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Shining a light on PE ownership.

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TP
Private Equity Firm

TPG Capital

AUM$222 billion
Founded1992
HQFort Worth, TX

Global alternative asset management firm with private equity, growth, and impact investing strategies.

Track Record

Performance
Total Acquisitions30
Bankruptcy Rate13%
Avg Hold Period0.0yrs

Known Tactics

Playbook

Cost Cutting

COMMON

Aggressive reduction in labor costs, supplier payments, and operational expenses.

Debt Loading

COMMON

Adding significant debt to acquired company balance sheets, often to fund dividends to PE owners.

Operational Consolidation

COMMON

operational consolidation is a common PE tactic.

Price Increases

COMMON

Raising prices to improve margins and fund debt payments.

Workforce Reduction

COMMON

Layoffs and hiring freezes to reduce labor costs.

Supplier Squeezing

COMMON

Extending payment terms and renegotiating contracts to extract cash from suppliers.

Portfolio Companies

Current and former holdings

BU

Burger King

restaurants·2002
ACTIVE
CI

Cirque du Soleil

Unknown·2015
ACTIVE
CO

Confluent Health

healthcare·2017
ACTIVE
EA

Earthbound Farm

food_consumer·2019
ACTIVE
EN

Envision Pharmaceutical Services

Unknown·2015
ACTIVE
HI

Hickory Brooke Reinsurance Company (Hickory Re)

Reinsurance
ACTIVE
IA

IASIS Healthcare

healthcare·2004
ACTIVE
II

IIFL Capital

Financial services
ACTIVE
II

IIFL Capital Services

Financial services
ACTIVE
IN

InnovAge

healthcare·2017
ACTIVE
JA

Jackson Financial Inc.

financial services
ACTIVE
J.

J.Crew

retail·2011
ACTIVE
KI

Kindred Healthcare

healthcare·2018
ACTIVE
LE

Lennar's multifamily business

Real estate
ACTIVE
LH

LHC Group

healthcare·2022
ACTIVE
MO

Mondelez Snacks

food_consumer·2021
ACTIVE
ON

OneMain Holdings Inc.

consumer finance
ACTIVE
OP

Optum UK

healthcare
ACTIVE
QU

Quarterra

Multifamily real estate
ACTIVE
QU

Quorum Health Resources

healthcare·2013
ACTIVE
R1

R1 RCM

healthcare·2022
ACTIVE
SP

Spotify

media·2015
ACTIVE
SU

Surgical Care Affiliates

healthcare·2007
ACTIVE
TI

Tim Hortons

restaurants·2014
ACTIVE
TR

True Religion

retail·2013
ACTIVE
TR

Trustwell

food and beverage
ACTIVE
UK

UK GP Records Provider

Healthcare/Technology
ACTIVE
UN

UnitedHealth's Optum UK business

healthcare technology
ACTIVE
VI

Vice Media

media·2017
ACTIVE
WH

Wholesome Sweeteners

food_consumer·2018
ACTIVE

Notable Outcomes

Case Studies

Failures

Cirque du Soleil

N/A

Cirque du Soleil experienced difficulties under PE ownership.

True Religion

N/A

True Religion experienced difficulties under PE ownership.

Vice Media

N/A

Vice Media experienced difficulties under PE ownership.

J.Crew

N/A

J.Crew experienced difficulties under PE ownership.

Successes

Tim Hortons

N/A

Tim Hortons achieved a successful outcome under PE ownership.

Envision Pharmaceutical Services

N/A

Envision Pharmaceutical Services achieved a successful outcome under PE ownership.

Surgical Care Affiliates

N/A

Surgical Care Affiliates achieved a successful outcome under PE ownership.

Quorum Health Resources

N/A

Quorum Health Resources achieved a successful outcome under PE ownership.

Earthbound Farm

N/A

Earthbound Farm achieved a successful outcome under PE ownership.