Joel Thickins, head of Asia for TPG – Copyright, Australian Financial Review (click to enlarge)
I have this nephew who’s a big-time PE exec, based in Melbourne. His name is Joel Thickins, and he’s sure stirring up the Aussie private-equity scene. Such intrigue! The latest media attention he’s getting is from the Australian Financial Review in an article entitled, “‘Aggressive and Clever’: Inside Joel Thickins’ TPG.” (more on that below)
It’s a fascinating look inside the world of big dealmaking Down Under. And Joel continues to make a name for himself in that world, ruffling feathers in an otherwise somewhat stuffy business. He was always super-competitive, from his younger days in the finals of the Oregon State High School Championships, to getting a basketball scholarship to Northern Arizona University and playing in the NCAA Tournament. He soon left that world, where he felt smothered by the system of collegiate athletics, and soon moved on to MBA school at the University of Melbourne, after meeting and marrying an Australian girl. After graduation, he landed at an up-and-coming PE firm called CHAMP (aptly named for Joel!), later being hired to run Australia and New Zealand for the Melbourne office of TPG, one of the world’s largest private equity firms. His dealmaking prowess led to his being named head of the entire Asia market for the firm.
Back to that recent article. Here are some excerpts:
Those who know him well say he makes no secret of his disdain for investment bankers, who he sees as increasingly irrelevant as super funds and private capital firms forge more direct relationships….
“He’s not for the faint-hearted,” says Aidan Allen, the head of investment banking at Jarden, who later joined UBS as an adviser to TPG on the InvoCare deal. “I like dealing with him. He’s aggressive and clever.”
That combination of aggression and talent has kept TPG, one of the most prominent private equity firms in the country, in good stead over the last eight years…
In more than a dozen interviews – although Thickins and TPG declined to comment – friends, colleagues and critics paint a picture of an exacting man who can be hard to get hold of, someone who can be brusque but is often brilliant and more often decisive.
But don’t let me keep you from reading the entire article here — it’s a great read: ‘Aggressive and clever’: Inside Joel Thickins’ TPG.
On the topic of disdain for investment bankers, Joel didn’t hold back when I followed up with him on that and got this gem:
“Bankers are overpaid used car salesmen… their superpower is their ability to be indignant!”
Zing!
Joel in 2018 – Copyright, The Sydney Morning Herald (click to enlarge)
Another super-interesting piece on Joel that I found appeared back in 2018 in The Sydney Morning Herald, entitled TPG’s top man in the thick of it.
This one covers his earlier days at TPG and how he began making a name for himself. I find it all very fascinating! (And not just because he’s my nephew.)
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Here’s more on Joel’s latest plans, detailed in a December 11, 2023 “Street Talk” column in the Australian Financial Review:
TPG seeks $1.5b-plus for new Asian growth fund
TPG deal-maker Joel Thickins has hit the fundraising trail for a new Asia-based fund, Street Talk understands.
Sources said the strategy is chasing $1.5 billion-plus to target growth investments, focusing on consumer, technology/software and healthcare companies with enterprises valued between $150 million and $400 million.
Potential investors were told the majority will be deployed in Australian and New Zealand companies (70 per cent), and the remainder in South Korea and South-East Asia.
‘‘With interest rates rising across the region, attractive valuations are beginning to emerge in the mid-cap space at the same time as earnings growth has become the key driver for investment returns,” TPG Capital said in a marketing pitch seen by Street Talk.
‘‘We believe this market backdrop provides a great point in time to launch our growth strategy in the region.”
Thickins will lead the fund from Australia. It is expected to write checks between $75 million and $150 million. On his hit list are developed, profitable, cash-flow-positive companies looking for funding to expand offshore or improve productivity through tech and operational upgrades.
The firm has had a good year, sweeping funeral services business InvoCare off the ASX and chasing a $4 billion payday at its clinical research organisation Novotech. However, its attempt to offload its pets and vets business Greencross to EBOS collapsed at the last minute after tepid investor support for funding the acquisition.
TPG is touting its strong track record in the region.
The new fund will see TPG compete with the likes of Morgan Stanley Private Equity Asia, Crescent Point, BPEA EQT and Quadria Capital for Asian small-cap and middle-market companies.
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Needless to say, I will continue to follow Joel’s progress! And, one day, I just might make the trip Down Under (where I was born) to see him.
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