why it matters: This could be the first mega-IPO of 2022, with Renaissance Capital estimating that the issuer could raise up to $3 billion.

Updated 22 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker
Updated 1 hour ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.