Who is TPG?
TPG is a private equity and alternative asset firm founded in 1992 as Texas Pacific Group by David Bonderman, Jim Coulter and William Price 1. It listed on Nasdaq in January 2022 2 and managed $346 billion at 30 September 2026 5. It has invested in India since 2004 8, in companies including Nykaa, Sai Life Sciences, Manipal Hospitals and Dr Agarwal’s Health Care 22152010.
| Fact | Detail |
|---|---|
| Founded | 1992 1 |
| Headquarters | Fort Worth, Texas 1 |
| Chief executive | Jon Winkelried 34 |
| Assets | $346 billion, September 2026 5 |
| Listed | Nasdaq, January 2022 2 |
| In India since | 2004 8 |
Who runs TPG?
Jon Winkelried became sole chief executive in May 2021, with Coulter as executive chairman 3. Bonderman died in December 2024, aged 82 29. Axel André joined as chief financial officer in July 2026 4. In Asia, Ganen Sarvananthan leads the region and the Middle East, and Puneet Bhatia was named one of the co-managing partners of TPG Capital Asia in 2023 26.
Funds
TPG raised about $42 billion in the first nine months of 2026 and had $86 billion of uninvested capital 5. It bought credit and real estate investor Angelo Gordon in November 2023, adding about $74 billion of assets 6. Its climate business closed TPG Rise Climate II and related funds at $10.4 billion in 2026, including $2.5 billion for emerging markets 7.
India
| Company | Deal | Outcome |
|---|---|---|
| Nykaa | Pre-IPO investor through TPG Growth | Sold about ₹1,000 crore of shares in November 2022 22 |
| Sai Life Sciences | Minority stake, 2018 8 | Fully exited in 2025, selling about ₹1,505 crore in June and ₹2,675 crore in August 1516 |
| Manipal Hospitals | Invested 2015 20 | Rolled its 11% into a newer fund in 2023 as Temasek raised its stake 20 |
| Dr Agarwal’s Health Care | With Temasek, more than ₹1,000 crore in 2022 11 | Listed 2025; stake cut from 23.09% to 15.47% in August 2026 10 |
| Tata Motors EV unit | About $1 billion with ADQ for 11% to 15%, 2021 23 | Held |
| Shriram group | Long-term investor | Fully exited by April 2024 1819 |
| Campus Activewear | Pre-IPO investor | Sold its 7.62% for ₹806 crore in 2023 21 |
| Fractal Analytics | $360 million, 2022 12 | Sold up to ₹450 crore in the 2026 IPO 12 |
| Lenskart | 2014 24 | Partial exit in 2021 24 |
| Dream11 | Co-led a $225 million round, 2020 25 | Hit by the 2025 ban on real-money games 30 |
New bets. In November 2025 TPG committed up to ₹8,820 crore (about $1 billion) for a 27.5% to 49% stake in HyperVault, the AI data centre business of TCS; the two plan to invest up to ₹18,000 crore 13. In July 2026 TPG Rise Climate, with GIC and ICICI Bank, agreed to buy Aseem Infrastructure Finance from NIIF and other shareholders 9. Asia Healthcare Holdings, a hospital group TPG set up in 2016, raised $150 million from GIC in December 2024 17.
Setbacks. SK Finance, a lender backed by TPG, shelved its IPO in August 2025 after weak demand 14. After India banned real-money gaming in 2025, Dream11 said it had lost about 95% of its revenue 30; we did not find a statement from TPG.
Controversies
In 2017 Bonderman resigned from Uber’s board after a remark at a staff meeting about women on the board, which he called careless and inexcusable 27. In 2019 TPG fired Bill McGlashan, founder of TPG Growth and the Rise Fund, after he was charged in the US college admissions scandal; he later pleaded guilty 28. TPG lost $1.35 billion on its investment in Washington Mutual in 2008 1. We found no regulatory action against TPG in India.
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