TPG’s stock price has held up in the face of a wild run in the stock market. Priced at $29.50, it’s now trading around that level after slipping 2.4% on Monday at 12:49 p.m. At that price TPG has a market value of $9.1 billion, although a fraction of Blackstone’s $146 billion.
Still, TPG brass have made a fortune. Winkelried now shares a 51% economic interest in TPG, along with Bonderman, Coulter and other senior leaders, a stake worth billions.
While Coulter, as executive chairman, will focus mostly on key investors and impact initiatives from here, Bonderman has already stepped back.
His $4.5 billion family office, Wildcat Capital Management, has investments ranging from fertility clinics to car washes. But so much of his wealth was tied up in TPG that taking the company public unshackled him, making it easier to sell his shares when he chooses.
And Bondo – the rock n’ roll fan who so distains taxes that for years he kept his official residence in Texas, where he spent virtually no time – got one last mic drop. Thanks to a blip in the tax code, TPG's initial public offering lets the firm reduce taxes on its assets in the future. Filings show it plans to give about 85% of those savings, an estimated $1.4 billion, to the company's pre-IPO owners – that is, people such as Bondo.
This article was provided by Bloomberg News.