TPG shares are to begin trading Thursday on Nasdaq.TPG Inc.’s Jim Coulter has a message for Wall Street: “Definitively, this is not an industry that we’re trying to play catch up in.”
The Fort Worth, Texas-based firm comes to the public markets with a 30-year track record that includes early investments in Uber Technologies Inc. and Spotify Technology SA as well as a recent spinoff of its credit-investing arm. The focus now turns to the future for the company and shareholders looking to benefit from its access to startups and early stage businesses.
Its largest and oldest business is its traditional private equity arm, which has invested $79 billion since the early 1990s and generated a gross internal rate of return of 23%.Jon Winkelried, the firm’s chief executive officer, views the timing of the IPO as a “sweet spot.” Going public doesn’t necessarily alter the company’s risk appetite or the formula that’s worked for decades, he said.
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