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The Wall Street Journal: Private-equity giant TPG may go public through IPO or SPAC

TPG, one of the last of the original private-equity giants to remain a closely held partnership, is evaluating a public listing, people familiar with the matter said.

The firm is considering a straightforward initial public offering and a merger with a special-purpose acquisition company, with the former being the most likely route, the people said. Such a deal could value the California-and-Texas firm at about $10 billion, some of the people said.

The process is still in its early stages and TPG may not opt to proceed with any deal.

TPG, with nearly $100 billion in assets under management, has flirted with an IPO multiple times, only to end up balking while rivals forged ahead. Blackstone Group Inc.
BX,
-1.83%
,
 Apollo Global Management Inc.
APO,
-0.34%
,
  KKR & Co.
KKR,
-1.89%

and Carlyle Group Inc.
CG,
-0.73%

went public years ago, transforming businesses that have enjoyed rapid growth as the industry is flooded with assets.

An expanded version of this report appears on WSJ.com.

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