FORTUNE -- TPG Capital is the largest private equity firm in America that isn't publicly traded, with more than $55 billion in capital under management. And that isn't expected to change any time soon, although TPG boss David Bonderman today nudged the door open a crack, while speaking at the NY Times Dealbook Conference.
"We haven't been in a hurry," explained Bonderman, who co-founded TPG back in 1992. "If there is an appropriate time we may very well go public. But we're sitting and watching."
Bonderman was speaking alongside David Rubenstein of The Carlyle Group (CG), whose firm went public in May 2012 and has since seen its stock appreciate by more than 36%. And he echoed Rubenstein's past sentiments that the stock markets still haven't quite grasped the differences between firms -- such as how The Blackstone Group (BX) is focused more on real estate than leveraged buyouts, or Apollo's (APO) credit concentration.
He also took a bit of issue with questioner Peter Lattman's suggestion that TPG considers itself to be the private equity version of Goldman Sachs (GS), which was the last of the large investment banks to go public: "First of all let me start off by saying that we never thought of ourselves as Goldman Sachs. My second point is the same."
But Bonderman never actually explained why TPG doesn't think of itself as Goldman Sachs in this context. Which leads me to some wild speculation: Perhaps TPG doesn't view itself as the last large private equity firm to go private, because it plans to do so long before some other peers like Bain Capital or Warburg Pincus...
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Some details beyond the dollars.
FORTUNE -- Last month we reported that Uber was in talks with Google Ventures and TPG Capital for a massive fundraise that would value the company well north of $3 billion.
AllThingsD got the goods yesterday afternoon via a Delaware filing, which showed that Uber raised a total of $361 million at a $3.4 billion pre-money valuation. Fortune followed late last night with a scoop about how that Uber's two new board members will MOREDan Primack - Aug 23, 2013 12:32 PM ET
Private equity firm quietly partners on half-billion dollar deal.
FORTUNE -- Private equity firm Leonard Green announced in January that it had paid more than $500 million to acquire CCC Information Services, a Chicago-based provider of software and workflow tools to the automotive insurance claims and collision repair markets.
What Leonard Green didn't announce, however, was that it then planned to sell around 50% of its interest in CCC to TPG Capital.
Fortune MOREDan Primack - Jun 12, 2013 11:32 AM ET
If Michael Dell keeps control, what is the point of going private?
FORTUNE -- Details continue to leak about a possible leveraged buyout of Dell Inc. (DELL), the once high-flying computer maker that has fallen on hard times.
Initial reports late Monday were that private equity firms Silver Lake Partners and TPG Capital both were in talks with Dell, but Fortune has learned from multiple sources that each firm was working independently MOREKatie Benner - Jan 16, 2013 6:39 AM ET
TPG Capital wants to raise a new fund late next year. Can a strong reputation overwhelm middling performance?
FORTUNE -- TPG Capital is one of the world's most storied private equity firms, dating back to its 1993 turnaround of Continental Airlines. It raised $17.8 billion for its last flagship private equity fund in 2010, and firm co-founder David Bonderman recently threw himself a blowout 70th birthday party in Las Vegas with MOREDan Primack - Nov 30, 2012 10:13 AM ET
Private equity investor Eric Leathers has quietly joined TPG Capital, Fortune has learned.
Leathers previously was with Pine Brook Partners, where he spent more than two years as a managing director focused on financial services companies. At last check, he sat on the boards of Pine Brook portfolio companies Aurigen Capital Ltd., Green Bancorp Inc., and Narragansett Bay Insurance Co.
Prior to joining Pine Brook, Leathers was a partner for more than a decade MOREDan Primack - Feb 21, 2012 10:24 AM ET
I don't like dividend recapitalizations. No, that's too mild. I despise them.
From my (apparently) naïve perspective, private equity firms should buy a company, help grow it and then sell it. Returns should come from the difference between purchase price and sale price, not by adding even more debt onto a company for the primary purpose of enriching shareholders. It's greed masquerading as risk management, and undercuts valid PE industry arguments MOREDan Primack - Dec 7, 2011 11:12 AM ET
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