TPG
Private equitySan Francisco · Growth–Late Stage · 19 people tracked
Also known as AGTB FUND MANAGER, LLC · Angelo, Gordon & Co., L.P. · PCM MANAGEMENT ADVISOR, LLC · TPG Angelo Gordon · Tpg Capital Advisors, Llc · Tpg Financial Advisors, Llc · Tpg Global Advisors, Llc · Tpg Re Finance Trust Management, L.P. · Tpg Real Estate Advisors, Llc · Tpg Solutions Advisors, Llc
Investment thesis
TPG is a diversified global alternative asset manager deploying capital across private equity, impact, credit, real estate, and market solutions. Its real estate arm builds and scales operating platforms by partnering with experienced management teams, as illustrated by the launch of Arcura Medical Properties following the acquisition of a European medical outpatient portfolio. TPG emphasizes collaboration, innovation, and inclusion, combining deep sector expertise with broad capabilities to add value for fund investors, portfolio companies, and communities.
Source: firm website, verified Aug 11, 2026.
Team · 19 people
from the firm's website & public directoriesWhat they invest in
from 10 of 26 portfolio companiesHealthtech ×8Digital Health ×5Biotech ×3AI & Machine Learning ×2Enterprise Software ×2Medical Devices ×2Cybersecurity ×1Developer Tools ×1
HQs:United States×6China×1
Investments · 26 tracked
founders shown can be your intro pathBy year:2019 · 12018 · 23 dated
Allogene Therapeutics develops allogeneic CAR T cell therapies (AlloCAR T) for blood cancers, solid tumors, and autoimmune diseases, using off-the-shelf manufactured cell products rather than patient-derived autologous approaches.
BiotechHealthtechMedical DevicesSouth San Francisco, US
ROBERT ABRAHAM(Director)DAVID BONDERMAN(Director)TODD SISITSKY(Director)JOSHUA A. KAZAM(Executive Officer, Director)DAVID M. TANEN(Executive Officer)FRANZ HUMER(Director)
Arlington, US
KIM KECK(Director)JONATHAN WEINBERG(Executive Officer)CRAIG BARBAROSH(Director)AAMMAAD SHAMS(Executive Officer)SETH BLACKLEY(Executive Officer, Director)CHERYL SCOTT(Director)
Delivering compassionate behavioral healthcare in an outpatient setting nationwide
Covetrus is a tech-enabled veterinary-practice improvement company that provides a software platform and networks to help veterinarians run more profitable practices and improve financial and clinical outcomes.
E-commerceEnterprise SoftwareHealthtechSaaSPortland, US
Sandra L Helton(Director)Philip A Laskawy(Director)David E Shaw(Director)Benjamin Wolin(Director)Deborah G Ellinger(Director)Russell Cooke(Executive Officer)
Novotech is a contract research organization (CRO) that provides clinical trial execution and scientific advisory services for biotech and biopharma sponsors, including complex cell and gene therapy trials.
BiotechDigital HealthHealthtech
Anand Kumaresh Tharmaratnam(Chief Executive Officer & Chairman)Vivek Kapoor(Chief Financial Officer)Tim Bray(Chief Human Resources Officer)Judith Ng-Cashin(Chief Medical Officer)Prashant Dhami(Chief Strategy Officer)Dylan Matzinger(Chief Business Officer)
European healthcare real estate platform owning and operating medical outpatient buildings, launched following TPG's ~€400M acquisition of a German and Dutch medical outpatient portfolio.
Arcura Medical Properties owns and manages outpatient medical real estate across Europe, focusing on purpose-built buildings for ambulatory healthcare such as diagnostics, rehab, day surgery, and outpatient specialties.
HealthtechPropTech
Monogram Health provides comprehensive primary and specialty medical care delivered at patients' homes, managing multiple chronic conditions through coordinated teams of doctors, nurses, and specialists.
Digital HealthHealthtechNashville, US
WILLIAM FRIST(Director)CHRIS CHI(Executive Officer)MICHAEL UCHRIN(Executive Officer, Director)CHRISTOPHER BOOKER(Executive Officer, Director)
BoardCASPER DE CLERCQ(Director)
Sonatype provides software supply chain management and security solutions for managing open source software and AI dependencies.
CybersecurityDeveloper ToolsEnterprise SoftwareFulton, US
Brian Fox(Chief Technology Officer and co-founder)inMICHAEL O'DELL(Director)WAYNE JACKSON(Executive Officer, Director)inSTEVI PETRELLI(Director)DAVID C. MILLER(Executive Officer)
BoardANN WINBLAD(Director)
United Family Healthcare (和睦家医疗) operates a network of private hospitals and clinics in China, providing international-standard medical services including oncology, orthopedics, reproductive medicine, and corporate employee health management.
