{{short description|American investment company}} {{distinguish|TPG Telecom}} {{Use American English|date=April 2026}} {{Use mdy dates|date=December 2023}} {{Infobox company | name = TPG Inc. | logo = TPG Capital logo.svg | image = D._R._Horton_Tower,_Sundance_Square.jpg | image_caption = Headquarters at Bank of America Tower in Fort Worth | type = Public | traded_as = {{ubl|{{NASDAQ|TPG}} (Class A)|Russell 1000 component}} | predecessor = Texas Pacific Group | founded = {{Start date and age|1992}} | founders = {{ubl|David Bonderman|James Coulter|William S. Price III}} | key_people = {{ubl| James Coulter (chairman) | Jon Winkelried (CEO)}} | hq_location = Corporate: Bank of America Tower, Fort Worth, Texas<br>Operational: 888 Seventh Avenue<br>New York, NY 10106<br>United States | hq_location_city = | hq_location_country = | industry = Private equity | products = {{ubl|Leveraged buyouts|Growth capital|Venture capital}} | aum = {{increase}} {{US$|245.9 billion}} (2024) | revenue = {{increase}} {{US$|3.50&nbsp;billion|link=yes}} (2024) | net_income = {{decrease}} {{US$|23.5 million}} (2024) | assets = {{increase}} {{US$|10.5 billion}} (2024) | equity = {{increase}} {{US$|3.59 billion}} (2024) | num_employees = 1,900 (2024) | subsid = TPG Angelo Gordon | website = {{URL|tpg.com}} | footnotes = <ref name=AR>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1880661/000188066125000014/tpg-20241231.htm |title=TPG Inc. 2024 Annual Report (Form 10-K) |date=February 18, 2025 |publisher=U.S. Securities and Exchange Commission}}</ref><ref name="wsj2022">{{cite web |title=TPG {{!}} TPG Inc. Company Profile & Executives – WSJ |url=https://www.wsj.com/market-data/quotes/TPG/company-people |website=wsj.com |access-date=March 3, 2022 |date=January 4, 2022 |quote=301 Commerce Street Suite 3300 Fort Worth Texas 76102}}</ref> }}

'''TPG Inc.''', previously known as '''Texas Pacific Group''' and '''TPG Capital''',<ref>{{cite news|url=https://www.dallasnews.com/business/local-companies/2019/05/20/buyout-giant-tpg-s-leaders-weigh-in-on-contrarian-dealmaking-s-past-present-and-future/| title=Buyout giant TPG's leaders weigh in on contrarian deal making's past, present and future| publisher=The Dallas Morning News|access-date=May 27, 2020| date=May 20, 2019}}</ref> is an American private equity firm based in Fort Worth, Texas,<ref name="wsj2022" /> with primary offices in New York City and additional offices in Washington, D.C., Miami, San Francisco, and internationally. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care.

== History and notable investments == {{history of private equity and venture capital}}

===Founding and early history=== Texas Pacific Group, later TPG Capital, was founded in 1992 by David Bonderman, James Coulter, and William S. Price III. Prior to founding TPG, Bonderman and Coulter had worked for Robert Bass, making leveraged buyout investments during the 1980s.

In 1993, Coulter and Bonderman partnered with GE Capital vice president of strategic planning and business development William S. Price III to complete the buyout of Continental Airlines.<ref>[https://web.archive.org/web/20021109115124/http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2002/06/02/BU13386.DTL&type=business Little-known S.F. firm specializes in complex buyouts]. San Francisco Chronicle, June 2, 2002</ref>

In 1994, TPG, Blum Capital and ACON Investments created Newbridge Capital, a joint-venture to invest in emerging markets, particularly in Asia and, later, in Latin America.<ref>{{cite news |last1=Tucker |first1=Sundeep |last2=Guerrera |first2=Francesco |title=Texas Pacific acquires Myer stores $1bn |url=https://www.ft.com/content/e32c2e48-b24a-11da-96ad-0000779e2340 |access-date=10 April 2024 |work=www.ft.com |date=13 March 2006}}</ref>

In June 1996, TPG acquired the AT&T Paradyne unit, a multimedia communications business, from Lucent Technologies for $175&nbsp;million.<ref>[https://query.nytimes.com/gst/fullpage.html?res=9406E2DF1539F933A15755C0A960958260 "Lucent Technologies agrees to sell AT&T Paradyne unit"]; ''The New York Times'', June 20, 1996.</ref> Also in 1996,{{citation needed|date=May 2020}} TPG invested in Beringer Wine, Ducati Motorcycles and Del Monte Foods.<ref>{{cite web|url=https://www.seagate.com/news/news-archive/Seagate,%2BVERITAS%2BSoftware%2Band%2BInvestor%2BGroup%2BLed%2Bby%2BSilver%2BLake%2BPartners%2BAnnounce%2BLandmark%2B$20%2BBillion%2BTransaction/| title=Seagate, VERITAS Software and Investor Group Led by Silver Lake Partners Announce Landmark $20 Billion Transaction| date=March 29, 2000| website=Seagate.com| access-date=May 28, 2020}}</ref>

