TPG Updated Views (2025)
Preparing for on-cycle recruiting and interested in TPG. From recent threads, it seems that people view TPG as a top legacy MF, but it can be a tough associate experience. Looking for some updated views from those who have real insight into what the associate experience is like.
1. What are comp/exits/bschool prospects like? Have seen that they've historically had good placement but would like a more recent update.
2. What is culture like? Does the associate experience / exits differ between their different sector groups?
3. What has PE fund performance been like recently? How would you compare TPG to other MFs? Understand its a top offer but thinking more about how to consider which MFs to prioritize during on-cycle.
4. What backgrounds do they usually hire from? Did a quick search on LinkedIn and it appears they are mostly top BB/EB and Ivy+ schools. Would like to know if that's actively something the firm seeks out or is due to self-selection.
1). Comp in line with other MFs, maybe a bit on the higher end. Strong PE lateral exits, many associates who move on to HFs. The outsized amount of former TPG folks you see in PE may also be due to a lack of promotion track. It is a very strict 2 and out program, with a few associates staying on each year based on availability which is rare. Bschool exits are as good as anywhere, although H/S isn't a free ride from any PE firm these days.
2). Definitely a hard-working culture, but don't think its very different from any other MF, as they're all tough places to be as an associate. Don't think the experience differs very much between sectors, and your opportunity set will be broadly the same from all of their buyout groups. Coming from a MF, its relatively straightforward to move between sectors from the associate to senior associate role as a lateral.
3). Currently investing out of a $15.6bn PE fund (Flagship + Healthcare Sidecar), and have raised significant capital for their growth and rise platforms. Like most of the other megafunds, their focus is straying away from core private equity and into diversified strategies. 2019 flagship PE fund is currently at 21.9% IRR, so it is outperforming most of its peers at the moment.
4). Going to see your typical backgrounds. TPG definitely leans more prestige-heavy for its associate backgrounds, but its ultimately up to how you interview.
TLDR - One of the best places you can go for your associate years from a learning and branding standpoint. For analysts recruiting today, not a place for a long term career, but the TPG associate experience will open the door pretty much anywhere. Fair to say that most people would take an APO / BX / KKR core PE offer over them, but think TPG is right up there with any other firm. From an associate perspective, see them in line with the Silver Lake / H&F / Warburg / CD&R type firms.
Thanks! This is super helpful. Could you share a little more on the promo to senior associate? Where do people go if they don’t get promoted? UMM? Other MFs?
Have raised the 3rd most PE capital in North America in the last 5 years, so one of the best PE offers you can get. Think this list is a helpful gauge for deciding where to interview, although the pure play PE firms like H&F and CD&R deserve more of a bump because they aren't raising funds for tons of different strategies like the others on this list.
What about the different sector groups? Any insights into the individual teams?
I say this as someone in MF/UMM with friends also across most top firms. Unless you are a psycho who loves HC PE and can't imagine doing anything else with your life, TPG HC group will be the most excruciatingly painful two years of your life and is not even close to being worth it when compared to other options. Not to mention most of TPG is in SF which sucks compared to NYC unless you have family/school ties on west coast. I am not going to delve into ranking the other firms mentioned but would choose all other firms mentioned on this list incl. Apollo before I went to TPG HC
Is it really worse than APO?
After a very difficult ‘08/‘09, TPG significantly reduced its consumer exposure and cut its energy and industrials groups. Consumer has very little deal flow since then (~1 deal per fund) and business services (vestige of industrials team) does 1-2 deals per fund. Internet, digital media, and communications does ~2 per fund and is solid (see DirecTv deal). Healthcare and software are the most active groups by far and also have the worst hours. From what I’ve heard HC has significantly tougher WLB than other UMM / MF HC groups.
Any insights on TPG Angelo Gordon? Have heard thats a good one.
TPG AG is a great spot to land in credit. Great returns. Very well respected especially their special sits group or credit solutions team, whatever they call it these days.
Hard to recruit there though. They don’t really hire and when they do it’s on a referral basis with people coming from top Rx groups or other credit shops.
How is TPG Real Estate? And also how is TPG London?
1. What are comp/exits/bschool prospects like? Have seen that they've historically had good placement but would like a more recent update.
- super strong even today, probably the best MF in terms of overall gsb/hbs placements. strong exit into industry as well (OpenAI), promotion is super hard though
2. What is culture like? Does the associate experience / exits differ between their different sector groups?
- horrible, lots of complaints (mostly from TMT and HC), lol but also very depended on your VP (some of them are horrible)
3/ What backgrounds do they usually hire from? Did a quick search on LinkedIn and it appears they are mostly top BB/EB and Ivy+ schools. Would like to know if that's actively something the firm seeks out or is due to self-selection.
- firm actively seeks out Ivy+Chicago, not self selection
What makes the culture so bad?
Any thoughts on TPG Growth or TTAD?
Seems like TPG Growth is transforming into a very high pressure JAMMBO.
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