TPG, a global alternative asset manager, raised $1.0 billion by offering 33.9 million shares (16% secondary) at $29.50, the midpoint of the range of $28 to $31. The company plans to issue a quarterly dividend representing at least 85% of its share of distributable earnings.
TPG ended the most recent quarter with $109.1 billion in assets under management, a 13.4% CAGR since 2016. The firm states that its investing approach focuses around five platforms: (1) Capital, (2) Growth, (3) Impact, (4) Real Estate and (5) Market Solutions. These platforms include its well-known buyout funds, growth equity funds, impact investing, real estate holdings, and public equities, SPACs, and capital markets activities.
TPG plans to list on the Nasdaq under the symbol TPG. J.P. Morgan, Goldman Sachs, Morgan Stanley, TPG Capital BD, BofA Securities, Citi, Deutsche Bank, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, BMO Capital Markets, and Barclays acted as joint bookrunners on the deal.