In 1997, TPG raised over $2.5&nbsp;billion for its second private equity fund. TPG's most notable investment that year was its takeover of the retailer J. Crew, acquiring an 88% stake for approximately $500&nbsp;million;<ref>Steinhauer, Jennifer. "[https://query.nytimes.com/gst/fullpage.html?res=9A06E3DE113FF93BA25753C1A961958260 J. Crew Caught in Messy World of Finance as It Sells Majority Stake]"; ''The New York Times'', October 18, 1997</ref> the investment struggled due to the high purchase price paid relative to the company's earnings.<ref>Kaufman, Leslie, and Riva D. Atlas. "[https://query.nytimes.com/gst/fullpage.html?res=980DE6DE103EF93BA15757C0A9649C8B63 In a Race to the Mall, J. Crew Has Lost Its Way]"; ''The New York Times'', April 28, 2002.</ref> The company was able to complete a turnaround, beginning in 2002, and to complete an IPO in 2006.<ref name="NEWYORKback">Rozhon, Tracie. "[https://www.nytimes.com/2004/12/09/business/09retail.html New Life for a Stalwart Preppy: J. Crew's Sales Are Back]"; ''The New York Times'', December 9, 2004.</ref>

In 1998, TPG led a minority investment in Oxford Health Plans. TPG and its co-investors invested $350&nbsp;million in a convertible preferred stock that can be converted into 22.1% of Oxford shareholding.<ref name="NEWYORKgiant">Norris, Floyd. "[https://query.nytimes.com/gst/fullpage.html?res=9805E6D9153EF936A15751C0A96E958260 Shake-up at a health giant: The Rescuers; Oxford Investors Build In Some Insurance, in Case Things Don't Work Out]." ''The New York Times'', February 25, 1998.</ref> The company completed a buyback of TPG's PIPE convertible in 2000, which would ultimately be acquired by UnitedHealth Group, in 2004.<ref>"[https://query.nytimes.com/gst/fullpage.html?res=9A01EED91031F935A15753C1A9669C8B63 Profits triple at Oxford; Texas Pacific buyback set]"; ''The New York Times'', October 26, 2000.</ref>

In 1999, TPG invested in Piaggio S.p.A., Bally International (including Bally Shoe), and ON Semiconductor. T3 Partners was started in 2001 to invest alongside the main fund in technology-oriented investments.{{citation needed|date=May 2020}}

===2000–2010===

In 2000 TPG and Leonard Green & Partners invested $200&nbsp;million to acquire Petco, the pet supplies retailer as part of a $600&nbsp;million buyout.<ref>"[https://query.nytimes.com/gst/fullpage.html?res=9C03E2D8173AF93BA25756C0A9669C8B63 "Management-led group to buy Petco for $505 million]"; ''The New York Times'', May 18, 2000.</ref> Within two years they sold most of it in a public offering that valued the company at $1&nbsp;billion. Petco's market value greatly increased by the end of 2004 and the firms would ultimately realize a gain of $1.2&nbsp;billion. Then, in 2006, the private equity firms took Petco private again for $1.68&nbsp;billion.<ref>"[https://www.nytimes.com/2006/07/15/business/15petco.html 2 Equity Firms to Acquire Petco ]." Bloomberg L.P., July 15, 2006.</ref>

In 2000, TPG completed the controversial acquisition of Gemplus SA, a smart card manufacturer. TPG won a struggle with the company's founder, Marc Lassus, for control of the company.<ref>[http://www.tribune.ie/archive/article/2002/dec/01/gemplus-falls-to-the-enemy-within/ Gemplus falls to the enemy within] {{Webarchive|url=https://web.archive.org/web/20160309103217/http://tribune.ie/archive/article/2002/dec/01/gemplus-falls-to-the-enemy-within |date=March 9, 2016 }}, December 1, 2002</ref> Also in 2000, TPG completed an investment in Seagate Technology.

In 2001, TPG acquired Telenor Media, a Norwegian phone-directory company, for $660&nbsp;million, and shortly thereafter acquired a controlling interest in silicon-wafer maker MEMC Electronic Materials.<ref>{{cite web|url=http://www.businessweek.com/magazine/content/01_43/b3754116.htm|archive-url=https://web.archive.org/web/20011110153553/http://www.businessweek.com/magazine/content/01_43/b3754116.htm|url-status=dead|archive-date=November 10, 2001|title=Bloomberg|work=Bloomberg.com}}</ref>

In July 2002, TPG, together with Bain Capital and Goldman Sachs Alternatives, announced the $2.3&nbsp;billion leveraged buyout of Burger King from Diageo.<ref>[https://query.nytimes.com/gst/fullpage.html?res=940DEFDB1E38F935A15754C0A9649C8B63 U.S. Investors Agree to Buy Burger King From Diageo for $2.26 Billion]; ''The New York Times'', July 26, 2002</ref> However, in November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002, TPG and its co-investors agreed on a reduced $1.5&nbsp;billion purchase price for the investment.<ref>[https://query.nytimes.com/gst/fullpage.html?res=9E06E0D7123AF931A25751C1A9649C8B63 A Lower Price Is Said to Revive Burger King Sale], ''The New York Times'', December 12, 2002</ref> The TPG consortium had support from Burger King's franchisees, which controlled approximately 92% of Burger King restaurants at the time of the transaction. Under its new owners, Burger King underwent a brand overhaul including the use of The Burger King character in advertising. In February 2006, Burger King announced plans for an initial public offering.<ref name="bkcnn">{{cite web |url=https://money.cnn.com/2006/05/12/markets/ipo/burger_king/index.htm |archive-url=https://web.archive.org/web/20070705053503/http://money.cnn.com/2006/05/12/markets/ipo/burger_king/index.htm |url-status=dead |archive-date=July 5, 2007 |title=Burger King IPO set to fire up |first=Grace |last=Wong |website=CNN Money |date=May 12, 2006 |access-date=September 30, 2007 }}</ref>

