David Bonderman and Jim Coulter, former colleagues at the legendary Bass Family Office, open the first TPG office in Mill Valley, California. Two years later, TPG moves its California offices to San Francisco’s financial district, a location that proves advantageous as the city grows into a global technology hub.
TPG makes its first major investment in then-bankrupt Continental Airlines. The deal sets the tone for future transformative, partnership-driven private equity investments and goes on to net investors a 1,000% return.
TPG becomes one of the first private equity firms to begin investing in China and exploring opportunities throughout the continent with the creation of a dedicated Asia fund.
TPG creates a dedicated Operations Group comprised of industry experts who work with portfolio companies to ensure they have the support and expertise to solve pressing challenges.
TPG invests in Oxford Health Plans, its first healthcare industry investment. Healthcare will become one of TPG’s best performing investment areas and a key area of sector expertise.
TPG incubates travel website Hotwire, an early example of TPG’s culture of innovation and creative investment opportunities. It is the first business created by TPG, but others follow, including film studio STX Entertainment and Evolution Media Partners, an investment partnership with Creative Artists Agency and Participant Media (both in 2014).
TPG launches a dedicated biotech fund focused on investing in innovation-based life sciences businesses. TPG Biotech has invested in pharmaceutical companies such as Aptalis as well as healthcare service providers including Envision Rx and Quintiles.
TPG Capital Asia invests in Shriram Transport, an India-based microfinance institution that provides small loans to independent truck drivers. The investment is the first of a long relationship with Shriram—TPG invests in Shriram City Union Finance (SCUF) in 2009 and Shriram Capital and Shriram Properties in 2012. Successful exits for SCUF and Shriram Transport make international headlines, and the partnership helps establish TPG’s presence in India.
TPG launches TPG Growth, a middle-market and growth equity platform led by Bill McGlashan, which leverages a dedicated global team as well as the larger TPG platform. TPG Growth’s past investments include e.l.f. Beauty and SurveyMonkey, and current investments include Philz Coffee, a San Francisco favorite poised to expand around the world.
TPG expands and refines its alternative asset platform with the launch of two specialized businesses: TPG Special Situations Partners (TSSP), a global credit-oriented investment business, led by Alan Waxman, and TPG Real Estate, led by Kelvin Davis. Soon after, in 2012, TPG launches TPG Public Equity Partners (TPEP), a hedge fund focused on public equity markets via long and short opportunities.
TPG Capital acquires Par Pharmaceutical in 2012 and takes it private at a $1.9 billion valuation, investing heavily in R&D and strategic acquisitions and building the company into an international, multiproduct generics platform. In 2015, Endo International acquires Par for an unsolicited bid of $8.1 billion.
TPG Growth invests in ride-sharing platform Uber, and the following year invests in home-sharing platform Airbnb. TPG is the first global alternative asset platform to invest in these two companies, which become synonymous with industry disruption. 2013 also sees the launch of TPG ART, a fund dedicated to alternative and renewable technologies.
TPG Specialty Lending, the business development company arm of TPG Special Situations Partners, IPOs on the NYSE, and TPG Real Estate acquires Deutsche Bank’s commercial real estate debt portfolio and creates TPG Real Estate Finance Trust, a private REIT. The following year, TPG launches Pace Holdings, a publicly traded special purpose acquisition company leveraged in mergers, stock purchases, and other specific situations.
David Bonderman becomes Chairman of TPG and focuses on high-level strategic objectives. Former Goldman Sachs’ President Jon Winkelried joins as Co-CEO with Co-Founder Jim Coulter. Led by this wide-ranging expertise, TPG begins the next phase of its evolution.
TPG launches The Rise Fund, global impact fund led by TPG Growth that is committed to achieving social and environmental impact alongside financial returns. The Rise Fund involves a strategic co-investment partnership with impact investing firm Elevar Equity and work with The Bridgespan Group to develop a rigorous assessment methodology.