TPG is the latest firm with roots in private equity to list its shares—they began trading on Thursday. It will be something of a unique play among publicly traded alternative-investment managers, as they are now often known, in that it is still largely in the private-equity business. But it also has been a very good time to be in the private-equity business and might still be for a while, depending on broader financial conditions. The portion of TPG’s earnings that are related to fees, rather than performance-related gains, is high compared with peers. TPG doesn’t yet have the scale of perpetual-capital vehicles—like retail funds or pools of insurance money—that some peers have recently built.

Source: Wall Street Journal January 14, 2022 22:40 UTC