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PE HUB Wire Highlights, 11.5.18

KPS promotes Palmer to co-managing partner; TPG appears to pull back from Europe

It’s Monday and this morning missive is late. We apologize for our continuing tech issues.

Tomorrow I’ll be at the Second Annual Women in Alternatives Career Forum, where I’ll be moderating a panel on careers in PE. What should I ask, hubsters?

One woman who appears to have figured out alternatives is Raquel Palmer, who has been promoted to co-managing partner at KPS Capital Partners. Congrats! Palmer has been a KPS team member for 25 years, joining its predecessor firm and helping create KPS in 1997, according to her bio. She was also one of our “10 Women Smashing PE’s Glass Ceiling” in 2016. Read our brief here.

Where is TPG? TPG looks as if it has pulled back from Europe, according to the Financial Times. After a series of soured deals and senior departures in the region, TPG has no dedicated fund or head of private equity in the Continent, the story said. TPG also hasn’t done a single leveraged buyout in Europe for more than two years, the FT said.

TPG, after some failed deals in the U.S., revisited its approach and has invested heavily in tech startups, including Uber and Spotify, where it has been very successful. The firm still does buyouts but they tend to be in select sectors like healthcare, the FT said.

TPG looks as if it’s following the same strategy in Europe. “TPG has not been good at being plain vanilla and management came to the conclusion that doing business like it does in the U.S. is the best way forward in Europe,” an anonymous source in the story said.

While it’s not active in buyouts in Europe, TPG still aims to keep growing its real estate and credit investing in the region. TPG has done more than 15 investments in the region in real estate alone, the FT said.


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