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TPG is a global alternative asset manager specializing in private equity, credit, real estate, and impact investing. Founded in 1992, the company operates across 16 countries and manages a diverse portfolio of investments aimed at delivering attractive risk-adjusted returns. TPG's business is organized into multi-strategy investment platforms that cater to various sectors of the global economy.
- Capital - Focuses on large-scale, control-oriented private equity investments, including products like TPG Capital, TPG Asia, TPG Healthcare Partners, and Continuation Vehicles.
- TPG Angelo Gordon - Specializes in credit and real estate investing, significantly contributing to the firm's growth following its acquisition in 2023.
- Growth - Targets growth equity investments in high-potential companies and sectors.
- Impact - Invests in opportunities that generate measurable social and environmental benefits alongside financial returns.
- Real Estate - Concentrates on real estate investments across various asset classes and geographies.
- Market Solutions - Includes public market strategies and other investment solutions tailored to client needs.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anilu Vazquez-Ubarri ExecutiveBoard | Chief Operating Officer | Board Member at Upwork, Inc.; Board Member at Greenhouse Software, Inc. | Anilu Vazquez-Ubarri is the Chief Operating Officer at TPG since September 5, 2023, having previously served as the Chief Human Resources Officer and Partner, and has been a member of TPG's board of directors since the company's inception. | |
David Trujillo ExecutiveBoard | Co-Managing Partner of TPG Growth | Board Member at Uber Technologies, Inc.; Board Member at Beauty for All Industries (fka Ipsy); Board Member at Calm; Board Member at DirecTV; Board Member at Entertainment Partners; Board Member at Global Music Rights; Board Member at MusixMatch; Board Member at Prodigy Education | David Trujillo joined TPG in January 2006 and currently serves as the Co-Managing Partner of TPG Growth, while also holding a position on TPG’s board of directors and serving on the Executive Committee. He has over 25 years of experience in private equity focused on the technology, media, and telecom sectors, and has played a key role in major investments across these industries. | |
Ganendran Sarvananthan ExecutiveBoard | Managing Partner and Head of Asia and the Middle East at TPG | Ganendran Sarvananthan has been with TPG since 2014 and currently serves as the Managing Partner and Head of Asia and the Middle East while also being a board member and executive committee member. Previously, he held significant roles at Khazanah Nasional and UBS Investment Bank. | ||
Jack Weingart ExecutiveBoard | Chief Financial Officer (CFO) | Director, Viking Holdings, Ltd. | Jack Weingart is the CFO and a Director at TPG Inc., serving since the company’s inception and having held roles such as Co-Managing Partner of TPG Capital (2017 until his CFO appointment) and Managing Partner of the Funding Group (2006 to 2017) before joining TPG in 2006. | |
Jeffrey Rhodes ExecutiveBoard | Co-Managing Partner of TPG Capital | Board Member, LifeStance Health Group, Inc. | Jeffrey Rhodes is the Co-Managing Partner of TPG Capital since 2021 and has been serving on TPG’s Board of Directors since December 2023. He joined TPG in 2005 and co-leads the firm's healthcare investment activities. | |
Jim Coulter ExecutiveBoard | Founder, Executive Chair, and Director | Jim Coulter has served as the Founding Partner, Executive Chair, and Director of TPG Inc. since 1992, and he has held key leadership roles including Co-Chief Executive Officer and Managing Partner positions at various TPG platforms. His long-standing involvement at TPG underscores his strategic influence on the firm's growth and governance. | ||
Jon Winkelried ExecutiveBoard | Chief Executive Officer | Director at McAfee Corp ; Director at Delos Living LLC ; Director at MX Technologies ; Director at Anastasia Beverly Hills LLC ; Trustee at Vanderbilt University | Jon Winkelried has been the Chief Executive Officer of TPG since 2021. He previously served as Partner and Co-Chief Executive Officer from 2015 until 2021 at TPG, and has extensive financial leadership experience from his long tenure at Goldman Sachs. | View Report → |
