TPG raises USD 835m in USD 9bn IPO

TPG sold 28.3 million shares, raising USD 835m at a valuation of USD 9bn. One of its biggest investors, China Life Insurance, sold 5.6 million shares. 

The shares will begin trading on 13 January on the Nasdaq, under the ticker "TPG". 

The GP said it will use two-fifths of the proceeds to buy out investors in the TPG operating entity, as well as to fund its expansion into new lines of business and geographies. 

Nasdaq opens at 9:30am Eastern Standard Time.  

JP Morgan, Goldman Sachs, Morgan Stanley and TPG Capital BD are acting as joint lead bookrunning managers for the proposed offering.

BofA Securities, Citigroup, Deutsche Bank Securities, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, BMO Capital Markets and Barclays are also acting as joint bookrunning managers. 

Mizuho Securities, Keefe Bruyette & Woods, MUFG, SMBC Nikko, AmeriVet Securities, Blaylock Van, CL King & Associates, Drexel Hamilton, R Seelaus & Co, Ramirez & Co, and Siebert Williams Shank are acting as co-managers for the offering.

TPG was founded in San Francisco in 1992 and has $109bn in assets under management and investment. It invests across five multi-product platforms: capital, growth, impact, real estate, and market solutions.

In August 2021, the GP closed its TPG Growth Fund V on USD 3.6bn; the fund is already 42% deployed according to Unquote Data. In 2019, TPG also closed TPG Partners VIII on USD 11.2bn and specialised healthcare fund TPG Healthcare Partners on a further USD 2.6bn.

Unquote last month reported how PE firms across Europe have seen a step up in conversations about going public. Last year saw listings of PE and asset managers reach an aggregate value of €6bn globally, nearly three times higher than 2019. 

Antin Infrastructure opened on the Euronext Paris in September 2021 at EUR 30, a 37% premium to its final pricing of EUR 24. London-based Bridgepoint opened at a similar premium when it went public on the London Stock Exchange at 484 pence a share in July 2021. 

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