Jack Weingart
TPGAbout Jack Weingart
Jack Weingart, age 58, is TPG’s Chief Financial Officer and has served in this role since TPG Inc.’s inception; he stepped down from TPG’s board in December 2024 as part of the governance transition to a majority-independent board. He previously was Co‑Managing Partner of TPG Capital (2017–2022), led TPG’s Funding Group (2006–2017), and was a Managing Director at Goldman Sachs overseeing West Coast leveraged finance and financial sponsors; he holds a B.S. in Electrical Engineering and Computer Sciences from UC Berkeley . Company performance during his tenure includes total shareholder return progression of $97.80 (2022), $158.86 (2023), and $239.23 (2024) since IPO, while Fee‑Related Earnings grew from $453.9mm (2022) to $606.3mm (2023) to $764.2mm (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TPG Capital | Co‑Managing Partner | 2017–2022 | Senior leadership across flagship private equity platform |
| TPG (Funding Group) | Managing Partner | 2006–2017 | Led firm’s fundraising and capital markets activities |
| Goldman Sachs & Co. | Managing Director | pre‑2006 | Ran West Coast leveraged finance and financial sponsors business |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs & Co. | Managing Director | pre‑2006 | Led sponsor coverage and leveraged finance origination |
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $500,000 | $509,615 | $500,000 |
| Stock Awards (ASC 718) | $12,119,232 | $1,867,989 | $6,760,927 |
| All Other Compensation | $27,344,903 | $11,023,249 | $10,374,815 |
| Total Compensation | $39,964,135 | $13,400,853 | $17,635,742 |
Notes:
- TPG does not pay discretionary cash bonuses to NEOs; variable pay is delivered through performance allocation distributions and equity .
Performance Compensation
2024 Annual Incentive Components (awarded/approved early 2025)
| Component | Amount (USD) | Vesting / Terms |
|---|---|---|
| Performance Allocations (Pool Program) | $2,000,000 | Distributed per pool program rules |
| RSUs (Omnibus Plan) | $2,200,000 | RSUs granted in Jan 2025; vest 3 equal annual installments beginning on first anniversary of grant |
Outstanding IPO PRSUs (market‑based)
| Metric | Target | Status | Service Vesting | Settlement |
|---|---|---|---|---|
| Market Price Hurdle 1 | 30‑day VWAP ≥ 1.5× IPO price | Achieved Mar 22, 2024 | 25% each on 2nd–5th anniversaries of 1/13/2022 | PRSUs vest when both service and performance conditions are satisfied |
| Market Price Hurdle 2 | 30‑day VWAP ≥ 2.0× IPO price | Achieved Oct 22, 2024 | 25% each on 2nd–5th anniversaries of 1/13/2022 | PRSUs vest when both service and performance conditions are satisfied |
Governance/key design:
- No stock options granted in 2024; equity awards follow a predetermined annual schedule; awards are not timed around MNPI disclosures .
- Clawback: Dodd‑Frank‑compliant plus broader discretionary recoupment for restatements or detrimental conduct (including failure to supervise) .
Equity Ownership & Alignment
Beneficial Ownership
| Security | Amount | % of Class |
|---|---|---|
| Class A Common Stock | 732,581 | <1% |
Unvested Equity and Vesting Schedules (as of 12/31/2024)
| Award Type | Unvested Units | Key Vesting Dates / Notes |
|---|---|---|
| TPG Partner Units (pre‑IPO grants) | 818,763 | 294,172 on 12/31/2025; 270,264 on 12/31/2026; 230,420 on 12/31/2027; 23,907 on 12/31/2028 |
| TPG Partner Units (reallocated in 2024) | 90,059 | 10,435 on 1/13/2025; 31,735 on 1/13/2026; 26,640 on 1/13/2027; 21,249 on 1/13/2028 |
| RemainCo Interests (pre‑IPO) | 5,715 | 2,286 (12/31/2025); 1,858 (12/31/2026); 1,142 (12/31/2027); 429 (12/31/2028) |
| RSUs (IPO grant) | 190,678 | 25% on 2nd–5th anniversaries of 1/13/2022 |
| RSUs (2022 annual) | 25,799 | 33% each year over 3 years from grant |
| RSUs (2023 annual) | 29,112 | 33% each year over 3 years from grant |
| RSUs (additional 2023) | 62,205 | 25% each year over 4 years from grant |
Side‑by‑side investments (alignment): In 2024, Weingart invested $3,114,754 alongside TPG funds and received $2,268,619 in distributions on these and related interests, consistent with TPG’s alignment model and capital-at-risk culture .
Trading policies and pledging:
- Insider trading policy prohibits hedging and pledging of Company securities without prior approval; transfers also subject to Investor Rights and Exchange Agreements .
Liquidity considerations:
- Investor Rights Agreement stages partner liquidity; following the 4th anniversary of IPO (Jan 2026), partners may transfer/exchange up to 100% of original holdings (subject to Exchange Agreement terms) . A significant exchange of 17,704,987 Common Units for Class A shares occurred on Feb 27, 2024, cancelling an equal number of Class B shares .
Employment Terms
- Offer letter regime: NEOs other than CEO/Executive Chair operate under standard offer letters; no special severance/change‑in‑control cash benefits .
- Death/disability acceleration: Two years of forward vesting for unvested TPG Partner Units and RemainCo interests; indicative value for Weingart: $38,921,623 as of 12/31/2024 .
- Restrictive covenants: Non‑solicit of employees for 18 months post‑termination; competitive activity restrictions vary by cause (e.g., 18 months if terminated for cause; six months if terminated without cause), plus confidentiality/non‑disparagement/non‑publicity obligations .
Process/compliance note:
- Section 16 reporting: One Form 4 for Weingart was filed late in April 2024 due to administrative error related to PRSU performance vesting disclosure .
Investment Implications
- Strong pay‑for‑performance alignment: A substantial portion of Weingart’s variable pay is in performance allocations and multi‑year RSUs/PRSUs tied to market price hurdles, aligning economics with TSR and fund performance/fre outcomes .
- Vesting and potential supply overhang: Material scheduled vesting across TPG Partner Units/RSUs through 2028 and partner liquidity ramps after the IPO’s fourth anniversary suggest periodic insider exchange/sale windows that could create stock supply; monitor 10b5‑1 plans and Exchange Agreement activity .
- Retention risk appears managed via equity: Absence of cash severance/CiC benefits for Weingart increases reliance on ongoing equity value and performance allocations for retention, with death/disability protections limited to forward vesting .
- Governance and clawbacks reduce risk: Expanded clawback framework and prohibitions on hedging/pledging without approval mitigate misalignment and misconduct risk; continued majority‑independent committee oversight of equity grants for Section 16 officers supports governance quality .
- Operational signal: Side‑by‑side investment activity and distributions indicate meaningful personal capital at risk, reinforcing alignment with fund outcomes and fee‑related earnings growth trajectory .