Shares in US Private equity giant TPG surged nearly 12% yesterday to lift the firm’s valuation above $10bn on its first day of trading.
TPG, founded by billionaires David Bonderman and Jim Coulter, became the largest company to go public in the US so far this year and the firm says it will now be eyeing up a move into credit and infrastructure, Reuters reported.
Chief Executive Officer Jon Winkelried told Reuters: “We will continue to build on the business in the way we have historically – organic growth, seeing opportunities and building into it,” he said.
“Our experience has been that if you choose the right company in the right sectors, they will grow through the market perturbations that you see at times like these.”
The firm expects to hit its target returns this year but it has an eye on the prospect of interest rate increases, which could result in a slide in company valuations and turbulent markets, Coulter said.
TPG has nearly $109 billion in assets under management, with investments across a range of industries including companies such as Airbnb, Spotify, Burger King, and McAfee.
The Fort Worth-based firm’s income jumped more than fivefold to $1.7 billion for the nine months ended September 2021. Its revenue surged to $3.89 billion, from $564.4 million a year earlier