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TPG co-founder James Coulter has resigned from his role as co-executive of the investment manager, leaving Jon Winkelried, the former Goldman Sachs banker who has shared the most important job since 2015, in charge of $ 91 billion group.
In the reshuffle, the latest transfer of power to the private equity industry, 61-year-old Coulter will become TPG’s chief executive. Its billionaire co-founder, David Bonderman, remains president.
Winkelried, who is also 61 years old, takes on the most operational work after helping to run the company during a period of reconstruction, following a series of setbacks during the financial crisis.
He joined six years after leaving Goldman in 2009 at the height of a banking career in which he became co-chief operating officer and co-chair.
“I joined TPG because I fully believed in the TPG team’s ambitions to turn the company into a diversified alternative investment platform,” Winkelried said Monday.
TPG’s purchasing division was humiliated by the failure of Washington Mutual, which was confiscated by banking regulators in 2008, just months after TPG invested $ 1.351 billion.
Other failed bets included large investments in energy company TXU and casino group Caesars Entertainment, which went bankrupt later.
But since then, TPG has established itself as a smart investor in fast-growing tech companies, profiting from large stakes in companies like Uber and Airbnb before debuting in public markets and building other parts of its business.
In addition to his oversight role, Coulter will take over responsibility for TPG’s climate-focused investment fund, alongside Hank Paulson, former U.S. Treasury Secretary.
The initiative is the latest in a series of TPG funds that measure its success in terms of both social impact and financial profitability. This initiative also faced a first setback when Bill McGlashan, the main distributor who created it in association with rock star Bono, was forced to leave the group after being accused of misconduct in the US. college bribery scandal.
The multimillion-dollar founders of privately-owned leading groups are struggling with ways to prepare new leaders without renouncing their presence within groups that in many cases still account for much of their wealth.
Transitions have not always gone well.
Marc Rowan, co-founder of Apollo Global Management, abruptly took over as the group’s top official earlier this year following revelations about the financial ties between his predecessor Leon Black and the late sex offender Jeffrey Epstein.
Glenn Youngkin, who was appointed co-director of The Carlyle Group in 2018, left the post late last year.
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