Digital HealthHealthtechWellness & Fitness
吴启楠 (Roberta Lipson / Qi'nan Wu)(CEO, New Frontier Health / United Family Healthcare)
WellSky provides a connected healthcare technology platform with AI built in, offering software and services that span the full continuum of care — from home and post-acute to hospitals, physicians, community organizations, state programs, and payers.
AI & Machine LearningDigital HealthHealthtech
Exits · 3
IPOs and acquisitions across the tracked portfolioAllogeneNASDAQ: ALLOEvolent HealthNYSE: EVHLifeStance HealthNASDAQ: LFST
Portfolio news
latest coverage across their companiesAllogene · investing.com · Jul 15, 2026
Sonatype · finance.yahoo.com · May 6, 2026
Fund performance · per public LP disclosures · 68
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| TPG NEXT (A), L.P.LPs: California Public Employees' Retirement System | 2025 | — | — | 1.00x | 1.00x |
| TPG Twin Brook Direct Lending Fund VILPs: Maine Public Employees Retirement System | 2025 | — | — | 0.99x | — |
| TPG Angelo Gordon Credit Solutions Fund III, L.P.LPs: Employees' Retirement System of Rhode Island | 2024 | — | — | 1.17x | 0.00x |
| TPG Asia VIII (A)LPs: California Public Employees' Retirement System, California State Teachers' Retirement System | 2024 | — | — | 1.13x | 0.00x |
| TPG GP Solutions (A), L.P.LPs: Empire State Development – New York Ventures, California Public Employees' Retirement System | 2024 | — | — | 1.12x | 0.00x |
| TPG Growth VI, L.P.LPs: Washington State Investment Board, California Public Employees' Retirement System, Minnesota State Board of Investment | 2024 | — | 9.7% | 1.06x | 0.39x |
| TPG Life Sciences Innovations, L.P.LPs: California Public Employees' Retirement System | 2024 | — | — | 0.71x | 0.00x |
| TPG Rise Climate IILPs: Washington State Investment Board, Michigan Municipal Employees' Retirement System, Teachers' Retirement System of the City of New York +2 more | 2024 | — | — | 0.00x | — |
| TPG Asia VIIILPs: Washington State Investment Board | 2023 | — | 17.4% | 1.30x | 0.09x |
| TPG Healthcare Partners II, L.P.LPs: Washington State Investment Board, Oregon Public Employees Retirement System, Contra Costa County Employees' Retirement Association +3 more | 2023 | — | — | 1.22x | 0.06x |
| TPG Partners IX, L.P.LPs: Washington State Investment Board, California Public Employees' Retirement System, Oregon Public Employees Retirement System +8 more | 2023 | — | 18.9% | 1.22x | 0.15x |
| AG Realty XILPs: Teachers' Retirement System of Oklahoma | 2022 | — | 5.2% | 1.07x | 0.05x |
| Angelo Gordon Direct Lending Fund VLPs: Maine Public Employees Retirement System | 2022 | — | 10.6% | 1.21x | 0.27x |
| TPG IVLPs: Teachers' Retirement System of Oklahoma, Michigan Municipal Employees' Retirement System | 2022 | — | 3.8% | 1.04x | 0.01x |
| TPG Real Estate Partners IVLPs: Texas Municipal Retirement System, Michigan Municipal Employees' Retirement System, Los Angeles County Employees Retirement Association +4 more | 2022 | — | 6.9% | 1.09x | 0.01x |
| TPG Rise Climate Co-InvestLPs: New York City Employees' Retirement System, Teachers' Retirement System of the City of New York, New York City Board of Education Retirement System | 2022 | — | 23.5% | 1.43x | 0.27x |
| Angelo Gordon Direct Lending Fund IV AnnexLPs: Maine Public Employees Retirement System | 2021 | — | 10.8% | 1.32x | 0.63x |
| The Rise Fund II LPLPs: Florida State Board of Administration | 2021 | — | 10.4% | 1.34x | 0.13x |
| TPG Growth V LPLPs: Washington State Investment Board, Oregon Public Employees Retirement System, California Public Employees' Retirement System +6 more | 2021 | — | 12.2% | 1.39x | 0.41x |
| TPG Rise ClimateLPs: Michigan Municipal Employees' Retirement System, New Jersey Division of Investment, Los Angeles City Employees' Retirement System +4 more | 2021 | — | 12.4% | 1.20x | 0.24x |
