SAN FRANCISCO & FORT WORTH, Texas - TPG Inc. (NASDAQ: TPG), a global alternative asset management firm, announced the appointment of Kathy Elsesser to its Board of Directors as an independent director. The firm, which manages $239 billion in assets, welcomed Elsesser effective immediately, signaling a strategic move in its long-term corporate governance plan.
Elsesser brings a wealth of experience from over three decades at Goldman Sachs, where she held significant leadership roles, including Global Chair of the Consumer Retail and Healthcare Groups in the Investment Banking Division. Her tenure at Goldman Sachs culminated in her position as a Senior Advisor, a role from which she retired on January 10, 2025. Her expertise extends beyond finance, as evidenced by her roles on various boards including the Sesame Workshop and her previous involvement with the Brooklyn Children's Museum and the Brooklyn Bridge Park Conservancy.
Jim Coulter, Founding Partner and Executive Chairman of TPG, expressed confidence in Elsesser's appointment, highlighting her deep industry understanding and the value she is expected to bring to the Board. Jon Winkelried, CEO of TPG, also praised Elsesser's strong commercial instincts and her track record as a trusted advisor to CEOs, founders, and corporate boards.
Elsesser herself acknowledged TPG's robust growth and diversification since its initial public offering three years ago, and expressed enthusiasm for contributing to the firm's ongoing success. Her appointment is part of TPG's initiative to structure its Board with a majority of independent directors, a move that aligns with best practices in corporate governance.
TPG, founded in 1992, has a diversified investment strategy that spans private equity, credit, real estate, and other sectors, with a focus on collaboration, innovation, and inclusion. The firm operates globally with investment and operational teams positioned around the world. InvestingPro data reveals the company's strong financial position with a healthy current ratio of 3.56 and substantial revenue growth of 84.5% in the last twelve months. For deeper insights into TPG's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, covering over 1,400 US stocks.
This development is based on a press release statement and reflects the latest strategic direction for TPG's Board of Directors.
In other recent news, TPG Inc. reported a GAAP net income of $9 million and after-tax distributable earnings of $189 million, or $0.45 per share. The firm also announced a dividend of $0.38 per share and disclosed that total assets under management reached $239 billion, a 76% increase year-over-year. Additionally, TPG Rise Climate, a branch of TPG, is reportedly in discussions to acquire Altus Power. In terms of governance changes, TPG disclosed the departure of three board members as part of a transition towards a board with a majority of independent directors.
TD Cowen maintained a Hold rating on TPG but reduced the price target from $62.00 to $58.00 due to anticipated higher investment expenditures. Meanwhile, BMO Capital maintained a Market Perform rating while increasing its price target to $60 from $45, citing improving transaction activity across asset classes and a more favorable outlook for carried interest realizations.
These are among the recent developments for TPG, which also plans to launch the TPG Private Equity Opportunities vehicle next year and anticipates a surge in management fee growth in 2025. Other strategic moves include the acquisition of DIRECTV and the planned acquisition of EchoStar's DISH business.
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