TPG, one of the last of the original private-equity giants to remain a closely held partnership, is evaluating a public listing, people familiar with the matter said.
The firm is considering a straightforward initial public offering and a merger with a special-purpose acquisition company, with the former being the most likely route, the people said. Such a deal could value the California-and-Texas firm at about $10 billion, some of the people said.
The process is still in its early stages and TPG may not opt to proceed with any deal.
TPG, with nearly $100 billion in assets under management, has flirted with an IPO multiple times, only to end up balking while rivals forged ahead. Blackstone Group Inc. BX, -1.83%, Apollo Global Management Inc. APO, -0.34%, KKR & Co. KKR, -1.89% and Carlyle Group Inc. CG, -0.73% went public years ago, transforming businesses that have enjoyed rapid growth as the industry is flooded with assets.
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