In November 2003, TPG provided a proposal to buy Portland General Electric from Enron. However, concerns about debt led to Oregon Public Utility Commission regulators to deny permission for the purchase on March 10, 2005.<ref>{{cite web |url=http://apps.puc.state.or.us/orders/2005ords/05%2D114.pdf |title=ORDER NO. 05-114 |access-date=February 1, 2008 |author=Oregon Public Utility Commission |date=March 10, 2005 }}</ref>

TPG entered the film production business in late 2004, in the major leveraged buyout of Metro-Goldwyn-Mayer. A consortium led by TPG and Sony completed the $4.81&nbsp;billion buyout of the film studio. The consortium also included media-focused firms Providence Equity Partners and Quadrangle Group, as well as DLJ Merchant Banking Partners.<ref>Sorkin, Andrew Ross. "[https://www.nytimes.com/2004/09/14/business/media/14studio.html Sony-Led Group Makes a Late Bid to Wrest MGM From Time Warner]"; ''The New York Times'', September 14, 2004.</ref> The transaction was announced in September 2004, and completed in early 2005.<ref>{{Cite news |date=April 21, 2004 |title=Sony in Talks to Buyout MGM |language=en-US |work=The New York Times |url=https://www.nytimes.com/2004/04/21/business/media/sony-in-talks-to-buyout-mgm.html |access-date=September 30, 2022 |issn=0362-4331}}</ref><ref>{{Cite web |title=Sony Group Portal - Acquisition of Metro-Goldwyn-Mayer Completed |url=https://www.sony.com/en/SonyInfo/IR/news/20050421.html |access-date=September 30, 2022 |website=www.sony.com}}</ref>

Also in 2005, TPG was involved in the buyout of SunGard in a transaction valued at $11.3&nbsp;billion. TPG's partners in the acquisition were Silver Lake Partners, Bain Capital, Goldman Sachs Alternatives, KKR, Providence Equity Partners, and Blackstone. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom. At the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction later ceded to the buyout of Freescale Semiconductor. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive.<ref>"[https://www.nytimes.com/2005/03/29/business/29sungard.html Capital Firms Agree to Buy SunGard Data in Cash Deal]." Bloomberg L.P., March 29, 2005</ref><ref>{{Cite news|url=https://www.nytimes.com/2005/04/03/business/yourmoney/do-too-many-cooks-spoil-the-takeover-deal.html|title=Do Too Many Cooks Spoil the Takeover Deal?|first=Andrew Ross|last=Sorkin|newspaper=The New York Times|date=April 3, 2005}}</ref>

On May 15, 2006, Smurfit-Stone reported the definitive sale for $1.04&nbsp;billion in cash of its consumer packaging division to the Texas Pacific Group.<ref>[http://whattheythink.com/news/27928-smurfit-stone-container-corporation-announces-sale-its/ whattheythink.com: "Smurfit-Stone Container Corporation Announces Sale Of Its Consumer Packaging Segment To Texas Pacific Group"], May 15, 2006</ref>

In early 2006, as TPG was completing fundraising for its fifth private equity fund, co-founder Bill Price announced that he would reduce his work at the firm.<ref>{{Cite news | url=https://www.bizjournals.com/sanfrancisco/stories/2006/02/27/daily22.html | title=Texas Pacific founder to scale back involvement with firm | work=American City Business Journals | date=February 28, 2006}}</ref> On December 1, it was announced TPG and Kohlberg Kravis Roberts had been exploring the possibility of a $100&nbsp;billion leveraged buyout of Home Depot.<ref>{{cite news |url=https://www.bizjournals.com/dallas/stories/2006/11/27/daily34.html |title=Report: Texas Pacific eyeing Home Depot |work=American City Business Journals | date=November 27, 2006 | url-access=subscription}}</ref>

In early 2007, the firm changed its name to '''TPG''', rebranding all of its funds across different geographies.<ref>{{Cite news | url=https://www.wsj.com/articles/BL-DLB-70 | title=Sorry, Sir. Texas Pacific Group Isn't Here Anymore | work=The Wall Street Journal | date=March 1, 2007}}</ref> In August, Midwest Air Group, parent company of Midwest Airlines, signed a definitive merger agreement to be acquired by an affiliate of TPG Capital in a transaction valued at approximately $450&nbsp;million.<ref>{{Cite web |title=TPG Capital acquires Midwest Air Group for $450 million |url=https://www.reutersevents.com/travel/archive/tpg-capital-acquires-midwest-air-group-450-million |date=August 16, 2007 |publisher=Reuters}}</ref>

On April 7, 2008, TPG led a $7&nbsp;billion investment in Washington Mutual. On September 25, 2008, Washington Mutual was taken over by the U.S. government, costing TPG a $1.35&nbsp;billion investment. It has been called by some analysts "the worst deal in private equity history."<ref>{{cite web|url=https://www.pehub.com/2008/09/wamu-the-worst-deal-in-private-equity-history/|title=WaMu: The Worst Deal in Private Equity History? - PE Hub|date=September 26, 2008}}</ref>

