IRR
+9%
Multiple
1.32x
DPI
0.25x
Size
$11.5B
Vintage
2019
RETURN GRADE:MEDIOCRELOW DISTRIBUTIONS
MARK VS PUBLIC MARKET
How does the GP's self-reported return compare to simply buying the S&P 500 at the same vintage?
TPG Partners VIII
+9% IRR
~+83% total return over 7 yrs
S&P 500 (2019 vintage)
+110%
Total return, 2019 to present
VERDICT: GP marks trail the S&P 500 by ~27pp. LPs paid 2/20 for underperformance.
Notes
Diversified buyout. Healthcare, tech, and consumer. IPO in 2022 increased return pressure. Solid but unspectacular.
ALL RETURNS ARE SELF-REPORTED BY GP MARKS — NOT AUDITED, NOT MARK-TO-MARKET