 | |
 Headquarters atBank of America Tower inFort Worth | |
| Company type | Public |
|---|---|
| |
| Industry | Private equity |
| Predecessor | Texas Pacific Group |
| Founded | 1992; 34 years ago (1992) |
| Founders | |
| Headquarters | Bank of America Tower,, United States |
Key people |
|
| Products | |
| Revenue |  US$3.50 billion (2024) |
 US$23.5 million (2024) | |
| AUM | US$245.9 billion (2024) |
| Total assets | US$10.5 billion (2024) |
| Total equity | US$3.59 billion (2024) |
Number of employees | 1,900 (2024) |
| Subsidiaries | TPG Angelo Gordon |
| Website | tpg |
| Footnotes / references [1][2] | |
TPG Inc., previously known asTexas Pacific Group andTPG Capital,[3] is an Americanprivate equity firm based inFort Worth, Texas.[2] TPG manages investment funds in growth capital,venture capital,public equity, and debt investments. The firm invests in industries including consumer/retail,media andtelecommunications, industrials, technology, travel, leisure, and health care.
| History of private equity and venture capital |
|---|
| Early history |
| (origins of modernprivate equity) |
| The 1980s |
| (leveraged buyout boom) |
| The 1990s |
| (leveraged buyout and the venture capital bubble) |
| The 2000s |
| (dot-com bubble to thecredit crunch) |
| The 2010s |
| (expansion) |
| The 2020s |
| (COVID-19 recession) |
Texas Pacific Group, later TPG Capital, was founded in 1992 byDavid Bonderman,James Coulter andWilliam S. Price III. Prior to founding TPG, Bonderman and Coulter had worked forRobert Bass, making leveraged buyout investments during the 1980s.
In 1993, Coulter and Bonderman partnered withGE Capital vice president of strategic planning and business developmentWilliam S. Price III to complete the buyout ofContinental Airlines.[4]
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.[5]
In June 1996, TPG acquired the AT&TParadyne unit, a multimedia communications business, fromLucent Technologies for $175 million.[6] Also in 1996,[citation needed] TPG invested inBeringer Wine,Ducati Motorcycles andDel Monte Foods.[7]
In 1997, TPG raised over $2.5 billion for its second private equity fund. TPG's most notable investment that year was its takeover of the retailerJ. Crew, acquiring an 88% stake for approximately $500 million;[8] the investment struggled due to the high purchase price paid relative to the company's earnings.[9] The company was able to complete aturnaround, beginning in 2002, and to complete anIPO in 2006.[10]
In 1998, TPG led a minority investment inOxford Health Plans. TPG and itsco-investors invested $350 million in aconvertible preferred stock that can be converted into 22.1% of Oxford shareholding.[11] The company completed a buyback of TPG'sPIPE convertible in 2000, which would ultimately be acquired byUnitedHealth Group, in 2004.[12]
In 1999, TPG invested inPiaggio S.p.A., Bally International (includingBally Shoe), andON Semiconductor. T3 Partners was started in 2001 to invest alongside the main fund in technology-oriented investments.[citation needed]
In 2000 TPG andLeonard Green & Partners invested $200 million to acquirePetco, the pet supplies retailer as part of a $600 million buyout.[13] Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco's market value greatly increased by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion.[14]
In 2000, TPG completed the controversial acquisition ofGemplus SA, a smart card manufacturer. TPG won a struggle with the company's founder, Marc Lassus, for control of the company.[15] Also in 2000, TPG completed an investment inSeagate Technology.
In 2001, TPG acquiredTelenor Media, a Norwegian phone-directory company, for $660 million, and shortly thereafter acquired a controlling interest in silicon-wafer makerMEMC Electronic Materials.[16]
In July 2002, TPG, together withBain Capital andGoldman Sachs Alternatives, announced the $2.3 billion leveraged buyout ofBurger King fromDiageo.[17] 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 billion purchase price for the investment.[18] 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 ofThe Burger King character in advertising. In February 2006, Burger King announced plans for aninitial public offering.[19]
In November 2003, TPG provided a proposal to buyPortland General Electric fromEnron. However, concerns about debt led toOregon Public Utility Commission regulators to deny permission for the purchase on March 10, 2005.[20]
TPG entered thefilm production business in late 2004, in the major leveraged buyout ofMetro-Goldwyn-Mayer. A consortium led by TPG andSony completed the $4.81 billion buyout of the film studio. The consortium also included media-focused firmsProvidence Equity Partners andQuadrangle Group, as well asDLJ Merchant Banking Partners.[21] The transaction was announced in September 2004, and completed in early 2005.[22][23]
Also in 2005, TPG was involved in the buyout ofSunGard in a transaction valued at $11.3 billion. TPG's partners in the acquisition wereSilver Lake Partners,Bain Capital,Goldman Sachs Alternatives,KKR,Providence Equity Partners, andBlackstone. This represented the largest leveraged buyout completed since the takeover ofRJR 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 ofFreescale Semiconductor. The involvement of seven firms in the consortium was criticized by investors inprivate equity who considered cross-holdings among firms to be generally unattractive.[24][25]
On May 15, 2006,Smurfit-Stone reported the definitive sale for $1.04 billion in cash of its consumer packaging division to the Texas Pacific Group.[26]
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.[27] On December 1, it was announced TPG andKohlberg Kravis Roberts had been exploring the possibility of a $100 billion leveraged buyout ofHome Depot.[28]
In early 2007, the firm changed its name toTPG, rebranding all of its funds across different geographies.[29] 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 million.[30]
