Welcome to another episode of Goldman Sachs Exchanges, Great Investors.

I'm Allison Mass, Chairman of Investment Banking within Goldman Sachs's Global Banking and Markets Business, and your host for today's episode.

Today I have the great pleasure of sitting down with John Winkle Reed.

John is the CEO of TPG, one of the world's most prominent and most admired alternative asset managers.

John is also no stranger to this building. He spent 27 years at Goldman Sachs,

ultimately serving as our president and co-chief operating officer.

Today we're going to talk about the growth of alternative investing, the future of

capital markets, and what it takes to stay on top of your game during a decades long career in finance.

So John, thank you for being here and sitting down with me today.

Thank you, Allison.

It's a pleasure and it's always a great experience for me to come back to Goldman Sachs.

I love it and it's played a big role in my life so it's great to be here.

Well, we're happy to have you here.

So I want to talk about TPG and the private markets and start with some impressive growth stats.

You join TPG in 2015 and doubled the size of the business

before taking it public in 2022

with 110 billion dollars of assets under management.

Today just a few years later you stand at two hundred and twenty four billion assets under

management and I'm sure our listeners have all heard of TPG, but for those who might not be as familiar with the business, can you give us a look inside and tell us a little bit about what has driven that growth?

Sure. So when you think about how TPG was founded, TPG really grew out of a family

office and family office mentality. So remember that most of the other large private equity firms that became alternative asset platforms,

their origin was people who came from Wall Street, people who came from where frankly we came from,

...