| TPG Tech Adjacencies II, L.P.LPs: California Public Employees' Retirement System, Minnesota State Board of Investment, Public Employee Retirement System of Idaho +1 more | 2021 | — | 12.7% | 1.25x | 0.31x |
| Angelo Gordon Direct Lending Fund IILPs: Maine Public Employees Retirement System | 2020 | — | 15.6% | 1.45x | 1.26x |
| Angelo Gordon Direct Lending Fund IVLPs: Maine Public Employees Retirement System | 2020 | — | 10.3% | 1.39x | 0.69x |
| TPG Asia VII (A), L.P.LPs: California Public Employees' Retirement System, California State Teachers' Retirement System, Richard King Mellon Foundation | 2019 | — | 11.2% | 1.46x | 0.64x |
| TPG Capital VIII (Healthcare Sidecar)LPs: The Regents of the University of California | 2019 | — | — | 0.75x | 0.00x |
| TPG Golden Bear Partners, L.P.LPs: California Public Employees' Retirement System | 2019 | — | 16.5% | 1.75x | 0.19x |
| TPG Partners VIII, L.P.LPs: Washington State Investment Board, Oregon Public Employees Retirement System, California State Teachers' Retirement System +8 more | 2019 | — | 13.5% | 1.51x | 0.35x |
| TPG Real Estate Partners IIILPs: Texas Municipal Retirement System, New Jersey Division of Investment, Los Angeles County Employees Retirement Association +2 more | 2019 | — | 9.3% | 1.42x | 0.73x |
| AG Realty Fund X, L.P.LPs: Minnesota State Board of Investment | 2018 | — | 8.3% | 1.28x | 0.70x |
| AG Realty Value XLPs: Teachers' Retirement System of Oklahoma | 2018 | — | 7.5% | 1.24x | 0.66x |
| Angelo Gordon Direct Lending Fund IIILPs: Maine Public Employees Retirement System | 2018 | — | 9.5% | 1.42x | 1.04x |
| The Rise Fund LPLPs: Florida State Board of Administration | 2018 | — | 9.4% | 1.44x | 0.62x |
| TPG Capital VIIILPs: The Regents of the University of California | 2018 | — | 17.2% | 1.54x | 0.43x |
| TPG Capital VIII (Healthcare I)LPs: The Regents of the University of California | 2018 | — | 11.7% | 1.34x | 0.29x |
| TPG Growth IV LPLPs: Empire State Development – New York Ventures, Washington State Investment Board, California State Teachers' Retirement System +9 more | 2018 | — | 14.1% | 1.70x | 0.99x |
| TPG HEALTHCARE PARTNERS LPLPs: California Public Employees' Retirement System, Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System +2 more | 2018 | — | — | 1.34x | 0.28x |
| TPG Tech Adjacencies, L.P.LPs: Public Employee Retirement System of Idaho, Hawaii Employees' Retirement System, Santa Barbara County Employees' Retirement System | 2018 | — | 12.6% | 1.46x | 0.67x |
| TPG Growth III-A LPLPs: Empire State Development – New York Ventures, California State Teachers' Retirement System, Florida State Board of Administration | 2016 | — | 15.2% | 1.66x | 1.20x |
| TPG Growth III, L.P.LPs: Oregon Public Employees Retirement System | 2015 | — | 15.2% | 1.61x | 1.20x |
| TPG Partners VII, L.P.LPs: Oregon Public Employees Retirement System, Washington State Investment Board, Empire State Development – New York Ventures +6 more | 2015 | — | 18.8% | 2.00x | 1.83x |
| AG Realty Fund IXLPs: Minnesota State Board of Investment, John D. and Catherine T. MacArthur Foundation | 2014 | — | 4.8% | 1.25x | 1.05x |
| TPG Opportunities Partners III, L.P.LPs: Washington State Investment Board, Sacramento County Employees' Retirement System | 2014 | — | 8.2% | 1.21x | 1.10x |
| AG Realty Fund VIIILPs: Nebraska Investment Council, John D. and Catherine T. MacArthur Foundation | 2012 | — | 10.8% | 1.40x | — |
| Tpg Asia Vi, LPLPs: San Diego County Employees Retirement Association, Richard King Mellon Foundation | 2012 | — | 8.8% | 1.59x | 1.19x |
| TPG Opportunities Partners II, L.P.LPs: Washington State Investment Board | 2012 | — | 16.5% | 1.70x | 1.60x |
| TPG Growth IILPs: Florida State Board of Administration, Oregon Public Employees Retirement System, Los Angeles City Employees' Retirement System | 2011 | — | 14.8% | 1.80x | 1.78x |