On October 31, 2008, TPG completed the purchase of a 35% interest in P.T. Bumi Resources, from its previous owner Bakrie & Brothers, Indonesia, for $1.3&nbsp;billion.<ref>{{Cite web |last=Wright |first=Tom |date=November 3, 2008 |title=Bakrie to sell coal stake for $1.3 billion Indonesian affiliate of TPG takes lead for group of buyers |url=https://www.wsj.com/articles/SB122566262960491377 |url-access=subscription |access-date=September 30, 2022 |website=The Wall Street Journal}}</ref> In June 2009, Republic Airways Holdings Inc., a provider of regional flights for larger carriers, agreed to buy Midwest Airlines from TPG Capital.<ref>{{Cite news |title=Republic Airways to Buy Midwest From TPG Capital |url=https://www.bloomberg.com/news/articles/2009-06-23/republic-airways-to-buy-midwest-from-tpg-capital |date=June 23, 2009 |website=Bloomberg News |author-first1=Mary Jane |author-last1=Credeur}}</ref>

On March 12, 2010, Gretchen Morgenson, in ''The New York Times'', discussed TPG's role as a private equity investor in Greek mobile phone operator WIND Hellas, formerly TIM Hellas, which filed for bankruptcy protection late 2009.<ref name=":0">{{cite news| url=https://www.nytimes.com/2010/03/14/business/14gret.html | work=The New York Times | first=Gretchen | last=Morgenson | title=Private Equity and Wind Hellas: A Tale of Debt | date=March 13, 2010}}</ref> Morgenson raised questions about the circumstances in which TPG and fellow private equity investors Apax Partners of London redeemed a significant quantity of "convertible preferred equity certificates" held by them to repay their own "deeply subordinated shareholder loans" during a period in which a significant and apparently unexplained spike occurred in the market value of the certificates.<ref name=":0" />

===2010–2020=== On June 10, 2010, TPG announced an acquisition of Vertafore, a provider of software for the insurance industry, for $1.4&nbsp;billion.<ref>{{cite news|url=https://blogs.wsj.com/deals/2010/06/11/deal-profile-tpg-agrees-to-acquire-vertafore/|title=Deal Profile: TPG Agrees to Acquire Vertafore|date=June 11, 2010|access-date=January 3, 2016|first=Stephen|last=Grocer|newspaper=The Wall Street Journal}}</ref>

On July 13, 2011, affiliates of TPG Capital acquired Primedia Inc. for approximately $525&nbsp;million.<ref>{{cite news | url=https://techcrunch.com/2011/05/16/primedia-acquired-by-tpg-capital-for-525-million/ | title=Primedia Acquired By TPG Capital For $525 Million | work=TechCrunch | date=May 16, 2011}}</ref> TPG and fellow private equity firm Apollo Global Management are set to IPO their stake in Norwegian Cruise Lines in 2013.<ref>{{cite web|url=https://dealbook.nytimes.com/2013/01/08/norwegian-cruise-sets-price-range-for-i-p-o/|title=Norwegian Cruise Line Sets Price Range for I.P.O.|last=Dealbook|website=DealBook|date=January 8, 2013 }}</ref>

In July 2013, TPG announced it would buy global education publisher TSL Education, later TES Global, publishers of TES magazine) from Charterhouse Group, for a fee of around $600&nbsp;million.<ref>{{cite news| url= https://www.reuters.com/article/us-tpg-tsleducation-idUSBRE9670MT20130708| title= U.S. buyout firm TPG to buy TSL Education for $600 million | author-first1= Sebastian |author-last1=Sadr-Salek|author-first2= Anjuli |author-last2=Davies |author-first3= Claire |author-last3=Ruckin | work=Reuters | date=July 8, 2013}}</ref><ref>{{cite web| url=https://www.tesglobal.com/content/tsl-education-announces-acquisition-tpg|title= TSL Education Announces Acquisition by TPG|date=July 18, 2013|publisher=TES Global|access-date=March 26, 2016}}</ref> TPG and movie producer Robert Simonds Jr., announced in March 2014 that they had entered a partnership with China's Hony Capital to produce up to 10 "star-driven" films a year, with mid-range budgets of about $40&nbsp;million per film.<ref>{{cite web|url=http://www.hollywoodreporter.com/news/producer-robert-simonds-partners-tpg-687104|title=Producer Robert Simonds Partners With TPG, China's Hony Capital for New Studio Venture|website=The Hollywood Reporter|date=March 10, 2014}}</ref>

In April 2014, it was announced that TPG had invested £200&nbsp;million in Victoria Plumb after buying a majority stake.<ref>{{cite news|url=https://www.mirror.co.uk/money/city-news/victoria-plumb-set-200m-boost-3337531 |title=Victoria Plumb set for £200 million boost as housing market picks up |newspaper=Daily Mirror |access-date=April 1, 2014}}</ref><ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/10737345/Victoria-Plumb-sells-stake-to-TPG.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/10737345/Victoria-Plumb-sells-stake-to-TPG.html |archive-date=January 12, 2022 |url-access=subscription |url-status=live |title=Victoria Plumb sells stake to TPG |newspaper=The Telegraph |access-date=May 12, 2014 |location=London |first=Ashley |last=Armstrong |date=April 1, 2014}}{{cbignore}}</ref> In November 2014, Prezzo Holdings agreed to a £303.7&nbsp;million takeover by TPG.<ref>{{cite news |url=https://www.telegraph.co.uk/finance/markets/marketreport/11217493/Hedge-fund-takes-Prezzo-position.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/markets/marketreport/11217493/Hedge-fund-takes-Prezzo-position.html |archive-date=January 12, 2022 |url-access=subscription |url-status=live |title=Hedge fund takes Prezzo position |newspaper=The Telegraph |access-date=November 14, 2014 |location=London |first=Ben |last=Martin |date=November 7, 2014}}{{cbignore}}</ref>

