TPG, Parent Company of CAA, Files for IPO

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TPG, the massive private-equity firm whose holdings include CAA, filed to go public.

TPG proposed in its IPO filing to raise $100 million, but that’s with the caveat that the figure is only an estimate used to calculate the registration fee. The company said it intends to apply to list its common stock on NASDAQ under the symbol “TPG.”

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In its S-1, TPG said it had $109.1 billion in assets under management as of Sept. 30, 2021, up 81% since 2016. Overall, TPG has investments in more than 280 companies. The company’s entertainment investments have included CAA, DirecTV, Entertainment Partners, Fandom, Spotify, STX Entertainment, Univision and Vice Media. CAA, for its part, in September announced plans to acquire ICM Partners.

Other firms TPG has invested in include Astound, Beringer, Burger King, CCC, IQVIA, LifeStance Health, Life Time Fitness, McAfee, MEMC, Par Pharmaceutical, Petco, Seagate, Transporeon, Uber, Viking Cruises and WellSky.

For the nine months ended Sept. 30, 2021, total revenue was $3.9 billion, including $685 million in fee-related revenue (a non-GAAP measure). That’s compared with net revenue of $564 million in the comparable period in 2020, which included a negative $94.7 million in capital allocation-based income.

As of the end of September, TPG had cash and equivalents of $1.78 billion and $1.29 billion in assets held in trust. Total debt amounted to $245 million, while the company reported $1.29 billion in redeemable equity from consolidated public SPACs (special purpose acquisition companies).

The company (originally known as the Texas Pacific Group) has 912 employees, including more than 320 investment and operations professionals. Based in Fort Worth, Texas, TPG is led by CEO Jon Winkelried, who became sole CEO in 2021 after serving as co-CEO since 2015 with co-founder Jim Coulter, who moved into an executive chairman role. TPG co-founder David Bonderman serves as non-executive chairman.

For the proposed IPO, JP Morgan Securities, Goldman Sachs & Co., Morgan Stanley and TPG Capital BD, are acting as joint lead book-running managers.

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