Global private equity firm TPG to go public in New York
Private equity firm TPG submitted documents for an initial public offering in the United States, according to a regulatory filing Thursday, as it seeks to better compete with its listed peers.
TPG, headquartered in Fort Worth, Texas, which has not disclosed how many shares it plans to sell or the indicative price range, is known for its leveraged buyouts. Asset manager could be valued at around $ 10 billion, according to Wall Street Journal had reported in June, citing sources.
Founded in 1992 by David Bonderman and Jim Coulter, TPG was launched as the Texas Pacific Group in Mill Valley, California. Its first major investment was in then bankrupt Continental Airlines in 1993.
TPG’s decision to go public coincides with record levels of IPOs and transactions as well as impressive stock rallies from its listed rivals.
Shares of competitors Apollo Global Management, KKR & Co, Carlyle Group and Blackstone Inc have risen 43% to 94% so far this year.
Net income attributable to controlling interests in TPG was $ 1.7 billion for the nine months ended September, according to its file.
TPG, which has invested in industries ranging from retail to healthcare, manages around $ 109 billion in assets.
Its portfolio includes Airbnb, Burger King, Uber, and Spotify.
TPG has also launched several sector and region focused funds, including TPG Biotech and a growth capital platform that invested in online survey company SurveyMonkey.
It was one of the first private equity firms to invest in China, its website showed.
TPG has also sponsored several ad hoc acquisition companies.
JPMorgan, Goldman Sachs, Morgan Stanley, TPG Capital BD LLC and BofA Securities are the main underwriters of the offer, after which TPG plans to list on Nasdaq under the symbol “TPG”.