What kind of company is TPG, the new year IPO in the US stock market?

    Private equity firm TPG launched a roadshow to investors, with TPG and some shareholders planning to sell shares at between $28 and $31 a share. It plans to list on the Nasdaq under the ticker "TPG".

    With $109 billion AUM and offices around the world, TPG was one of the first acquisition giants to remain a limited partnership. With the IPO, the company will join peers such as Blackstone, Apollo Global Management, and KKR, which have been public for many years.

    Assets under management at TPG rose 81% from 2016 to Sept. 30, 2021, to $109.1 billion, according to company filings with regulators. For the trailing 12 months from 2018 to September 30, 2021, TPG's total revenue rose 288% to $5.4 billion, and its fee-related revenue rose 55% to $827 million. During the same period, the company's net income rose 599% to $5 billion.

    TPG is smaller than many rivals, which have built massive investment businesses in areas such as credit, real estate, and insurance. But the IPO should give the company an impetus to expand its original lines of business: large private equity, high-growth corporate investing, socially responsible investing, real estate, and bespoke investment opportunities in space investment firms and public companies, among others.