TPG, the private equity giant and owner of CAA, announced plans to go public and list its common stock on the Nasdaq under the symbol ‘TPG.’
It started the process via a registration statement with the Securities and Exchange Commission today.
The proposed offering is subject to market and other conditions, and TPG said there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. It comes in a hot market for IPOS with hundreds this year (including CAA rival Endeavor) and many others in the pipeline after a 2020 marred by Covid. Reddit just also filed a confidential registration statement to go public.
There’s been lots of some movement in the agency space recently this year, including at CAA — run by Kevin Huvane, Richard Lovett and Bryan Lourd — which in October acquired ICM. Meanwhile, Endeavor Group Holdings is publicly traded with shares debuting on the NYSE in April under the ticker ‘EDR.’
TPG is a leading global alternative asset firm founded in San Francisco in 1992 with $109 billion of assets under management and investment and operational teams in 12 offices globally. It invests across five multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions. It “aims to build dynamic products and options for its clients while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio.
It has a longstanding relationship with CAA. In 2014, the firm raised its stake in the Hollywood agency from a 35% minority to 53% majority shareholder stake. It’s stakes across entertainment and technology have included payroll giant Entertainment Partners, Vice, Univision, STX Entertainment, Calm, Fandom and Hotwire.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley and TPG Capital BD, LLC are acting as joint lead book-running managers for the proposed offering. BofA Securities, Citigroup, Deutsche Bank Securities, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, BMO Capital Markets and Barclays are also acting as joint book-running managers, and Mizuho Securities, Keefe Bruyette & Woods, a Stifel Company, MUFG, SMBC Nikko, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, R. Seelaus & Co., LLC, Ramirez & Co., Inc., and Siebert Williams Shank are acting as co-managers for the offering.
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