Michael Woolhouse will join TPG as a partner Aug. 3 to formally launch the firm's secondary business in the U.S. and Europe, said sources familiar with the situation.
It is a new position. "Michael's appointment and the launch of a dedicated secondaries solution mark another important step in our efforts to diversify TPG's platform and deliver differentiated value to our investors," said Jon Winkelried, co-CEO, in a news release.
TPG executives have some experience investing in secondaries through the firm's own general partner-led transactions as well as through a minority stake TPG took in 2018 in NewQuest Capital Partners, a secondary manager focused on the Asia-Pacific region. TPG executives declined to comment.
Mr. Woolhouse is leaving the C$409.6 billion ($305.2 billion) Canada Pension Plan Investment Board, Toronto, where he was a managing director and head of private equity secondaries. Darryl Konynenbelt, CPPIB spokesman, could not be immediately reached for information about Mr. Woolhouse's replacement.