In the first half of 2014, the company started to raise funds for a real-estate specific fund. It had a goal of $1.5&nbsp;billion to $2&nbsp;billion. By October 2015, the company had exceeded its goal, raising more than $2&nbsp;billion.<ref>{{Cite web|author-first1=Grant|author-last1= Peter|author-first2=Ryan |author-last2=Dezember|url=https://www.wsj.com/articles/tpg-raises-2-billion-in-real-estate-fund-1444172401|title=TPG Raises $2 Billion in Real-Estate Fund|work=Wall Street Journal|date=October 6, 2015|url-access=subscription}}</ref>

In 2016, TPG partnered with Bono and Jeff Skoll to launch The Rise Fund, a social impact investment fund.<ref>{{cite news |last1=Sorkin |first1=Andrew |title=A New Fund Seeks Both Financial and Social Returns|url=https://www.nytimes.com/2016/12/19/business/dealbook/a-new-fund-seeks-both-financial-and-social-returns.html |access-date=10 April 2024 |work=NYTimes Dealbook |date=19 December 2016}}</ref> In August, TPG Growth, the growth equity and smaller buyout investment arm of TPG Capital, acquired technology staffing firm Frank Recruitment Group<ref>{{Cite web|url=https://www.frankgroup.com/news/tpg-growth-acquires-frank-recruitment-group|title=TPG Growth Acquires Frank Recruitment Group|last=Bartley|first=Jennifer|date=April 28, 2016|publisher=Frank Recruitment Group|access-date=January 17, 2017|archive-date=January 18, 2017|archive-url=https://web.archive.org/web/20170118054130/https://www.frankgroup.com/news/tpg-growth-acquires-frank-recruitment-group|url-status=dead}}</ref> in a deal that valued the company at £200&nbsp;million.<ref>{{Cite news|url=http://www.chroniclelive.co.uk/business/business-news/hotly-tipped-frank-recruitment-group-11760756|title=Hotly-tipped Frank Recruitment Group to create jobs after profits treble|last=Gibson|first=Robert|date=August 17, 2016|newspaper=nechronicle|access-date=January 17, 2017}}</ref>

In January 2017, TPG acquired a majority of A&O Hotels and Hostels, Europe's biggest privately owned hostel platform, based in Germany.<ref>{{Cite web|url=https://www.aohostels.com/de/presse/pressemeldungen/pm/271/|title=A&O HOTELS and HOSTELS erhält mit der TPG Real Estate einen neuen Mehrheitsgesellschafter}}</ref>

On January 25, 2017, TPG announced that after a nearly two-year search,<ref>{{cite news|url=https://www.wsj.com/articles/tpgs-general-counsel-ronald-cami-is-leaving-the-firm-1429557413|title=TPG's General Counsel Ronald Cami Is Leaving the Firm|first=Ryan|last=Dezember|newspaper=Wall Street Journal|date=April 20, 2015|via=www.wsj.com}}</ref> it had hired Bradford Berenson as its general counsel. Berenson had been vice president and senior counsel for litigation and legal policy for General Electric (GE), where he was "responsible for litigation, government and internal investigations, compliance, and legal policy worldwide."<ref>{{cite press release|url=http://www.businesswire.com/news/home/20170125005685/en/Bradford-Berenson-Join-TPG-General-Counsel|title=Bradford Berenson to Join TPG as General Counsel|date=January 25, 2017}}</ref> From 2001 to 2003, Bereson served as Associate White House Counsel to President George W. Bush.<ref>{{Cite web |url=https://www.bizjournals.com/dallas/news/2017/01/25/tpg-brings-in-former-bush-white-house-lawyer.html |title=TPG brings in former Bush White House lawyer}}</ref>

In 2017, Bonderman left the board of Uber "after he made a sexist comment in response to Arianna Huffington at an Uber meeting".<ref>Benner, Katie, and Mike Isaac, [https://www.nytimes.com/2017/06/17/business/uber-arianna-huffington-board.html "As Uber Leaders Step Aside, Arianna Huffington's Influence Grows"], ''The New York Times'', July 17, 2017. Retrieved June 18, 2017.</ref> In July, Ajay Kanwal and Naveen Chopra joined TPG as senior advisors.<ref>Ajay Kanwal, Naveen Chopra join TPG as Senior Advisors {{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/ajay-kanwal-naveen-chopra-join-tpg-as-senior-advisors/article9751249.ece|title=Ajay Kanwal, Naveen Chopra join TPG as Senior Advisors|date=July 6, 2017|work=The Hindu Business Line|access-date=July 8, 2017|language=en}}</ref>

In September 2017, TPG Capital acquired majority stake in Australia's largest contract research organization, Novotech Clinical Research.<ref>{{cite web|url=http://www.afr.com/street-talk/tpg-capital-closes-in-on-novotech-sources-20170821-gy1agf|title=TPG Capital closes in on Novotech|date=August 22, 2017|website=afr.com}}</ref><ref>{{cite web|url=http://www.afr.com/street-talk/tpg-funds-novotech-leverage-buyout-with-unitranche-debt-20171010-gyxxm9|title=TPG funds Novotech leveraged buy-out with unitranche debt|date=October 10, 2017}}</ref><ref>{{cite web|url=http://press.tpg.com/phoenix.zhtml?c=254315&p=irol-newsArticle&ID=2298437|title=TPG - Press Room - Press Release|website=press.tpg.com}}{{Dead link|date=July 2025 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In November, TPG Capital acquired Mendocino Farms; former Yard House CEO Harald Herrmann was appointed as its CEO.<ref>{{Cite web|url=http://labusinessjournal.com/news/2017/nov/13/tpg-capital-acquires-fast-casual-chain-mendocino-f/|title=TPG Capital Acquires Fast Casual Chain Mendocino Farms {{!}} Los Angeles Business Journal|website=labusinessjournal.com|date=November 13, 2017 |access-date=November 18, 2017}}</ref> In 2017–2018 TPG invested in Solinftec.

