Texas-based private equity giant TPG joins wave of buyout firms seeking to float on the stock market
TPG has joined the wave of buyout firms seeking to float on the stock market.
The Texas-based private equity giant, best known for being part of a trio which bought Debenhams before its collapse, has filed to go public in New York.
The move comes amid rumours that London-based CVC may also float, and follows the initial public offering of Bridgepoint in the UK earlier this year.
Texas-based private equity giant TPG , best known for being part of a trio which bought Debenhams before its collapse, has filed to go public in New York.
A listing on the stock market would likely offer the chance for TPG’s founders, billionaires David Bonderman and Jim Coulter, to eventually sell out.
The firm said that Bonderman, Coulter and chief executive Jon Winkelried would not sell down during the IPO.
But it said the proceeds raised from selling new shares would be used to buy out the stakes of other owners.
Over the last two years, Bonderman bagged payouts of £122million from TPG, mostly from so-called carried interest, a reward which private equity partners make when they sell the companies they bought for a good profit.
Coulter scooped more than £26million.
TPG, which was founded in 1992 and manages around £82billion of assets, did not disclose the planned value of its shares, but it is estimated that the entire business could be worth around £7.5billion.
TPG is controversial in the private equity world. Its buyout of Debenhams, along with CVC and Merrill Lynch Global Private Equity, is often cited as a disaster.
After the buyout barons had sold out of Debenhams, the department store chain was in such a weakened state it collapsed.