By Ryan Dezember
TPG's general counsel Ronald Cami is leaving the private-equity
firm after five years as its top in-house lawyer.
Mr. Cami, 47 years old, has agreed to stay on at the firm while
it searches for a replacement and to help with the transition.
"It's been an incredible opportunity to serve as the general
counsel for TPG for last five years, and I am proud to have been
part of such a great organization during this time when much has
been accomplished," Mr. Cami said in an emailed statement. "I made
the decision that I wanted to pursue new opportunities that I've
been approached about and I am looking forward to new
challenges."
Mr. Cami hasn't disclosed further detail about his plans.
His departure comes as TPG works to raise a new flagship buyout
fund--its first since 2008 when it pooled $19.8 billion from
investors--and as it ponders an initial public offering.
Some of TPG's rivals, including Blackstone Group LP, KKR &
Co. and Carlyle Group LP, have gone public in recent years, giving
them a permanent source of capital to help fund expansion into new
business lines such as hedge funds and lending while also creating
an avenue for their founders and other employees to cash out of the
businesses.
TPG has told investors it is targeting $10 billion for the new
fund, which could prove critical to any potential IPO plans. While
significantly smaller than its last two buyout funds, collecting
commitments for that amount would be a vote of confidence from
investors such as public pensions, endowments and the ultrawealthy
after TPG stumbled on some of its largest investments.
The firm used cash from its 2008 fund and a similarly sized fund
launched in 2006 to make ill-fated bets on Seattle thrift
Washington Mutual, Texas power provider Energy Future Holdings
Corp. and the casino operator now known as Caesars Entertainment
Corp.
Mr. Cami joined TPG in 2010, in the aftermath of the financial
crisis that threw a wrench into some of the debt-laden buyouts
undertaken by TPG and its rivals before the crash. Since then TPG
has dialed down the size of companies it buys and also moved
aggressively into investing through separate funds in growing
companies, such as car-service app Uber Technologies Inc. and
home-rental site Airbnb Inc.
Before TPG, Mr. Cami was a partner at New York law firm Cravath,
Swaine & Moore LLP, where he worked on mergers and
acquisitions, leveraged buyouts and gave general boardroom advice
to corporate clients. Among the clients he worked with at the law
firm were investment firm D.E. Shaw & Co., pharmaceutical
company Bristol-Myers Squibb Co. and General Motors Co.
Write to Ryan Dezember at ryan.dezember@wsj.com
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