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James Coulter, founder of TPG, has resigned as chief executive officer of the investment manager, leaving Jon Winkelried, a former banker at Goldman Sachs since 2015, in the sole position of a $ 91 billion group.
In the process of renovating the latest transfer of private capital industry, Coulter will become the 61-year-old CEO of TPG. David Bonderman, created by his billions of people, remains in the chair.
Winkelried, 61, assumes the best operational job after helping drive the company during the rebuilding period after a series of delays in the financial crisis.
He left Goldman in 2009 and joined the pinnacle of his banking career six years later when he became chief operating officer and vice president of operations.
“I joined TPG because I believed in the intention of the TPG group to turn the company into a diversified alternative investment platform,” Winkelried said on Monday.
TPG’s purchasing division was humiliated by the failure of Washington Mutual, which was hijacked by regulatory banks in 2008, just months after TPG invested $ 1.35 billion.
Other failed bets included large investments in the TXU energy company and the Caesars Entertainment casino group, both of which later went bankrupt.
But since then TPG has built a reputation as an expert investor in fast-growing tech companies, gaining large stakes in companies like Uber and Airbnb before debuting in public markets, and has built other parts of its business.
In addition to his oversight role, Coulter will be in charge of the TPG’s climate-focused investment fund, along with former U.S. Treasury Secretary Hank Paulson.
The initiative is the latest in a series of TPG funds that measure success in terms of social impact and economic profitability. The initiative also had an early setback when Bill McGlashan, the main salesman who co-founded Bono rock out, was forced to leave the group on charges of criminal conduct in the US. the university bribery scandal.
Millions of founders of major private equity groups are struggling with ways to decorate new leaders, without denying the presence of groups that remain a large part of their wealth in many groups.
Transitions don’t always go well.
Marc Rowan, founder of Apollo Global Management, suddenly took on the group’s first job immediately after it was revealed about the financial links between his predecessor Leon Black and Jeffrey Epstein for the crime of sexual assault.
With Glenn Young, he resigned as CEO of The Carlyle Group in 2018 at the end of last year.
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