On April 7, 2008, TPG led a $7 billion investment inWashington Mutual. On September 25, 2008, Washington Mutual was taken over by the U.S. government, costing TPG a $1.35 billion investment. It has been called by some analysts "the worst deal in private equity history."[31]
On October 31, 2008, TPG completed the purchase of a 35% interest inP.T. Bumi Resources, from its previous owner Bakrie & Brothers, Indonesia, for $1.3 billion.[32] In June 2009, Republic Airways Holdings Inc., a provider of regional flights for larger carriers, agreed to buy Midwest Airlines from TPG Capital.[33]
On March 12, 2010,Gretchen Morgenson, inThe New York Times, discussed TPG's role as a private equity investor in Greek mobile phone operatorWIND Hellas, formerly TIM Hellas, which filed for bankruptcy protection late 2009.[34] Morgenson raised questions about the circumstances in which TPG and fellow private equity investorsApax Partners of London redeemed a significant quantity of "convertible preferred equity certificates" held by them to repay their own "deeply subordinatedshareholder loans" during a period in which a significant and apparently unexplained spike occurred in the market value of the certificates.[34]
On June 10, 2010, TPG announced an acquisition of Vertafore, a provider of software for the insurance industry, for $1.4 billion.[35]
On July 13, 2011, affiliates of TPG Capital acquiredPrimedia Inc. for approximately $525 million.[36] TPG and fellow private equity firmApollo Global Management are set to IPO their stake in Norwegian Cruise Lines in 2013.[37]
In July 2013, TPG announced it would buy global education publisher TSL Education, later TES Global, publishers ofTES magazine) from Charterhouse Group, for a fee of around $600 million.[38][39] TPG and movie producerRobert Simonds, Jr., announced in March 2014 that they had entered a partnership with China'sHony Capital to produce up to 10 "star-driven" films a year, with mid-range budgets of about $40 million per film.[40]
In April 2014, it was announced that TPG had invested £200 million in Victoria Plumb after buying a majority stake.[41][42] In November 2014,Prezzo Holdings agreed to a £303.7 million takeover by TPG.[43]
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 billion to $2 billion. By October 2015, the company had exceeded its goal, raising more than $2 billion.[44]
In 2016, TPG partnered withBono andJeff Skoll to launch The Rise Fund, a socialimpact investment fund.[45] In August, TPG Growth, the growth equity and smaller buyout investment arm of TPG Capital, acquired technology staffing firm Frank Recruitment Group[46] in a deal that valued the company at £200 million.[47]
In January 2017, TPG acquired a majority ofA&O Hotels and Hostels, Europe's biggest privately owned hostel platform, based in Germany.[48]
On January 25, 2017, TPG announced that after a nearly two-year search,[49] it had hired Bradford Berenson as its general counsel. Berenson had been vice president and senior counsel for litigation and legal policy forGeneral Electric (GE), where he was "responsible for litigation, government and internal investigations, compliance, and legal policy worldwide."[50] From 2001 to 2003, Bereson served as AssociateWhite House Counsel toPresident George W. Bush.[51]
In 2017, Bonderman left the board ofUber "after he made a sexist comment in response toArianna Huffington at an Uber meeting".[52] In July, Ajay Kanwal and Naveen Chopra joined TPG as senior advisors.[53]
In September 2017, TPG Capital acquired majority stake in Australia's largest contract research organization, Novotech Clinical Research.[54][55][56] In November, TPG Capital acquiredMendocino Farms; formerYard House CEO Harald Herrmann was appointed as its CEO.[57] In 2017–2018 TPG invested inSolinftec.
In February 2018, TPG backed formerAOL CEOJon Miller in acquiringFandom (formerly Wikia, Inc.).[58] Miller was named co-chairman of Wikia, alongsideJimmy Wales, and TPG Capital director Andrew Doyle assumed the role of interim CEO.[59][60]
In March 2018, Manipal Hospitals and TPG Capital acquiredFortis Healthcare as part of a deal for₹39 billion.[61][62][63]
In 2020, TPG joinedDiligent Corporation's Modern Leadership Initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.[64][65] In April, TPG acquiredLifestance Health for $1.2bn in equity;[66] Lifestance has since gone public.[67]
On February 25, 2021,AT&T announced that it would spin-offDirecTV,U-verse andAT&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.[68][69]
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.[70] Institutional investment backers includedAllstate, theOntario Teachers’ Pension Plan, and the Washington State Investment Board.[71] 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 asApple,Bank of America,Honeywell,Boeing, andJohn Deere.[72] In April 2022, the fund announced the final close of TPG Rise Climate with $7.3 billion in total commitments.[73]
On January 13, 2022, TPG went public on theNasdaq stock exchange through an IPO at a $9 billion valuation.[74][75] In April, the company purchased a majority stake in Sodali & Co, aproxy firm based in New York.[76]
In May 2023, TPG agreed to acquire alternative investment firmAngelo Gordon in a cash and stock deal valued at $2.7 billion.[77] In July, together with Francisco Partners, TPG agreed to acquire web tracking and analytics firmNew Relic in an all-cash deal valued at $6.5 billion.[78]
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.[79] On September 30, AT&T announced that it was selling its remaining 70% stake in DirecTV to TPG.[80]
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.[81]
On July 2, 2025, TPG completed its purchased 70% remaining stake in DirecTV from AT&T.[82]
TPG has historically relied primarily onprivate equity funds, pools of committed capital frompension funds,insurance companies,endowments,fund of funds,high-net-worth individuals,sovereign wealth funds, and from otherinstitutional investors.
301 Commerce Street Suite 3300 Fort Worth Texas 76102