| AG TALF Partners, L.P.LPs: North Carolina Retirement Systems | 2009 | — | 22.4% | 1.32x | 1.32x |
| TPG - TAC 2007, L.P.LPs: Florida State Board of Administration | 2009 | — | 2.1% | 1.06x | 1.06x |
| TPG Asia VLPs: California Public Employees' Retirement System, California State Teachers' Retirement System, Empire State Development – New York Ventures +3 more | 2008 | — | — | 1.42x | 1.38x |
| TPG Biotechnology Partners III, L.P.LPs: California Public Employees' Retirement System, North Carolina Retirement Systems | 2008 | — | 11.0% | 2.17x | 2.12x |
| TPG Financial Partners, L.P.LPs: California State Teachers' Retirement System | 2008 | — | 0.8% | 1.04x | 1.04x |
| TPG Fund VILPs: Employees' Retirement System of Rhode Island | 2008 | — | 7.8% | 1.33x | 1.33x |
| TPG Partners VILPs: California Public Employees' Retirement System, Oregon Public Employees Retirement System, Washington State Investment Board +13 more | 2008 | — | 9.7% | 1.49x | 1.48x |
| TAC 2007 LP (A.K.A. TPG Credit Fund)LPs: Florida State Board of Administration | 2007 | — | 2.1% | 1.06x | 1.06x |
| TPG Biotechnology Partners II, L.P.LPs: California Public Employees' Retirement System, North Carolina Retirement Systems | 2006 | — | 2.9% | 1.21x | 1.21x |
| TPG Fund VLPs: Employees' Retirement System of Rhode Island | 2006 | — | 4.8% | 1.36x | 1.36x |
| TPG Partners V LPLPs: California State Teachers' Retirement System, Washington State Investment Board, California Public Employees' Retirement System +10 more | 2006 | — | 4.8% | 1.37x | 1.37x |
| TPG STARLPs: California Public Employees' Retirement System, Oregon Public Employees Retirement System, Washington State Investment Board +3 more | 2006 | — | 6.2% | 1.28x | 1.28x |
| TPG Growth Fund II, L.P.LPs: Washington State Investment Board, Empire State Development – New York Ventures, California State Teachers' Retirement System +6 more | 2003 | — | 15.3% | 2.01x | 1.80x |
| TPG Partners IV, L.P.LPs: California State Teachers' Retirement System, Oregon Public Employees Retirement System, California Public Employees' Retirement System +13 more | 2003 | — | 15.2% | 1.91x | 1.91x |
| TPG Biotechnology Partners, L.P.LPs: California Public Employees' Retirement System | 2002 | — | 9.5% | 1.76x | 1.59x |
| TPG Growth Fund III, L.P.LPs: Washington State Investment Board, Oregon Public Employees Retirement System, New Mexico Educational Retirement Board +4 more | 2002 | — | 15.2% | 1.62x | 1.20x |
| TPG Ventures, L.P.LPs: California Public Employees' Retirement System | 2001 | — | 3.7% | 1.22x | 1.20x |
| TPG Partners III, L.P.LPs: Oregon Public Employees Retirement System, Washington State Investment Board, Los Angeles City Employees' Retirement System +1 more | 2000 | — | 24.4% | 2.44x | 2.44x |
| TPG Partners IILPs: Oregon Public Employees Retirement System | 1997 | — | 9.9% | 1.69x | 1.69x |
| TPG PartnersLPs: Oregon Public Employees Retirement System | 1994 | — | 36.3% | 3.53x | 3.53x |
| TPG Real Estate Credit Opportunities, L.P.LPs: Texas Municipal Retirement System | — | — | 3.6% | 1.06x | 0.02x |
| TPG Real Estate GenPar II, L.P.LPs: Texas Municipal Retirement System | — | — | 18.9% | 1.49x | 1.49x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does TPG invest at?
- TPG invests at the Growth, Late Stage stages.
- What sectors does TPG focus on?
- TPG focuses on AI & Machine Learning, Biotech, Consumer, Digital Health, Enterprise Software, Healthtech, Media & Entertainment, Medical Devices, PropTech, SaaS, Sector Agnostic.
- Where is TPG located?
- TPG is headquartered in San Francisco, US.
Media · Podcasts & interviews
featuring the teamCompanies pivoting focus from growth to profitability, says TPG's David Trujillo
CNBC Television · David Trujillo
Images
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