David Trujillo
TPGAbout David Trujillo
David Trujillo (age 49) is a management director at TPG and a member of its Executive Committee; he joined TPG in January 2006 and currently serves as Co‑Managing Partner of TPG Growth, Co‑Managing Partner of TPG Tech Adjacencies, and Managing Partner of TPG Digital Media. He leads TPG’s Internet, Digital Media and Communications investing efforts and has overseen historic investments including Airbnb, Astound Broadband, Creative Artists Agency (CAA), Global Music Rights (GMR) and Spotify . Trujillo holds a B.A. in Economics from Yale University and an M.B.A. from Stanford Graduate School of Business .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TPG | Co‑Managing Partner, TPG Growth; Co‑Managing Partner, TPG Tech Adjacencies; Managing Partner, TPG Digital Media; Director | Joined Jan 2006; Director since TPG Inc. inception | Leads TPG’s Internet/Digital Media/Communications investing; historic investments in Airbnb, CAA, GMR, Spotify |
| GTCR (Golder, Thoma, Cressey, Rauner) | Private equity investor (technology, media, telecom focus) | Prior to 2006 | Sector expertise foundational to current portfolio leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Uber Technologies, Inc. | Director | Current | Public company board; technology/marketplace oversight |
| Calm (private) | Director | Current | Consumer tech/wellness exposure |
| Creative Planning (private) | Director | Current | Wealth advisory exposure |
| DirecTV (private) | Director | Current | Telecom/media operations exposure |
| Entertainment Partners (private) | Director | Current | Media services oversight |
| Homrich Berg (private) | Director | Current | Financial services oversight |
| Ipsy (private) | Director | Current | Consumer/beauty subscription exposure |
| MusixMatch (private) | Director | Current | Music tech/data exposure |
Board Governance
- Independence status: Management director (not independent); TPG is a “controlled company” under Nasdaq with a fully independent Audit, Compensation, and Conflicts Committees; transition to a majority-independent board expected at the 2027 annual meeting (the “Sunset”) .
- Committee assignments: Executive Committee member (with governance authority shared with the board); not on Audit, Compensation, or Conflicts Committees (independents only) .
- Attendance: In 2024, each incumbent director except Messrs. Rhodes and Sarvananthan attended at least 75% of board/committee meetings—this indicates Trujillo met the 75% threshold .
- Executive sessions: Independent directors held executive sessions regularly throughout 2024, at least twice per year .
- Conflicts oversight: Conflicts Committee (independent directors) reviews conflicts related to directors/executives and related-person transactions; independent committee charters available online .
- Compensation committee interlocks: None disclosed for TPG executive officers; reduces risk of cross‑company pay interlocks .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base salary | $500,000 | Standard for partners serving on the board (non‑NEOs also generally receive same elements as NEOs) |
| Umbrella liability insurance premium | $2,164 | Firm‑sponsored umbrella coverage |
| 401(k) employer contribution | $27,600 | Match/nonelective contribution per plan |
Performance Compensation
| Component | 2024 Amount | Details / Vesting |
|---|---|---|
| Platform‑level program distributions | $24,789,168 | Performance allocations tied to fund performance; subject to clawbacks; allocations may include vintage, investment‑specific, discretionary components |
| Pool program distributions | $2,000,000 | Discretionary performance allocations; clawback obligation borne by Operating Group (not individual) |
| RSUs (annual incentive for prior services) | $1,165,397 (grant date fair value) | RSUs granted in 2024 for services in 2023 under Omnibus Plan; vesting terms not specified for Trujillo in proxy narrative |
| Special purpose RSU award | $4,137,547 (grant date fair value) | Granted for services; vesting schedule not specified in proxy narrative |
| Reallocated TPG Partner Units | $4,818,096 (reallocation date fair value) | Forfeitures reallocated pro rata to partners; accounted as equity awards under ASC 718 |
- Clawbacks and recoupment: Platform‑level distributions subject to fund clawback; Company maintains Dodd‑Frank compliant and discretionary recoupment policies applicable to directors/officers and Omnibus Plan grantees .
- Hedging/pledging: Prohibited without prior approval; policy covers Company securities (TPG Partner Units have separate restrictions until exchanged) .
Other Directorships & Interlocks
- Public boards: Uber Technologies, Inc. (current) .
- Private boards: Calm, Creative Planning, DirecTV, Entertainment Partners, Homrich Berg, Ipsy, MusixMatch (current) .
- Potential interlocks/conflicts: Extensive roles across TPG portfolio companies create potential related‑party exposure; TPG’s Conflicts Committee reviews and approves related person transactions per policy .
Expertise & Qualifications
- Sector expertise: 25+ years in technology, media, telecom private equity; led marquee investments (Airbnb, Spotify, CAA, GMR) .
- Education: Yale (B.A. Economics); Stanford GSB (M.B.A.) .
- Board qualifications: Commercial leadership in digital media/internet, portfolio construction across growth/adjacencies, and deal execution .
Equity Ownership
| Metric | Value |
|---|---|
| Class A common shares beneficially owned | 45,037 (<1% of Class A outstanding) |
| Side‑by‑side investments funded (2024) | $3,386,807 |
- Additional economic alignment: Trujillo holds TPG Partner Units/RemainCo interests via partner programs with ongoing distributions; these interests are not voting securities and are subject to vesting/transfer limits and exchange mechanics outlined in TPG agreements .
Governance Assessment
- Independence and committee profile: As a management director on the Executive Committee, Trujillo is not independent and does not sit on Audit/Compensation/Conflicts—appropriate given committee independence requirements but reduces independent oversight influence from his seat .
- Attendance and engagement: Met at least 75% attendance threshold in 2024—acceptable baseline for board effectiveness .
- Alignment and incentives: Significant performance‑linked compensation via platform/pool programs and RSU awards creates strong economic alignment with firm/fund performance, but magnitude of allocations can present perceived conflicts in portfolio‑company decision‑making; TPG’s clawback and related‑party oversight mitigate some risk .
- Related‑party exposure: Multiple private company directorships in TPG‑related entities and side‑by‑side investments indicate high related‑party transaction potential; Conflicts Committee oversight is a critical control .
- Risk indicators: One late Form 4 filing (April 2025) reported RSUs granted in March 2024—administrative compliance lapse noted; not indicative of broader legal issues disclosed in proxy .
- Strategic signal: His leadership across TPG Growth/Tech Adjacencies/Digital Media and seat on Uber’s board suggests strong domain expertise and network benefits for TPG’s deal flow and portfolio oversight, balanced by the need for robust conflict management via independent committees .