In February 2018, TPG backed former AOL CEO Jon Miller in acquiring Fandom (formerly Wikia, Inc.).<ref name="fandomownership">{{Cite web|url=https://www.vox.com/2018/3/12/17109240/jon-miller-tpg-fandom-digital-media-strategy|title=Digital media veteran Jon Miller, backed with money from TPG, is going shopping for websites|last=Kafka|first=Peter|website=Vox|date=March 12, 2018|access-date=March 5, 2021|publisher=Vox Media, Inc.}}</ref> Miller was named co-chairman of Wikia, alongside Jimmy Wales, and TPG Capital director Andrew Doyle assumed the role of interim CEO.<ref>{{Cite press release |last=FANDOM |title=Wikia, Inc.'s FANDOM Announces Investment Led by Media Veteran Jon Miller |url=https://www.prnewswire.com/news-releases/wikia-incs-fandom-announces-investment-led-by-media-veteran-jon-miller-300600947.html |access-date=September 30, 2022 |website=www.prnewswire.com |language=en}}</ref><ref>{{Cite web |last=Spangler |first=Todd |date=February 6, 2019 |title=Fandom Names StubHub Exec Perkins Miller CEO (EXCLUSIVE) |url=https://variety.com/2019/digital/news/fandom-perkins-miller-ceo-1203129212/ |access-date=September 30, 2022 |website=Variety |language=en-US}}</ref>

In March 2018, Manipal Hospitals and TPG Capital acquired Fortis Healthcare as part of a deal for {{INR|39&nbsp;billion|link=yes}}.<ref>{{cite news |title=Fortis Healthcare Ltd. |url=https://www.business-standard.com/company/fortis-health-24049/information/company-history |website=Business Standard India}}</ref><ref>{{cite web |last1=Sen |first1=Amiti |title=Manipal Hospitals buys Fortis hospitals biz |url=https://www.thehindubusinessline.com/companies/manipal-hospitals-buys-fortis-hospitals-biz/article23370334.ece |website=@businessline |date=March 28, 2018 |language=en}}</ref><ref>{{cite news |title=TPG-backed Manipal acquires Fortis Health, SRL Diagnostics - Times of India ► |url=https://timesofindia.indiatimes.com/business/india-business/tpg-backed-manipal-acquires-fortis-health-srl-diagnostics/articleshow/63495248.cms |website=The Times of India|date=March 28, 2018 }}</ref>

===2020–present=== In 2020, TPG joined Diligent Corporation's Modern Leadership Initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.<ref>{{Cite web|last=Gara|first=Antoine|title=Inside The Massive New Effort To Get Minorities On Corporate Boards|url=https://www.forbes.com/sites/antoinegara/2020/09/17/inside-the-massive-new-effort-to-get-minorities-on-corporate-boards/|access-date=November 23, 2020|website=Forbes|language=en}}</ref><ref>{{Cite web|title=Modern Governance Requires Modern Leadership|url=https://diligent.com/modern-leadership|access-date=November 23, 2020|work=Diligent.com|archive-date=August 17, 2021|archive-url=https://web.archive.org/web/20210817144304/https://diligent.com/modern-leadership|url-status=dead}}</ref> In April, TPG acquired Lifestance Health for $1.2bn in equity;<ref>{{Cite web |last=Pringle |first=Sarah |date=2020-04-16 |title=TPG steps up with $1.2bn deal for LifeStance Health |url=https://www.pehub.com/tpg-steps-up-with-1-2bn-deal-for-lifestance-health/ |access-date=2025-03-06 |website=PE Hub |language=en-US}}</ref> Lifestance has since gone public.<ref>{{Cite web |last=Landi |first=Heather |date=2021-06-15 |title=Mental health provider LifeStance Health valued at more than $7B as stock jumps following IPO {{!}} Fierce Healthcare |url=https://www.fiercehealthcare.com/tech/lifestance-health-valued-at-more-than-7b-as-stock-jumps-following-ipo |access-date=2025-03-06 |website=www.fiercehealthcare.com |language=en}}</ref>

On February 25, 2021, AT&T announced that it would spin-off DirecTV, U-verse and AT&T TV into a separate entity, selling a 30% stake to TPG Capital while retaining a 70% stake in the new standalone company. The deal was closed on August 2, 2021.<ref>{{Cite web|last=Goldsmith|first=Jill|date=February 25, 2021|title=WarnerMedia Parent AT&T Sells DirecTV Stake To Private Equity Firm TPG|url=https://deadline.com/2021/02/att-deal-directv-with-private-equity-firm-tpg-1234701305/|work=Deadline Hollywood|access-date=February 25, 2021}}</ref><ref>{{cite web|title=AT&T Completes DirecTV Spinoff; Satellite Operator Unites Its Internet-Delivered Bundles Under New Brand DirecTV Stream |url=https://deadline.com/2021/08/att-directv-spinoff-tpg-streaming-bundles-warnermedia-1234807615/|website=Deadline Hollywood|first=Dade|last=Hayes|date=August 2, 2021}}</ref>

