TPG’s top deals since going public

Jul 1, 2022 | News

TPG has been busily navigating a volatile investment climate in its first six months as a public company, as inflation and rising interest rates ravage global markets.

Since holding its IPO in January, TPG has completed or announced 51 deals, including buyouts and investment rounds, as of June 30, according to PitchBook data. In the same period last year, the firm had completed 54 such deals.

At 51 deals so far this year, TPG finds itself in the middle of the pack of the publicly traded PE firms tracked in our PE Earnings Dashboard. Since Jan. 13—the day of TPG’s IPO—The Carlyle Group leads the publicly traded firms with 81 deals, followed by KKR with 80 pacts, TPG and Blackstone with 51 deals apiece, Apollo Global Management with 30, and Blue Owl Capital with four.

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Here’s a look at TPG’s largest deals since holding its public offering:

  • Datto, $6.2bn buyout
  • Covetrus, $4bn buyout
  • PT BFI Finance Indonesia, $779m PIPE
  • Intersect Power, $750m PE Growth
  • ICM Partners, $750m Buyout
  • Summit Carbon Solutions, $300m PE Growth
  • Clovia, $125m Buyout
  • Kryon, $100m Buyout
  • IPSY, $96m PE Growth
  • HealthSmart International, $92.5m Buyout

The firm’s top deal came as a member of a consortium acting as a financial sponsor for Kaseya in its $6.2 billion acquisition of Datto, a security and cloud-based software solutions provider. In May, TPG and Clayton, Dubilier & Rice acquired animal-health technology and services company Covetrus for around $4 billion.

TPG debuted on the Nasdaq on Jan. 13, selling 33.9 million shares at $29.50 apiece, at a fully diluted market value of $9.5 billion. Like many companies that have held IPOs this year, TPG has seen its share price fall, the stock most recently closed at $24.29 on June 29.

The firm’s top 10 deals account for over $13 billion in total value.

Since going public, the firm has closed its Rise Climate fund, a $7.3 billion vehicle dedicated to the climate investing strategy of the firm’s global impact investing platform, known as TPG Rise.

TPG Rise Climate’s most recent play came June 28—alongside existing investors Climate Adaptive Infrastructure and Trilantic Energy Partners North America—through a $750 million investment in Intersect Power, a renewable energy company. The investment was the second largest play by the fund; the first was a $1 billion equity financing round through a partnership with Tata Motors, India’s leading electric vehicle manufacturer, last year.

Source: Pitchbook

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