TPG, Parent Company of CAA, Files for IPO

TPG, Parent Company of CAA, Files for IPO

December 16, 2021

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.”

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 12 months ended Sept. 30, 2021, total revenue was $5.4 billion and fee-related revenue (a non-GAAP measure) was $827 million.

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 $244.9 million, while the company reported $1.29 billion in redeemable equity from consolidated public SPACs (special purpose acquisition companies).

The company 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.

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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