In July 2021, TPG announced it had raised $5.4 billion in a first close for its inaugural TPG Rise Climate fund, a climate investing strategy focused on commercially viable climate technologies.<ref>{{cite news |title=Private equity firm TPG raises $5.4 bln for climate fund |url=https://www.reuters.com/business/sustainable-business/private-equity-firm-tpg-raises-54-bln-climate-fund-2021-07-27/ |access-date=10 April 2024 |work=Reuters |date=27 July 2021}}</ref> Institutional investment backers included Allstate, the Ontario Teachers’ Pension Plan, and the Washington State Investment Board.<ref>{{cite news |last1=Karsh |first1=Melissa |title=TPG Raises $5.4 Billion for Climate Fund Chaired by Hank Paulson |url=https://www.bloomberg.com/news/articles/2021-07-27/tpg-raises-5-4-billion-for-climate-fund-chaired-by-hank-paulson |access-date=10 April 2024 |work=Bloomberg |date=27 July 2021}}</ref> Concurrent with the fund close, the firm formed Rise Climate Coalition, organized to scale climate technologies and share best-practices. Members include individuals and representatives from companies such as Apple, Bank of America, Honeywell, Boeing, and John Deere.<ref>{{cite news |last1=Leffert |first1=Catherine |title=TPG raises $5.4B for inaugural climate-focused investment pool |url=https://www.bizjournals.com/dallas/news/2021/07/27/tpg-rise-climate.html |access-date=10 April 2024 |work=www.bizjournals.com |date=27 July 2021}}</ref> In April 2022, the fund announced the final close of TPG Rise Climate with $7.3 billion in total commitments.<ref>{{cite news |title=TPG raises $7.3 bln for climate fund in sustainability push |url=https://www.reuters.com/business/tpg-raises-73-bln-climate-fund-sustainability-push-2022-04-27/ |access-date=10 April 2024 |date=27 April 2022}}</ref>

On January 13, 2022, TPG went public on the Nasdaq stock exchange through an IPO at a $9&nbsp;billion valuation.<ref>{{cite news |title=TPG Becomes 2022's First Big I.P.O. |url=https://www.nytimes.com/2022/01/13/business/dealbook/tpg-stock.html |date=January 13, 2022 |work=The New York Times}}</ref><ref>{{cite web| title=TPG Launches IPO Roadshow Seeking Valuation Around $9.5 Billion| url=https://www.wsj.com/articles/tpg-launches-ipo-roadshow-seeking-valuation-around-9-5-billion-11641316492|date=January 4, 2021|publisher=The Wall Street Journal}}</ref> In April, the company purchased a majority stake in Sodali & Co, a proxy firm based in New York.<ref>{{Cite news |last=Hu |first=Krystal |date=April 26, 2022 |title=TPG Growth acquires majority stake in proxy firm Morrow Sodali |language=en |work=Reuters |url=https://www.reuters.com/business/tpg-growth-acquires-majority-stake-proxy-firm-morrow-sodali-2022-04-26/ |access-date=April 26, 2022}}</ref>

In May 2023, TPG agreed to acquire alternative investment firm Angelo Gordon in a cash and stock deal valued at $2.7{{nbsp}}billion.<ref name=ft-tpg>{{cite news |last1=Gara |first1=Antoine |last2=Indap |first2=Sujeet |date=May 15, 2023 |title=TPG pushes into credit investing with $2.7bn deal for Angelo Gordon |url=https://www.ft.com/content/c2300542-27fd-4110-80c8-2d13f4138215 |work=Financial Times |url-access=limited |archive-url=https://archive.today/20230515132650/https://www.ft.com/content/c2300542-27fd-4110-80c8-2d13f4138215 |archive-date=May 15, 2023 |url-status=live}}</ref> In July, together with Francisco Partners, TPG agreed to acquire web tracking and analytics firm New Relic in an all-cash deal valued at $6.5&nbsp;billion.<ref>{{cite web |last=Rogoway |first=Mike |date=July 31, 2023 |title=New Relic, a major Portland tech employer, sells to private equity for $6.5 billion |url=https://www.oregonlive.com/silicon-forest/2023/07/new-relic-a-major-portland-tech-employer-sells-to-private-equity-for-65-billion.html |work=The Oregonian}}</ref>

In March 2024, TPG created a mega Asian buyout fund worth W6.7 trillion. It closed its eighth Asian buyout fund worth W5 billion. It said it will inject 10 percent of it into the Korean market.<ref>{{Cite web |date=2024-03-26 |title=[더구루] 美 사모펀드 TPG, '6.7조' 아시아펀드 조성…"韓시장에 10% 할당" |url=https://www.theguru.co.kr/news/article.html?no=68547 |access-date=2025-01-08 |website=www.theguru.co.kr |language=ko}}</ref> On September 30, AT&T announced that it was selling its remaining 70% stake in DirecTV to TPG.<ref>{{cite news |last1=Hughes |first1=Clyde |title=AT&T says it will sell remaining stake in DirecTV |url=https://www.upi.com/Top_News/US/2024/09/30/ATT-DirecTV-stake-sale/8881727703095/ |access-date=September 30, 2024 |work=United Press International |date=September 30, 2024}}</ref>

