For TPG’s Jim Coulter and Jon Winkelried, radical change is an investing opportunity.
They’re finding plenty of disruption in the economy, in their portfolio— and even in their firm
TPG, with more than $104 billion under management, is an established contrarian in the private equity industry. Founded in 1992 by David Bonderman and Jim Coulter, two alumni of the Bass family office, the company once known as the Texas Pacific Group has headquarters in Fort Worth and San Francisco. It remains a partnership when most rivals have gone public. And it’s expanded into areas such as credit, real estate, and early-stage technology investments, with notable success in the likes of Uber Technologies Inc. and Airbnb Inc. When Bonderman decided to step down as co-chief executive officer in 2015, Coulter recruited Jon Winkelried, a former Goldman Sachs Group Inc. executive.
Replacing a founder is never easy. Winkelried’s task list— including putting structure on an intentionally unstructured group of dealmakers and creating a more diverse workforce—got even trickier this year. William McGlashan, the star manager of TPG’s growth and social impact funds, was charged in an alleged criminal conspiracy to rig U.S. college admissions. (He pleaded not guilty.) He was pushed out of TPG, and Coulter assumed his responsibilities. An internal investigation found McGlashan in 2017 introduced TPG funds to the admissions scam’s ringleader, who pitched them on his ideas, but the funds passed on investing with him.
In an interview with Bloomberg News’s Jason Kelly, Coulter and Winkelried, both 59, talk about TPG’s history, their relationship, managing through crisis, and how they’re maintaining TPG’s contrarian roots.
JASON KELLY: This is a firm that was essentially founded on something of a contrarian bet on a bankrupt airline. Tell me about that.
Bu hikaye Bloomberg Markets dergisinin June - July 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Bloomberg Markets dergisinin June - July 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
See Which Countries Are Falling Behind On Climate Change
Under the Paris Agreement, 190 countries and the European Union pledged to take steps to hold the global temperature rise to less than 2C (3.6F) from preindustrial levels—and preferably 1.5C.
Billionaires Vie for the Future of Brazilian Finance
An escalating battle between two billionaires is upending the financial community in São Paulo, Latin America’s wealthiest city.
Ford Foundation's Darren Walker: ‘We Have to Get Uncomfortable'
DARREN WALKER, 62, disrupted his Wall Street life more than 25 years ago when he left what is now UBS Group AG to volunteer at a school and eventually pursue a career in community development and philanthropy. Since 2013 he’s been at the pinnacle of the philanthropic world as president of the Ford Foundation, created by the family of automaker Henry Ford during the Great Depression to advance human welfare.
Fueling the Ener Transition
I MAY BE BIASED, but some of the most important research and data on the Bloomberg terminal lies in one of its lesser-known functions: {BNEF }
Dig Into Analysts' Estimates for Disruptive Companies
THE PANDEMIC ERA generated a whole wave of disruptive companies as it accelerated the introduction of new products and services in areas including artificial intelligence, digitization, electronic payments, online meeting platforms, and virtual currencies.
Climate Risks Come for Sovereign Credit
FOR YEARS climate scientists have warned about the ferocious wildfires and hurricanes that are now overwhelming many communities. Today alarms are ringing about a related financial danger: risks lurking within government bonds, the biggest part of the global debt market.
Responsible-Investing Pioneer Lydenberg Says ESG Needs An Upgrade
STEVE LYDENBERG’S passion for social change was inspired by anti-Vietnam War demonstrations, consumer boycotts, and the movement to divest from apartheid South Africa. But he didn’t take to the streets. Instead, Lydenberg turned to the world of finance to help catalyze societal change.
Engine No. 1's Grancio: ‘People Will Appreciate an Economic Argument'
ENGINE NO. 1 sent shock waves across corporate America in May when the fledgling investment firm won a boardroom battle with Exxon Mobil Corp., securing three seats on the oil and gas giant’s board after purchasing only about $40 million of its stock.
Find Out Which Companies May Ramp Up Payouts After Covid
AS THE PANDEMIC DISRUPTED business last year, many companies cut or suspended dividends. Which will boost their payouts when economies pick up again?
Get Into the Minds of Central Bankers as They Navigate Shocks
HAVE YOU EVER WONDERED how central bankers forecast the impact of shocks on the economy?
