Private equity giant TPG is reportedly considering a public listing which could value the buyout house at about $10bn.
TPG is one of the last of the biggest PE houses to remain privately held, with peers Blackstone, KKR, Apollo and Carlyle all having listed on the public markets in the last couple of decades.
The firm is considering an IPO or merger with a SPAC vehicle according to the WSJ, which cited unnamed people it said were familiar with the matter.
A TPG spokesperson told the newspaper, “As we have consistently stated, we evaluate various strategic alternatives from time to time.
“No decisions have been made and we have nothing to announce at this time.”
TPG is famous for its involvement in the record $44bn buyout of energy giant TXU Corp alongside KKR in 2007.
That deal came to symbolise the largesse and hubris of private equity ahead of the global financial crisis, which soured a string of giant deals done in the preceding boom year.
TXU filed for bankruptcy protection seven years after the buyout.
Earlier this year TPG‘s Jon Winkelried was named sole CEO of the firm amid firm co-founder and co-CEO Jim Coulter stepping back into an executive chairman role.
David Bonderman, who co-founded TPG with Coulter, continues in his role as co-founder and chairman of the firm
Winkelreid was brought in as co-CEO in 2015 following a 27-year career at Goldman Sachs, where he had been president and co-COO.
TGP said Coulter and Winkelried had led the firm through a period of significant growth and expansion, nearly doubling the firm’s assets under management over the past five years.
TPG’s investments have included a number of the tech industry’s latest unicorns such as Airbnb, McAfee, Spotify and Uber.
The firm raised more than $14bn for its eighth flagship fund and a healthcare sidecar vehicle in 2019.
TPG closed its prior flagship fund, TPG Partners VII, on about $10.5bn of commitments in 2016.
In May this year it emerged that the firm was back in the market eyeing up to $3bn for its second fundraise dedicated to longer holds of tech businesses.
Earlier this week UK private equity house Bridgepoint made a surprise announcement that it planned to list on the London Stock Exchange.
Bridgepoint, which currently manages about €27.4bn of assets, said it plans to raise about £300m through the issuance of new ordinary shares in the IPO.
It is targeting a free float of at least 25% of issued share capital, with another 15% of the offer made available pursuant to an over-allotment option.
Bridgepoint said significant growth of its AUM had helped drive “robust increases” in revenues and profitability, with its total operating income rising from £144.8m in the financial year 2018 to £191.8m in FY2020.
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