Intel on TPG Capital

I'm in the process of gathering information ahead of on-cycle recruiting this fall. As my tag suggests I'm joining a top BB this summer as a full time.

What I've heard so far:
TPG is obviously a megafund but there is surprisingly little info about it on this forum. I hear the pay is above market both in terms of 1st year all-in cash comp being 300K.

Open questions:
1) Are people recruited into a group or is it just generalist?
2) What is the culture like? Has anyone had any experiences with these guys they'd be willing to share?
3) Do they promote without b-school? Do they offer b-school sponsorship?
4) Anything else I should be thinking about?
5) Is comp information right?

 

Relax pal lol. Instead of worrying about on-cycle this fall why don't you enjoy your last semester of college

 
Most Helpful

I know the firm well but will speak to the TPG Capital buyout team (vs. growth or other funds). Overall it is obviously one of the best known funds and it has groups that are incredible.

  1. Usually hired into groups. You typically see people coming from top groups at banks, although they occasionally can hire analysts out of school. For example, the tech team will have several former GS TMT analysts.
  2. Usually supportive and collegial environment but hours can be tough depending on your group. Definitely not a huge improvement in lifestyle in certain groups.
  3. Usually require an MBA after 2-3 years. Promote only the highest performers to VP after they sponsor their MBA.
  4. Do you want to do megafund work vs. middle market? Does location (SF) matter to you? How do you feel about long-hours? Do you want an option for long-term career at your fund vs a 2 years and out? What group are you interested in working in? What skill set do you want to develop that this firm would provide versus a different one?
  5. 1st year comp is bit below other similar sized funds at the time, but cash comp ramps up significantly afterwards if you make it to senior associate/VP (plus carry at VP level).
 

MPEHF

I know the firm well but will speak to the TPG Capital buyout team (vs. growth or other funds). Overall it is obviously one of the best known funds and it has groups that are incredible.

  1. Usually hired into groups. You typically see people coming from top groups at banks, although they occasionally can hire analysts out of school. For example, the tech team will have several former GS TMT analysts.
  2. Usually supportive and collegial environment but hours can be tough depending on your group. Definitely not a huge improvement in lifestyle in certain groups.
  3. Usually require an MBA after 2-3 years. Promote only the highest performers to VP after they sponsor their MBA.
  4. Do you want to do megafund work vs. middle market? Does location (SF) matter to you? How do you feel about long-hours? Do you want an option for long-term career at your fund vs a 2 years and out? What group are you interested in working in? What skill set do you want to develop that this firm would provide versus a different one?
  5. 1st year comp is bit below other similar sized funds at the time, but cash comp ramps up significantly afterwards if you make it to senior associate/VP (plus carry at VP level).

Curious re vp cash comp? Is it in the 450 range or 500+ range? Thanks 

 

To reply to the few questions above:

1. I don't have too much context on the REPE team, unfortunately

2. TMT historically is a strong team, and with that comes a large number of hours. It is a megafund, so that should be expected anyway. But, it is an increasingly competitive space, especially with large funds, so WLB can be tough.

3. VP cash comp was ~450k. That may have inched upward now to $500k or above, but carry is where the big money can be made.

 

Correct me if I'm wrong, but didn't 1st year Apollo associates make $500k this year? $400k starting + "special" $100k bonus from Sambur and Nord. Any idea as to how much the Apollo guys make in cash comp at the principal & partner levels? Kinda hard to believe a 24 year old there made $500k, 25 year old $600k...so on so forth

 

People are recruited into groups that are usually related to their IB group, but there are also cases where someone was recruited into a different industry group because they wanted to try something new. GS, MS M&A, MS M&C, and MS Menlo place extremely well into TPG, and they are well-represented in the IDMC, Software & Enterprise, and Growth teams (at the time of this post). 

Most associates said that they chose TPG over other megafunds (BX, Carlyle, Apollo) because of the culture, which is supposed to be more chill than other megafunds. However, this could depend on their first impressions, interviewers, group experience, and whether or not they know people at other megafunds. It's hard to say definitively how TPG's culture compares to other megafunds, but the general consensus is that it is more relaxed—partially due to the SF location. Most people are nice and helpful, but they can get very busy sometimes.

 

Am also wondering is there equivalent title for a TPG VP role at other firms. Would it be an equivalent to say Senior Associate at a Silver Lake for example? What is the range of base and bonus split? Need to make sure I am not taking a lesser role.. thoughts or any questions for the HH.

 

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