TPG

And what do I put in my reports all the time? Watch yields.

And I'm worried that yields are looking at new things right now, other things, like when you see the stocks of KKR and Blackstone and Texas Pacific Group all getting smoked to the downside.

These are your credit lenders to a lot of these companies.

We talked about OWL, O-W-L-A-R-E-S.

Right.

Peter Rutland, who is currently the firm's president, and Todd Szczycki, a highly experienced veteran coming over from TPG, will become the co-CEOs of CVC.

They will be succeeding the current CEO, Rob Lucas.

A very significant transition for the industry.

And that's a tough thing.

And when you say, okay, the company that pays Ducati's bills, especially an extremely expensive racing habit, what was the only thing that could cause Texas Pacific Group to get rid of Ducati? Cocaine.

Oh, not even

close.

Oh,

no, I meant they got caught with cocaine.

Racing? No, they got caught with cocaine way after Texas Pacific Group.

They got caught with cocaine like five years ago.

Those shares not doing so hot this morning, down about 2.7%, bearing some of the opening losses, but still very much in the red.

And that is because we got news that UnitedHealth sold an interest in some of its Optum Health operations in Florida to TPG.

So UNH saying that it is working with TPG will allow the business to grow more quickly while executing a broader turnaround.

Remember that their profit last year was very much a disappointment, and they're now in the middle of overhauling their businesses in a bid to raise the share price.

And CFO for UNH, Wayne Devane, saying that they needed the focus and somebody that could actually work with them locally, and that looks to be, uh, Optum Health, or rather TPG, uh, in Florida.

And, you know, for, for TPG, this is part of the Optum restructuring that the company had previously announced as well.

All right, so lots of goings-on at UnitedHealth.

You're also looking at an online travel company.

Let's do it.

Energy Future Holdings, formerly TXU, 2007, KKR, TPG, and Goldman's private credit c- private equity arm, $45 billion.

Largest leverage buyout ever done.

The entire thesis was that na- natural gas prices would keep rising.

The company operates a network of private hospitals across Asia, providing specialists, surgical and other medical services.

Backed by Tycoon Quek Ling Chan's Hong Leong Group and private equity giant TPG, Asia One Healthcare could be valued at around RM30 billion.

If completed, the deal could become Malaysia's biggest ever healthcare listing, surpassing IHH Healthcare's RM6.3 billion IPO in 2012.

China is pumping billions of dollars into its biggest banks and insurers as Beijing seeks to support lending and shore up the financial system amid a slowing economy.

Michael has been at the forefront of Avara's growth story since its formation in 2019, helping to build a business that has delivered thousands of new homes and played a significant role in addressing Ireland's housing needs.

Formerly known as Quintain Ireland, the company rebranded Avara in 2025 as it entered a new phase of expansion, backed by global investor TPG Real Estate.

Under Michael's leadership, Avara has developed a reputation for delivering large-scale residential communities, combining housing, public amenities, infrastructure, mixed-use developments and designed to create thriving neighbourhoods rather than simply housing estates.

Avara has a substantial development pipeline across Ireland set in ambitious targets to increase housing delivery to 1,500 homes annually.

And so they can go and just fund their sites and get on sites a little bit more straightforward than if you're in a private business.

Every single site that we develop and go on, we have to do an individual financing for.

And also, if you're a private business that's backed by international capital the way we are by TPG, every acquisition is probably looked at in a little bit more detail than if you were not saying the plc guys don't do it right but they have multiple hundreds of uh investors where we have won and so we probably you know get uh get in the weeds a bit more, then that's not a bad thing.

It keeps you honed in your skill set.

Here is the latest.

The Wall Street Journal reports that TPG has confidentially filed for an IPO of its Malaysia hospital assets with a valuation of around $8 billion.

Today is Wednesday, September 2nd, 2026, and you're listening to Grey Journal Daily News Podcast.

The move signals renewed investor interest in Southeast Asian healthcare, while giving TPG flexibility on timing and valuation.

Malaysia's private healthcare sector benefits from rising incomes, urbanization, insurance growth, and medical tourism.

Investors will focus on hospital capacity, occupancy, revenue per patient, capital needs, and regulatory compliance.

Potential listing venues have not been disclosed, though Bursa Malaysia and Singapore Exchange could be options.

The timing will depend on interest rates, investor demand, and broader IPO conditions.