In addition to the TPG Capital’s recent crowning as the largest buyout firm of 2008, the firm can now add “top fee-payer” to its trophy case as well. According to data from the investment bank Freeman & Co. and Thomson Reuters, TPG paid more fees to underwriters and financial advisors than any other buyout firm in the first quarter of 2009.
The latest issue of Buyouts reports that the firm paid $35.9 million in fees in Q1; 80% of which went to syndicated loans and the rest to the debt capital markets. It’s a drop from a year prior, when TPG took home the top spot with $109.5 million in fee payments.
That news comes a week after Private Equity International released data showing that TPG has raised more money than any other buyout firm over the last five years. That data takes into account the $2 billion billion the firm has allowed its investors to rescind after the firm took a beating on its investment in Washington Mutual and wrote several other large deals down to zero.
The next-highest fee-paying sponsors are Goldman Sachs with $32 million, Permira and Scroder Venture Partners with $13.8 million each, and JC Flowers with $13.6 million. Below that, Elevation Partners, GTCR, Lindsay Goldberg, Madison Dearborn, Fortress, TA Associates, and Hg Capital populate the top 20.
Fee-paying in general took a massive hit in the first quarter: The global total is $258.3 million, which Buyouts noted was a 78% drop from the first quarter in 2008.
Click here to read the full story from Buyouts and view related charts from the latest issue.
Previously: Bigger Doesn’t Mean Best: TPG Named Largest Firm,
TPG Is A Two-Time Loser on Time’s Worst Deals of the Year List, WaMu: The Worst Deal in Private Equity History?
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