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Jon Winkelried

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2024-08-02
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2024-08-02
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  1. “Also, in MA activity in our industry. Right. Another big shift is this coming together of alternative asset management and insurance, the reasons for it are, I think, multifaceted and nuanced, but at its core, what you see happening is that life and annuity players in particular have realized that if you want to be competitive in offering annuities at a competitive rate in the market, if you asset manage better, you can offer higher rates, right? And so there's been a realization that the asset management side of the equation is as important as your marketing engine and your crediting rate to policyholders and also recognizing the fact that over time, retirement products, annuity products, et cetera, will continue to be very important in the market. And it's just essentially a financial contract. And so it lends itself to this asset management liability management dynamic. So that's one aspect of it. The other aspect of it is that if you think about”

    2024-08-02 · Goldman Sachs Exchanges · TPG CEO Jon Winkelried on the evolution of private equity and alternative markets · IDENTIFIED FROM THE TRANSCRIPT

  2. “The plates are rumbling for sure in terms of how things are changing. One is that there's clearly a trend toward consolidation and concentration in our industry. And that is also being exacerbated by the fact that we've gone through a market change where, frankly, capital formation has become more difficult. So if you look at what's going on, first of all, the largest pools of capital in the world, and that includes institutional as well as mass affluent, high net worth, private wealth, the largest pools of capital want to do more with fewer managers. People want to concentrate and focus their relationships because they feel like they'll be important to their GPs that way. They'll get better terms. They'll be more strategic dialogue, top-of-the-house relationships, as well as relationships through the deal teams and through the investing functions. And as a result of that, we're having to pull back in terms of giving capital to smaller boutique style managers. You're starting to see that manifest itself all”

    2024-08-02 · Goldman Sachs Exchanges · TPG CEO Jon Winkelried on the evolution of private equity and alternative markets · IDENTIFIED FROM THE TRANSCRIPT

  3. “Partners, the first billion dollars of investing actually came out of TPG Capital 6, which was the buyout fund. And that happened also after the crisis. So this evolution of trying to see opportunities in the market and move into businesses where we thought as a result of the investing DNA of the firm, we felt like we had a reason or an edge to be in a particular business and saw opportunities that led us into those businesses.”

    2024-08-02 · Goldman Sachs Exchanges · TPG CEO Jon Winkelried on the evolution of private equity and alternative markets · IDENTIFIED FROM THE TRANSCRIPT

  4. “Right, exactly. Where the banks are, where they're not, who we run into every day, how we think about things. It certainly has had an impact on both the orientation around what's interesting, how we invest, and it's had implications beyond that in terms of how the firm has grown. So that's then led into how the firm thought about incubating new businesses, how we've gotten into new businesses. So as an example, after the financial crisis, the real estate business was started because there was really an opportunity that we saw to do some interesting things that were, I would say, more private equity-like in the real estate world. And because of valuation, dislocation, et cetera, what we did is we actually ceded the origination of the real estate business by allocating capital from the buyout fund. and getting there that way, similar to what we did, for instance, when we ceded our first credit business, when Alan Waxman came to TPG from Goldman Sachs and started what is now six.”

    2024-08-02 · Goldman Sachs Exchanges · TPG CEO Jon Winkelried on the evolution of private equity and alternative markets · IDENTIFIED FROM THE TRANSCRIPT

  5. “Sure. So when you think about how TPG was founded, TPG really grew out of a family office and family office mentality. So remember that most of the other large private equity firms that became alternative asset platforms, their origin was people who came from Wall Street, people who came from where, frankly, we came from and saw the opportunity in private equity and built these great firms. TPG really started by David Bonderman and Jim Coulter, the origin was the two of them working together for the Bass family in Texas, really a very much of a family office mentality, which implied a lot of range and flexibility and being creative around where they would allocate capital. And so they came out of that origin, and it's not coincidental that they decided that they were going to build the firm on the West Coast, not the East Coast, which frankly, when you think about the ecosystem we live in, the relationships that we have,”

    2024-08-02 · Goldman Sachs Exchanges · TPG CEO Jon Winkelried on the evolution of private equity and alternative markets · IDENTIFIED FROM THE TRANSCRIPT

  6. “Thank you, Alison. It's a pleasure and it's always a great experience for me to come back to Goldman Sachs. I love it, and it's played a big role in my life, so it's great to be here.”

    2024-08-02 · Goldman Sachs Exchanges · TPG CEO Jon Winkelried on the evolution of private equity and alternative markets · IDENTIFIED FROM THE TRANSCRIPT