Predict your next investment

See what CB Insights has to offer

Investments

23

Portfolio Exits

3

About Washington Mutual

Washington Mutual Headquarter Location

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Washington Mutual News

Private equity firm TPG seeks $12.9 billion valuation in US IPO

Jan 5, 2022

Updated https://str.sg/wgsn NEW YORK (REUTERS) - Private equity firm TPG disclosed on Tuesday (Jan 4) that it is aiming for a US$9.5 billion (S$12.9 billion) valuation in its US initial public offering (IPO), as it presses on with a stock market flotation later this month. The underperformance of its peers' shares over much of the last decade gave TPG pause in pursuing a public listing, sources previously said. The firm was also trying to recover from a string of poor investments in the 2000s and diversify its private equity platform into growth and social impact investing. With interest rates at record lows and the global economic recovery from the Covid-19 pandemic turbocharging the buyout industry's profits and driving a rally in the shares of its peers, TPG decided to pull the IPO trigger. The Texas-based firm, an investor in Airbnb, Uber Technologies and Spotify Technology, said it planned to sell about 28.3 million shares priced between US$28 and US$31 apiece in the offering. TPG would raise about US$877.6 million at the top end of its indicated price range. About 40 per cent of that would go to TPG shareholders who plan to cash out. That excludes its founders, who plan to keep their holdings for now. The rest of the proceeds will be used for expenses and funding TPG's business, including growth initiatives, the firm said. Founded as Texas Pacific Group in 1992 by Mr David Bonderman and Mr Jim Coulter, TPG made its first investment in 1993 in then bankrupt Continental Airlines. It now has around US$109 billion in assets under management in sectors from retail to healthcare. The firm made huge bets two decades ago that went sour on companies such as Texas power utility Energy Future Holdings, casino operator Caesars Entertainment and floundering bank Washington Mutual. During the 2008 financial crisis, federal regulators seized Washington Mutual and reached a deal to sell most of its operations to JPMorgan Chase & Co. TPG managed to convince enough of its investors to stick with it, and its fortunes gradually recovered. Its business is now booming; it reported its net income for the nine months to September 2021 jumped more than fivefold to US$1.7 billion. Its revenue surged to US$3.9 billion, from US$564.4 million a year earlier. TPG will continue to be controlled by Mr Bonderman, Mr Coulter, chief executive Jon Winkelried and other partners under a dual-class share structure that gives the executives about 98 per cent voting control over firm. This is an arrangement that was also adopted by TPG's peers when they went public, although most of them have converted in the last two years into a one-share-one-vote structure. Blackstone has remained an exception, with its CEO Stephen Schwarzman keeping control. TPG said it would end the dual-class stock arrangement some time in the next five years. It said that in the next two years it planned to expand its controlling group by inviting two of its partners to join Mr Bonderman, Mr Coulter and Mr Winkelried. In 2021, Mr Bonderman collected about US$174 million as dividends and compensation, which consisted of carried interest, base salary and bonuses. Mr Coulter received US$23.8 million in compensation, while Mr Winkelried earned US$11.6 million and TPG president Todd Sisitsky took home US$42 million, the filing showed. JPMorgan, Goldman Sachs, Morgan Stanley, TPG Capital BD and BofA Securities are the lead underwriters for TPG's offering. It expects to list on Nasdaq under the symbol "TPG". More On This Topic

Washington Mutual Investments

23 Investments

Washington Mutual has made 23 investments. Their latest investment was in Performant as part of their Series B on November 11, 2001.

CBI Logo

Washington Mutual Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/14/2001

Series B

Performant

$7.3M

Yes

4/5/2001

Unattributed VC - II

XpenseWise

No

2/13/2001

Series D

PayPal

$90M

Yes

7/13/2000

Series A

Subscribe to see more

$99M

Subscribe to see more

0

Other Investors

Subscribe to see more

Subscribe to see more

0

Date

11/14/2001

4/5/2001

2/13/2001

7/13/2000

Round

Series B

Unattributed VC - II

Series D

Series A

Other Investors

Company

Performant

XpenseWise

PayPal

Subscribe to see more

Subscribe to see more

Amount

$7.3M

$90M

$99M

New?

Yes

No

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

0

0

Washington Mutual Portfolio Exits

3 Portfolio Exits

Washington Mutual has 3 portfolio exits. Their latest portfolio exit was GetSmart on December 15, 2003.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/15/2003

Acquired - II

5/23/2003

Acquired

Subscribe to see more

$99M

Subscribe to see more

0

2/15/2002

IPO

Subscribe to see more

$99M

Subscribe to see more

10

Date

12/15/2003

5/23/2003

2/15/2002

Exit

Acquired - II

Acquired

IPO

Companies

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Sources

0

10

Washington Mutual Acquisitions

2 Acquisitions

Washington Mutual acquired 2 companies. Their latest acquisition was Dime Bancorp on January 16, 2002.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/16/2002

Other Venture Capital

$99M

$238.13M

Acquired

2/8/1999

Series D

Subscribe to see more

$99M

$99M

Subscribe to see more

0

Date

1/16/2002

2/8/1999

Investment Stage

Other Venture Capital

Series D

Companies

Subscribe to see more

Valuation

$99M

$99M

Total Funding

$238.13M

$99M

Note

Acquired

Subscribe to see more

Sources

0

Washington Mutual Team

1 Team Member

Washington Mutual has 1 team member, including former President, Michael Amato.

Name

Work History

Title

Status

Michael Amato

President

Former

Name

Michael Amato

Work History

Title

President

Status

Former

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.