(Bloomberg) — Private equity firm and alternative asset manager TPG Inc. has filed to list its shares in a move that will see the company enter the public markets for the first time in its nearly 30-year history.
The firm listed an offer size of $100 million, a placeholder amount that will likely change, according to a prospectus filed on Thursday.
TPG was founded as Texas Pacific Group in 1992 by Jim Coulter and David Bonderman. The firm’s willingness to take massive bets on unloved or risky companies has often paid off.
It was an early investor in Uber Technologies Inc. and Airbnb Inc.
TPG has $109 billion in assets under management as of Sept. 30, 2021 according to the filing. Its closest peers, including Blackstone Group Inc., Carlyle Group Inc., Apollo Global Management Inc. and KKR & Co., are publicly traded.
The firm, which makes bets in private equity, real estate and hedge funds, also has its own SPAC platform. Last year, TPG and its credit platform Sixth Street ended their partnership.
The private equity firm generated $3.8 billion in net income in the first nine months of 2021, compared to $295 million in 2020 when it reported losses from investment activities, according to the filing.
JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley, TPG Capital and Bank of America Corp. are leading the offering.
TPG plans to list on the Nasdaq Global Select Market under the symbol TPG.
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