Jeffrey Rhodes
TPGAbout Jeffrey Rhodes
Jeffrey Rhodes (age 50) is a Co-Managing Partner of TPG Capital and Co-Managing Partner of TPG Healthcare Partners. He joined TPG in 2005 and has served on TPG’s board since December 2023; he holds a BA in Economics from Williams College (summa cum laude) and an MBA from Harvard Business School (Baker Scholar). He serves on the Governing Council of the Wilderness Society and on the Board of Trustees at Williams College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TPG Capital | Co-Managing Partner; Co-Managing Partner, TPG Healthcare Partners | 2005–present | Co-leads healthcare investments across services, IT, pharma, devices |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LifeStance Health Group, Inc. (public) | Director | Current | Corporate governance oversight |
| AfterNext HealthTech Acquisition Corp. (public, SPAC) | Director | Within last 5 years | Transaction oversight during SPAC period |
| BVI Medical (private) | Director | Current | Portfolio company oversight |
| Covetrus (private) | Director | Current | Portfolio company oversight |
| Lyric (private) | Director | Current | Portfolio company oversight |
| Pediatric Associates (private) | Director | Current | Portfolio company oversight |
| Troon Golf (private) | Director | Current | Portfolio company oversight |
| WellSky (private) | Director | Current | Portfolio company oversight |
| Wilderness Society | Governing Council | Current | Non-profit governance |
| Williams College | Board of Trustees | Current | Higher-ed governance |
Board Governance
- Independence: Management director (not independent). TPG discloses four independent directors; Rhodes is a management director on the Executive Committee .
- Committees: Executive Committee member; not on Audit, Compensation, or Conflicts Committees (all independent-only) .
- Attendance: In 2024, each incumbent director except Rhodes and Sarvananthan attended at least 75% of board/committee meetings; implies Rhodes fell below the 75% threshold (RED FLAG for engagement) .
- Executive sessions: Independent directors hold executive sessions at least twice per year .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base salary (2024) | $500,000 | For partners serving on the board, including Rhodes |
| 401(k) employer contributions (2024) | $27,600 | Partner benefit |
| Umbrella liability insurance premium (2024) | $2,164 | Partner benefit |
Performance Compensation
| Component | Amount | Vesting/Mechanism |
|---|---|---|
| RSUs (grant-date fair value; granted in 2024 for 2023 services) | $1,165,397 | RSUs used as part of annual incentive; typical 3-year service vesting on annual RSUs |
| Platform-level performance allocations (2024 distributions) | $7,259,257 | Tied to fund performance; includes vintage share awards/discretionary allocations |
| Pool program distributions (2024) | $2,000,000 | Discretionary distributions of performance allocations |
Performance linkage used by TPG’s compensation decision-makers (firm-level metrics reference):
| Metric (Company-level) | 2024 Value | Use in compensation governance |
|---|---|---|
| Fee-Related Earnings (FRE) | $764,228,000 | Key measure linking compensation to operating performance |
| Net Income | $23,483,000 | Overall profitability indicator referenced by Compensation Committee |
- Clawbacks: TPG maintains a Dodd-Frank compliant recoupment policy and a broader discretionary clawback for incentive compensation, including misconduct or material errors (alignment signal) .
- Hedging/Pledging: Hedging and pledging of Company stock prohibited without prior approval (alignment safeguard) .
Other Directorships & Interlocks
| Company | Industry Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| LifeStance Health (public) | Healthcare services | Sector overlap with TPG healthcare investments (monitor Conflicts Committee oversight) |
| AfterNext HealthTech (public; prior) | HealthTech/SPAC | Transaction-stage role; historical |
| Multiple TPG portfolio companies (private) | Healthcare/IT/services | Side-by-side and performance allocation programs create economic ties; reviewed by Conflicts Committee |
Expertise & Qualifications
- Healthcare investing leadership across services, IT, pharma, devices; long-tenured deal execution and portfolio oversight .
- Academic credentials: Williams College (BA, summa cum laude), Harvard Business School (MBA, Baker Scholar) .
- Non-profit governance experience (Wilderness Society) and higher education governance (Williams College) .
Equity Ownership
| Ownership Element | Value |
|---|---|
| Class A common shares beneficially owned | 115,071 (<1%) |
| Side-by-side investments funded (2024) | $4,469,430 |
| Side-by-side distributions received (2024) | $1,585,339 |
| Pledging/Hedging status | Company policy restricts without approval; no pledge disclosure for Rhodes |
Note: TPG Partner Units and RemainCo interests are held via partnership structures; Company-level ownership tables present Class A/Class B voting securities and do not show individual partner-level TPG Partner Units for Rhodes .
Governance Assessment
- Independence and Committees: Rhodes is a management director and Executive Committee member; he does not serve on independent-only oversight committees (Audit, Compensation, Conflicts), concentrating governance power with management (monitor balance until Sunset transition to majority-independent board) .
- Attendance/Engagement: Below 75% attendance in 2024 is a notable RED FLAG for board effectiveness and investor confidence; increased commitment should be sought .
- Conflicts/Related-Party Exposure: Significant compensation from performance allocations and extensive portfolio directorships create potential related-party dynamics; the existence of a dedicated Conflicts Committee mitigates risk, but investors should monitor transaction reviews and disclosures .
- Alignment: Material at-risk pay via performance allocations and RSUs, personal capital via side-by-side investments, clawback policies, and hedging/pledging restrictions indicate strong economic alignment; however, controlled company status and concentrated voting rights limit independent oversight pre-Sunset .
Key signals: RED FLAG—attendance below 75%; Management director status limits independence; strong economic alignment via equity and performance allocations; Conflicts Committee oversight is critical to address related-party risks.
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