TPG Filing for IPO
Anyone have thoughts on this?
Source: https://www.ft.com/content/688edf60-c912-443d-b2a3-4cef8a2d778b
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Didn't know that TPG's story started with the Bass family. Do we have someone from TPG on this forum :) ?
Wondering why PE funds when they go public call themselves BDC Business development company? Maybe because they are now open, via issuing stocks, to broader spectrum of investors?
Edit: typo
You’re confusing BDCs with PE firms. BDCs are permanent capital vehicles that give mid market direct loans to SMEs, and lots of credit arms of PE firms raise BDC capital and have them go public. Look at TSLX. That's TPG's main BDC. ARCC is Ares' main BDC. Owning shares of them is owning essentially an LP stake in a fund that makes middle market loans. This is distinctly separate from publicly traded stock of the actual PE firm (aka owning GP stake shares). ARES is the ticker of ares' actual stock.
Oh, okay it makes sense now! My perception was wrong, I thought that PE and business development company are the same thing.
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