Kelvin Davis ExecutiveBoard | Founder and Co-Head of TPG Real Estate | TPG RE Finance Trust, Inc.; Taylor Morrison Home Corporation; Catellus Development Corporation; Arlington Business Parks LP; Trustee of Los Angeles County Museum of Art; Director of Los Angeles Team Mentoring, Inc. | Kelvin Davis has been with TPG since 2000 as the Founder and Co-Head of TPG Real Estate and a board member of TPG Inc. since its inception. He led TPG’s North American Buyout Group from 2000 to 2009 and previously served as President and COO of Colony Capital, LLC since 1991. | |
Nehal Raj ExecutiveBoard | Co-Managing Partner of TPG Capital | Stanford University's H&S Council and Undergraduate Cabinet; HBS Fund Council; Board of Trustees of San Francisco University High School; Board of the Gasol Foundation | Nehal Raj is Co-Managing Partner of TPG Capital and Co-Managing Partner of TPG Tech Adjacencies, having joined TPG in 2006 and assumed his current role in 2021. He also serves on TPG's Board of Directors since December 2023 and is a member of its Executive Committee. | |
Todd Sisitsky ExecutiveBoard | President of TPG Inc. | Board Member at Grassroot Soccer; Chair of Dartmouth Medical School Board of Advisors | Todd Sisitsky has served as President of TPG Inc. since its inception and as Managing Partner of TPG Capital in the US and Europe since 2015. He is also a board member and a member of the Executive Committee, reinforcing his longstanding influence in TPG's leadership. | |
Bradford Berenson Executive | General Counsel | Board Member of the American Investment Council; Executive Fellow of the Berkeley Center for Law and Business | Bradford Berenson has been the General Counsel at TPG since March 2017. Previously, he served as Vice President and Senior Counsel at General Electric from October 2012 to February 2017. | |
Joann Harris Executive | Chief Compliance Officer | Joann Harris is the Chief Compliance Officer and Partner at TPG since 2015. Previously, she served as an Assistant Director with the SEC from 2003 to 2015. | ||
David Bonderman Board | Non-Executive Chair | Chairman of the Board at Ryanair Holdings, plc ; Chairman of the Board at Continental Airlines | David Bonderman, a founder of TPG and board member since 1992, currently serves as Non-Executive Chair since January 13, 2022, and also acts as a non-voting observer on the Executive Committee. | |
Deborah M. Messemer Board | Independent Director | Board Member at PayPal Holdings, Inc.; Board Member at Allogene Therapeutics, Inc. | Deborah M. Messemer is a certified public accountant and has served as an Independent Director at TPG since January 2022. Previously, she was the Managing Partner at KPMG's Bay Area and Northwest region until September 2018. | |
Gunther Bright Board | Independent Director | Executive committee member of the Junior Achievement of New York Board of Directors; Vice chairman and executive committee member of the Alvin Ailey American Dance Theater Board of Trustees; Member of the Executive Leadership Council | Gunther Bright is an Independent Director at TPG since July 2022, serving on the Audit, Compensation, and Conflicts Committees. He previously held executive roles at American Express from 2014 to 2023 and has served on the boards of McAfee Corp. and Warburg Pincus Capital I-A Corp, in addition to key non-profit roles. | |
Kathy Elsesser Board | Independent Director | Member of the Board of Trustees and Audit Chair of the Sesame Workshop | Kathy Elsesser serves on the Board of Directors of TPG Inc. since January 15, 2025 and is a member of the Audit and Compensation Committees; she previously held senior positions at Goldman Sachs until her retirement in 2023 and served as a Senior Advisor until January 10, 2025. | |
Mary Cranston Board | Independent Director | Board Member at The Chemours Company | Mary Cranston has been serving as an Independent Director at TPG since January 2022. She also chairs the Compensation Committee and serves on the Audit and Conflicts Committees, leveraging her extensive legal expertise from her previous role as Firm Senior Partner and Chair Emeritus at Pillsbury Winthrop Shaw Pittman LLP. |
- Given your ambition to double AUM over the next several years, how do you plan to balance the challenging trade-offs between organic innovation and inorganic acquisitions, especially within your credit and infrastructure strategies?
- As you target FRE margins in the 50s with a $400–$500 billion AUM base, what are the key drivers for operating leverage, and what potential headwinds could impede these margin expansions?
