TPG, a global alternative asset manager, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise up to $1.5 billion.
The firm states that its investing approach focuses around five platforms: (1) Capital, (2) Growth, (3) Impact, (4) Real Estate and (5) Market Solutions. These platforms include its well-known buyout funds, growth equity funds, impact investing, real estate holdings, and public equities, SPACs, and capital markets activities. TPG plans to issue a quarterly dividend.
The Fort Worth, TX-based company was founded in 1992 and booked $5.4 billion in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol TPG. TPG filed confidentially on September 1, 2021. J.P. Morgan, Goldman Sachs, Morgan Stanley, TPG Capital BD, BofA Securities, Citi, Deutsche Bank, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, BMO Capital Markets, and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
