TPG CEO Jon Winkelried on the evolution of private equity and alternative markets
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Allison: Welcome to another episode of Goldman Sachs Exchanges Great Investors. I'm Allison Mas, chairman of investment banking within Goldman Sachs's Global Banking and Markets Business, and your host for today's episode. Today, I have the great pleasure of sitting down with John Winkleried. John is the CEO of TPG, one of the world's most prominent and most admired alternative asset managers. John is also no stranger to this building.
He spent 27 years at Goldman Sachs, ultimately serving as our president and co chief operating officer. Today, we're gonna talk about the growth of alternative investing, the future of capital markets, and what it takes to stay on top of your game during a decades long career in finance. So, John, thank you for being here and sitting down with me today.
Jon: Thank you, Allison. It's a pleasure, and it's always a great experience for me to come back to Goldman Sachs. I love it, and it's played a big role in my life. So it's great to be here.
Allison: Well, we're happy to have you here. So I wanna talk about TPG and the private markets and start with some impressive growth stats. You joined TPG in 2015 and doubled the size of the business before taking it public in 2022 with a $110,000,000,000 of assets under management. Today, just a few years later, you stand at 224,000,000,000 assets under management. And I'm sure our listeners have all heard of TPG.
But for those who might not be as familiar with the business, can you give us a look inside and tell us a little bit about what has driven that growth?
Jon: Sure. So when you think about how TPG was founded, TPG really grew out of a family office and family office mentality. So remember that most of the other large private equity firms that became alternative asset platforms, their origin was people who came from Wall Street, people who came from where, frankly, we came from, and saw the opportunity in private equity and built these great firms. TPG really started by David Bonnerman and Jim Coulter. The origin was the 2 of them working together for the Bass family in Texas, really a very much of a family office mentality, which implied a lot
And so, they came out of that origin, and it's not coincidental that they decided that they were gonna build the firm on the West Coast, not the East Coast, which frankly, when you think about the ecosystem we live in, the relationships that we have
Allison: Where the banks are.
Jon: Right. Exactly. Where the banks are, where they're not, who we run into every day, how we think about things. It certainly has had an impact on both the orientation around what's interesting, how we invest, and it's had implications beyond that in terms of how the firm has grown. So that's then led into how the firm thought about incubating new businesses, how we've gotten into new businesses.
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