Private Equity · Profile from Private Equity Research Companion
TPG Inc. (formerly Texas Pacific Group)
The Fort Worth/San Francisco firm that made its name on complex, contrarian turnarounds — from Continental Airlines out of bankruptcy to Korea First Bank after the Asian crisis — then built one of the most diversified "thematic" platforms in alternatives, spanning buyouts, growth, impact (Rise), climate, Asia and, since 2023, credit via Angelo Gordon.
At a glance
- Founded
- 1992 (as Texas Pacific Group), Fort Worth TX
- Founders
- David Bonderman, James (Jim) Coulter, William (Bill) Price
- Headquarters
- Fort Worth TX and San Francisco CA; offices in New York, London, Hong Kong, Singapore, Beijing, Mumbai, Melbourne, etc.
- Ownership / listing
- Nasdaq: TPG (IPO January 2022)
- Leadership (2026)
- Jim Coulter (co-founder; Executive Chairman, reported to have resumed the CEO role in 2025 after Jon Winkelried's planned step-down — verify); Jon Winkelried was CEO 2021–2025 (co-CEO with Coulter from 2015); Todd Sisitsky President
- AUM
- ~$109bn at IPO (2021); ~$222bn after Angelo Gordon (2023); ~$250–260bn reported 2025
- Signature deals
- Continental Airlines (1993), Ducati (1996), Korea First Bank (1999), Burger King (2002), Shenzhen Development Bank (2004), Neiman Marcus (2005), Alltel (2007); failures: Washington Mutual (2008), TXU (2007), Harrah's (2008), J.Crew (2011)
15 deals and moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1993
Continental Airlines
Investment out of Chapter 11
1996
Ducati
Majority Buyout from Founding Group
1999
Korea First Bank
Post-Crisis Bank Privatisation
2002
Burger King
Carve-Out from Diageo
2004
Shenzhen Development Bank
First Foreign Control of a Chinese Bank
2005
Neiman Marcus
Luxury Retail Take-Private
2007
Alltel
Wireless Take-Private and Quick Strategic Sale
2007
Sabre Holdings
Travel Technology Take-Private
2008
Washington Mutual
Crisis Recapitalisation
2011
J Crew
Second Take-Private
2013
Uber
Growth Equity Investment
2018
Exactech
Orthopaedic Device Take-Private
2018
Wind River
Carve-Out from Intel
2025
Altus Power
Climate Take-Private
2025
AvidXchange
Fintech Take-Private with a Strategic Partner