Deals
TPG to Pay $13 Million Over SEC Allegations It Misled Investors
- Private equity giant failed to adequately disclose fees: SEC
- Regulator has fined multiple firms over their fee practices
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TPG Capital will pay about $13 million to settle claims it made misleading disclosures about fees it collected from buyout targets, becoming the latest private equity giant sanctioned in a broad investigation into whether firms put their own interests ahead of investors.
At issue are payments that TPG received for advisory services from companies it bought. TPG failed to disclose to its investors that it sometimes accelerated those fees so that it got them immediately when it sold a company or held an initial public offering, the U.S. Securities and Exchange Commission said in a Thursday statement.