- In light of the integration of Angelo Gordon, what specific operational or strategic challenges have arisen in aligning investment processes, and how are you addressing these issues to ensure scalable growth?
- With a significant portion of capital expected to flow through no fee, no carry co-invest vehicles, how do you foresee this impacting the sustainability and growth of your fee-related revenues over time?
- Regarding the Intersect partnership with Google targeting a $20 billion renewable power investment, can you detail the underlying economics of capturing this opportunity through a fund-level investment and how you intend to replicate similar high-impact deals in your infrastructure and climate strategies?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Angelo, Gordon & Co., L.P. | 2023 | The deal involved a multifaceted consideration structure with approximately $728 million in cash, additional equity components (53.0 million Common Units, 8.4 million RSUs), and an earnout of up to $400 million contingent on fee-related revenue targets. The acquisition strategically expands TPG’s platform in credit and real estate investing, adding diversified capabilities and over 350 institutional LP relationships. |
ClaimsXten | 2022 | This acquisition of the leading claims editing software platform was structured as a carve-out from the merger of United and Change Healthcare, leveraging TPG Capital funds’ expertise and fitting within TPG’s broader healthcare strategy focused on durable secular trends. |
Covetrus | 2022 | TPG took Covetrus, a U.S. animal-health technology and distribution services platform, private. The deal was one among healthcare investments with a combined enterprise value over $9 billion, using approximately $3.5 billion of equity and raising $5 billion in debt, demonstrating TPG’s capability to manage complex healthcare financings. |
DOC Generici | 2022 | Acquired by TPG Capital, DOC Generici is a leading European specialty pharmaceuticals company based in Milan. Completed in Q2 2022, the acquisition leverages TPG’s deep experience in healthcare investments and supports its strategic focus on sectors with durable trends. |
iNova Pharmaceuticals | 2022 | This acquisition, completed by TPG Capital Asia Fund, marked the inaugural investment from TPG Capital Asia VIII. iNova Pharmaceuticals is a leading independent consumer healthcare company in the Asia Pacific region, representing TPG’s cross-border underwrite and Pan-Asian platform strength. |
Sauce Labs | 2022 | TPG acquired a majority stake in Sauce Labs, a leading provider of automated software testing solutions. The acquisition was facilitated through proprietary investment opportunities arising from TPG’s integrated platform connectivity after initially holding a minority stake since 2019. |
NewQuest Holdings (Cayman) Limited | 2022 | TPG Inc. acquired the remaining 33.3% interest in NewQuest Holdings through an equity exchange, involving 1,638,866 shares of Class A common stock and 1,072,998 Common Units with a three-year vesting condition; the transaction also resulted in a reallocation of equity amounting to $33.6 million. |
Recent press releases and 8-K filings for TPG.
- Fundraising and Transaction Outlook: TPG expects significantly higher fundraising volumes in 2025, supported by increased investment pace and monetization activities, reflecting healthy business metrics and strong pipeline prospects.
- Growth and Operating Strategy: The discussion highlighted a dual approach of organic expansion and strategic acquisitions (e.g., the Angelo Gordon integration) alongside forthcoming launches of semi-liquid products targeting private wealth and insurance channels to drive margin improvement.
- Reported strong Q4 2024 performance with fee-related revenues of $461 million, fee-related earnings of $190 million, GAAP net income of $11 million and after-tax distributable earnings of $261 million .
- Declared a quarterly dividend of $0.53 per share for Class A common stock with a record date of February 21, 2025, and a payment date of March 7, 2025 .
- Achieved assets under management of $245.9 billion, an 11% increase versus Q4 2023, underscoring robust capital raising and investment activity .
- Raised $30 billion in 2024 and deployed significant capital to support organic growth and strategic initiatives, including integration of Angelo Gordon .
- Launched new funds, including the GP-led secondaries fund and the Rise Climate Transition Infrastructure Fund, broadening fee-related revenue streams and positioning for accelerated growth in 2025 .
- Reported strong overall financial performance in 2024, reflecting significant progress in fundraising, deployment, and organic growth, with additional insights available during the scheduled conference call .