TPG, one of the last of the original private-equity giants to remain a closely held partnership, is evaluating a public listing, people familiar with the matter said.
The firm is considering a straightforward initial public offering and a merger with a special-purpose acquisition company, with the former being the most likely route, the people said. Such a deal could value the California-and-Texas firm at about $10 billion, some of the people said.
The process is still in its early stages and TPG may not opt to proceed with any deal.
TPG, with nearly $100 billion in assets under management, has flirted with an IPO multiple times, only to end up balking while rivals forged ahead. Blackstone Group Inc., Apollo Global Management Inc., KKR & Co. and Carlyle Group Inc. went public years ago, transforming businesses that have enjoyed rapid growth as the industry is flooded with assets.
“As we have consistently stated, we evaluate various strategic alternatives from time to time,” a TPG spokesman said in a statement. “No decisions have been made and we have nothing to announce at this time.”