Warburg Pincus
Jeffrey Perlman, CEO
Overview
Notable Funds
Fund Scorecards (1)
Description
Founded 1966, one of oldest PE firms. Growth equity DNA — invests in 40+ countries. Backed Bharti Airtel, Nubank, Ant Financial pre-IPO. Fund 14 raised $16.2B (2023). Healthcare and tech-heavy portfolio. Lower bankruptcy rate reflects growth-over-buyout model, but 2021-vintage markdowns emerging.
Related Deals (6)
| Company | Sector | Year | Multiple | Leverage | Status |
|---|---|---|---|---|---|
| Aramark Corporation | Services / Food | 2007 | 9x | 7x | exited |
| MB2 Dental | Dental | 2024 | 14x | 5x | active |
| Bridgepoint Education / Zovio (Ashford University) | Education | 2005 | 6x | 2x | bankrupt |
| Mynt (GCash, Philippines) | Fintech (Philippines) | 2021 | 20x | 1x | active |
| Aramark | Services / Food Service | 2007 | 10x | 5x | exited |
| Allied Universal / G4S | Services / Security | 2021 | 10x | 6x | active |
Hot Potato Deals
Neiman Marcus
TPG/Warburg bought Neiman for $5.1B in 2005, piled on debt, sold to Ares/CDPQ for $6B in 2013 — the ultimate hot potato pass. Ares/CDPQ added MORE debt and extracted a $500M dividend. When luxury spending softened, $5B in debt was unsurvivable. Filed Chapter 11 in 2020. Emerged only to be merged into 'Saks Global,' which is itself now running out of cash. Three PE ownership cycles, one bankruptcy, and the debt mountain only grows.
Merged into 'Saks Global' with HBC/Brookfield (2025). Cash crisis. Vendors demanding COD.
Aramark
Five PE firms took Aramark private for $8.3B in 2007, loaded it with debt, extracted dividends, and re-IPO'd in 2014. The food service company's stock has gone essentially nowhere since the re-IPO. The PE firms made their money on management fees, transaction fees, and dividend recaps during the private period. Public market investors who bought at the re-IPO got a levered food service company with thin margins and massive debt. The PE owners were selling, not buying, at the re-IPO. That tells you everything.
Public. Stock essentially flat since re-IPO. PE made money on dividend recaps and fees. Public market investors got nothing.