Kelvin Davis
TPGAbout Kelvin Davis
Age 61. Director since TPG Inc.’s inception; Founder and Co-Head of TPG Real Estate; previously led TPG’s North American Buyout Group (2000–2009). Education: BA Economics, Stanford; MBA, Harvard Business School (Baker Scholar, John L. Loeb Fellow, Wolfe Award). He is a management director (not independent) and a member of the Executive Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TPG Real Estate | Founder and Co-Head | 2000–present | Firm-wide real estate leadership |
| TPG North American Buyout Group | Leader | 2000–2009 | Led non-technology sector buyouts |
| Colony Capital, LLC | President & COO; Co-founder | 1991–2000 | Built private international real estate investment platform |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| TPG RE Finance Trust, Inc. | Director | Within last five years | Public company directorship |
| Catellus Development Corporation | Director | — | Private company |
| Arlington Business Parks LP | Director | — | Private company |
| Los Angeles Team Mentoring, Inc. | Director; Past Chairman | — | Charitable mentoring organization |
| Los Angeles County Museum of Art | Trustee | — | Non-profit governance role |
Board Governance
- Committee assignments: Executive Committee member; not on Audit, Compensation, or Conflicts Committees (all independent-only).
- Independence: Management director; TPG is a “controlled company” under Nasdaq and does not have a majority-independent board until the governance “Sunset” planned by 2027.
- Control Group: Added to the five-member Control Group in 2024 (currently four members after Mr. Bonderman’s death), which selects director nominees and committee composition pre-Sunset; the group acts by majority vote.
- Attendance: In 2024, the board met 8 times; each incumbent director except Messrs. Rhodes and Sarvananthan attended at least 75% of meetings and committee meetings, implying Mr. Davis met the 75% threshold. Executive sessions of independent directors were held regularly and at least twice per year.
Fixed Compensation
| Component | 2024 Amount (USD) |
|---|---|
| Base salary | $500,000 |
| Umbrella liability insurance premium | $2,164 |
| 401(k) employer contributions | $27,600 |
Performance Compensation
| Component | 2024 Details |
|---|---|
| RSUs (portion of annual incentive for services in 2023) | Grant date fair value $1,165,397 |
| Platform-level program distributions (performance allocations) | $16,163,400 |
| Pool program distributions (performance allocations) | $4,800,000 (includes realized allocations tied to 2022–2023 investment performance but earned in 2024) |
| Reallocated TPG Partner Units (ASC 718 fair value) | $8,518,573 (from forfeitures reallocated to partners) |
| Net distributions on TPG Partner Units/RemainCo interests (ownership entitlements) | $5,846,338 (not considered “compensation” by the Company) |
| Additional RSUs approved | Approved Nov 25, 2024 for services; granted in 2025 (values will appear in 2026 proxy) |
Design features: Vintage share awards generally vest per senior partner schedule; investment-specific awards supplement platform-level allocations; discretionary allocations may be cut back up to 20% post-termination; clawbacks apply to platform-level allocations.
Firm performance metrics informing incentive decisions (context)
| Metric (FY 2024) | Value |
|---|---|
| Fee-Related Earnings (FRE) | $764,228 thousand |
| Net Income | $23,483 thousand |
| Total Shareholder Return (from IPO to 12/31/2024) | $239.23 per $100 initial investment |
| Other measures referenced by Compensation Committee | AUM; After-tax Distributable EPS; FRE Margin; fund performance (non-GAAP metrics) |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict Note |
|---|---|---|---|
| TPG RE Finance Trust, Inc. | Mortgage REIT | Director (past 5 years) | External public board; name association with TPG warrants monitoring for related-party dynamics |
Expertise & Qualifications
- Real estate investing (founder/co-head of TPG Real Estate) and buyouts leadership over multiple cycles.
- Senior operating experience (President/COO at Colony Capital).
- Academic credentials and recognition signal analytical rigor (HBS Baker Scholar; Stanford BA).
Equity Ownership
| Holding | Amount | Notes |
|---|---|---|
| Class A common stock | 716,308 shares | <1% of Class A; voting largely controlled via Class B at GP LLC level |
| Side-by-side investments (2024 funding) | $3,415,218 | Personal capital invested alongside TPG funds |
| Side-by-side distributions (2024 received) | $5,007,531 | Returns from co-investments and related vehicles |
| Hedging/Pledging policy | Prohibited without prior approval (applies to Company securities; Partner Units governed separately) | Governance safeguard against misalignment |
Governance Assessment
-
Positives:
- Deep domain expertise in real estate and buyouts; long-tenured TPG partner enhances board knowledge.
- Active role on Executive Committee provides continuity and strategic oversight; attendance met Board’s 75% threshold in 2024.
- Significant performance-linked compensation (allocations and RSUs) aligns incentives with fund and firm outcomes; personal side-by-side capital at risk.
-
Concerns and RED FLAGS:
- Not independent; as Control Group member he participates in pre-Sunset selection of directors/committees, concentrating governance power among management.
- Extensive related-party economics typical for partners (platform/pool performance allocations; TPG Partner Units reallocations; side-by-side programs administered via GP Services and guaranteed facilities), which require vigilant Conflicts Committee oversight.
- Complex pre-Sunset governance (dual-class voting; Control Group consent rights) can dilute minority shareholder influence and create perceived entrenchment risk until majority-independent board transition in 2027.
Independent oversight structures are in place: fully independent Audit, Compensation, and Conflicts Committees (with stated charters and responsibilities). Continued monitoring of related-person transactions and side-by-side investment flows is advisable for investor confidence.