On September 30, 2024, TPG Angelo Gordon and a certain amount of its co-investors, as well as DirecTV, provided $2.5 billion of financing to fully refinance DISH DBS’ November 2024 debt maturity.<ref>{{Cite web |title=DIRECTV to acquire EchoStar's video distribution business, including DISH TV + Sling TV – SatNews |url=https://news.satnews.com/2024/10/02/directv-to-acquire-echostars-video-distribution-business-including-dish-tv-sling-tv/ |access-date=2024-10-03 |website=news.satnews.com}}</ref>

On July 2, 2025, TPG completed its purchased 70% remaining stake in DirecTV from AT&T.<ref>{{cite web |title= TPG Completes Acquisition of AT&T's 70% Stake in DIRECTV|url=https://shareholders.tpg.com/news-releases/news-release-details/tpg-completes-acquisition-atts-70-stake-directv|access-date=2025-07-02 |website=shareholders.tpg.com}}</ref>

== Private equity funds == TPG has historically relied primarily on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and from other institutional investors.

== Notable employees ==

*Bernard Attali, former chairman of Air France and brother of Jacques Attali *Mark Fields, former president and CEO of Ford Motor Co.<ref>{{Cite news |last=Dawson |first=Chester |date=2017-10-17 |title=TPG Capital Hires Former Ford Motor CEO |url=https://www.wsj.com/articles/tpg-capital-hires-former-ford-motor-ceo-1508280198 |access-date=2025-06-18 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref> *William Hawkins, president and CEO of Immucor and former CEO of Medtronic *Mary Ma (deceased), former CFO of Lenovo, and was listed in the top ten of the ''Fortune'' "50 Most Powerful Women" in 2005 and 2006<ref>{{cite web|url=https://money.cnn.com/popups/2006/fortune/mostpowerfulwomen_intl/10.html |archive-url=https://web.archive.org/web/20061025111430/http://money.cnn.com/popups/2006/fortune/mostpowerfulwomen_intl/10.html |url-status=dead |archive-date=October 25, 2006 |title=Global Power 50|publisher=money.cnn.com|access-date=March 14, 2019}}</ref><ref>{{cite web|url=https://www.telegraph.co.uk/finance/markets/2815270/TPG-hires-Mary-Ma-for-China-push.html/|archive-url=https://web.archive.org/web/20101111025033/http://www.telegraph.co.uk/finance/markets/2815270/TPG-hires-Mary-Ma-for-China-push.html|url-status=dead|archive-date=November 11, 2010|title=TPG hires Mary Ma for China push|date=September 7, 2007|publisher=telegraph.co.uk|access-date=March 14, 2019}}</ref> *William "Bill" McGlashan Jr., founder of TPG Growth, TPG Capital's growth equity and smaller buyout investment arm; fired due to his involvement in the 2019 college admissions bribery scandal<ref>{{Cite web|title=CEO charged in college scandal says he resigned, but firm says he was fired|url=https://www.cbsnews.com/news/college-admissions-cheating-scandal-bill-mcglashan-tpg/|access-date=October 30, 2021|website=www.cbsnews.com|date=March 15, 2019 |language=en-US}}</ref> * Vivek Paul, former vice chairman of Wipro Technologies and CEO of its global information technology, product engineering, and business process services segments * Kevin Rollins, former president and CEO of Dell Computers<ref>{{Cite news |date=2007-08-09 |title=TPG hires former Dell CEO as senior adviser |url=https://www.reuters.com/article/markets/oil/tpg-hires-former-dell-ceo-as-senior-adviser-idUSN01348074/ |access-date=2025-06-18 |work=Reuters |language=en}}</ref> * Marc Mezvinsky, Husband of Chelsea Clinton, hired as a managing director and business-unit partner in 2019.<ref>{{Cite news|url=https://www.wsj.com/articles/tpg-hires-chelsea-clinton-s-husband-marc-mezvinsky-11572308452|title=TPG Hires Chelsea Clinton's Husband|website=Wall Street Journal |date=October 29, 2019 |last1=Levy |first1=Rachael |last2=Gottfried |first2=Miriam }}</ref> * Damola Adamolekun, former CEO of P. F. Chang's and current CEO of Red Lobster.<ref>{{Cite web |last=Lake |first=Sydney |title=Red Lobster's 36-year-old CEO started as a Goldman Sachs intern. He reveals 3 ways he's cooking up a comeback for the seafood chain after bankruptcy |url=https://fortune.com/article/red-lobster-ceo-goldman-sachs-intern-restaurant-comeback/ |access-date=2025-06-17 |website=Fortune |language=en}}</ref>

==See also== {{Portal|Companies}} *List of Texas companies (T)

==References== {{reflist}}

==External links== * {{Official website}} {{Finance links | name = TPG Inc. | symbol = TPG | reuters = TPG.O | bloomberg = TPG:US | sec_cik = 1880661 | yahoo = TPG | google = TPG }}

{{TPG Inc.}} {{Private equity and venture capital}} {{Largest private equity firms}}

{{authority control|state=expanded}}

{{DEFAULTSORT:Tpg Capital}} Category:TPG Capital Category:Private equity firms of the United States . Category:American companies established in 1992 Category:Financial services companies established in 1992 Category:1992 establishments in Texas Category:Companies listed on the Nasdaq Category:2022 initial public offerings Category:Financial services companies based in Texas Category:Private equity firms based in Texas