TPG Capital is preparing a potential IPO that could value the private equity firm at $9.5 billion, Reuters reports.
TPG has been an investor in digital consumer giants such as Airbnb, Uber and Spotify. The private equity firm also owns stakes in technology companies and cybersecurity businesses that focus on channel partners and MSPs.
TPG Capital: Private Equity Investment Focus
Current and previous investments include Kaseya, Nintex, Tanium, Thycotic and Centrify and Zscaler.
Of the companies on that list, Kaseya has been exploring a potential IPO of its own for roughly a year or so -- though those potential plans got pushed from 2021 to 2022 following a July 2021 REvil ransomware attack that hit some of Kaseya's MSPs.
Meanwhile, TPG's potential IPO would seek to raise roughly $875 million. Roughly 40% of that would go to TPG shareholders who plan to cash out, Reuters reported, though TPG founders plan to retain their holdings near-term. The remaining sum would be used for TPG expenses and growth opportunities, the report said.
Private Equity: MSP Software and Cybersecurity Investments
TPG is one of several private equity firms working in and around the MSP software and cybersecurity markets. Key private equity and venture capital players in the sector include:
- Insight Partners (backer of Kaseya and Veeam)
- Thoma Bravo (Barracuda, ConnectWise, LogRhythm, N-able, Proofpoint, SolarWinds and Sophos);
- Summit Partners (NinjaOne and Red Canary); and
- Vista Equity (Datto, Jamf, LogicMonitor), among others.
