Energy Future Holdings

TPG

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Founded in 1992 and led by David Bonderman and Jim Coulter, TPG manages one of the world's leading private investment firms. Through its investment platform, TPG Capital, the firm generally makes significant investments in operating companies through acquisitions and restructurings across a broad range of industries throughout North America, Europe, Asia, Australia and South America. The firm currently has more than $47 billion of assets under management, and portfolio companies in which TPG has significant ownership operate in more than 130 countries. TPG and its Principals have had lead responsibility for more than 230 transactions, investing more than $35 billion.

Investment Philosophy

The firm's investment philosophy is to create value by identifying opportunities created by industry trends, economic cycles or specific company circumstances. The firm's investments span a variety of industries including energy, industrials, technology, media and communications, financial services, healthcare, travel and entertainment, retail and consumer.

Management Strategy

TPG provides creative and intellectual capital, structured for each investment opportunity. A key element of TPG's investment success has been its ability to help management teams build value that benefits all stakeholders. While the firm does not typically become involved in the daily operations of portfolio companies, its wealth of experience, deep industry expertise and large global network of affiliated partners enable the firm to be a vital resource for Energy Future Holdings management, providing strategic, financial and operational guidance.

TPG devotes significant resources to adding operating value and cultivating portfolio company management teams, a network of world-class executives and a group of TPG professionals and affiliated senior advisors dedicated to enhancing the operations of portfolio companies.

Investment History

Some of TPG's best known investments in U.S.-based companies include Burger King, J. Crew, Del Monte, PETCO, America West Airlines, Harrah's, Hotwire, IMS Health, Beringer Wines, Seagate Technology, Texas Genco, , Neiman Marcus, MEMC, ON Semiconductor and Energy Future Holdings.

TPG also has an impressive track record overseas. Since making its first European investment in 1995, the firm has grown to become one of the most active private equity investors in Europe, having invested in 27 transactions in the region. Significant transactions include the buyout of Punch Taverns, Spirit Group, Grohe, Gate Gourmet International, Findexa, Gemalto, Debenhams, Vita Group, TIM Hellas, mobilcom, Eutelsat and TDF. TPG Capital has more than 25 professionals in Europe with local expertise in sourcing and executing transactions.

Similarly, TPG has had a longstanding presence in Asia. TPG entered Asia in 1994 as one of the first private equity firms dedicated to the Asia region. The firm has completed a number of control and minority stakes in such landmark transactions as Korea First Bank, Lenovo, Myer Department Stores, Parkway Holdings, Shenzhen Development Bank and Shriram Transport. TPG Capital has more than 40 professionals throughout the region in seven offices. http://www.tpg.com/