Source : THE AGE NEWS
The under-the-microscope Australian outpost of private equity giant TPG, led by convicted negligent driver Joel Thickins, paid its 30 staff a whopping $62 million last year as business boomed and profit soared at the controversial firm.
Financial documents obtained by this masthead reveal the under-fire investment firm rewarded its key people handsomely in the 2025 calendar year, paying out almost 80 per cent of its $79.2 million in revenue to staff.
The $62 million in pay in 2025 to TPG Capital (Australia) staff, who have overseen major investments such as the vets chain Greencross, equates to an average $2.1 million to each of its local employees. Senior management such as Thickins would in reality command a much greater share of the pie than some of the firm’s more lowly ranked colleagues.
Thickins is head of TPG in Australia and New Zealand and managing partner of its Asian operations. The company draws on billions in global capital to buy and overhaul companies before selling them again.
This week, the Sydney-based businessman pleaded guilty to two charges involving drink-driving relating to an incident in Queens Park in early June, when Thickins crashed his BMW into five cars and then twice refused to take an alcohol breath test.
Thickins was fined $1430 and had his licence suspended for nine months. The presiding judge slammed the millionaire businessman, referring to Thickins’ behaviour as “an absolute shocker” and said the situation could not have been “much worse”. Thickins issued a statement after the decision, saying he was sorry for his actions and took full responsibility.
The TPG financial documents reveal the local outpost doubled revenue in 2025 from the previous year. Its profit was a healthy $5.7 million, up from $2.6 million in 2024.
Fine print of the financial disclosure further reveals that in the four months to the end of April, the firm has issued even more financial reward to a handful of key staff, who have been granted with an undisclosed parcel of shares in the Australian operation’s multibillion-dollar listed US parent.
Of the total pool shared by staff, the documents reveal $21.2 million was paid out in cash, while $40 million was paid as shares. TPG’s American parent, which is listed on the NASDAQ, has a market value of $US15.6 billion ($22.6 billion).
The notes of the local accounts reveal that “key management personnel”, which would include Thickins, were paid $10.2 million in 2025, from $11 million the year before.
TPG declined to respond to questions concerning the financial accounts, which were finalised by its auditors at the end of April.
Along with Thickins’ driving case, the crisis-ridden firm has been managing an unfolding controversy concerning a former senior manager at one of its portfolio companies.
Confidential documents originally prepared by Rob Speedie, who was an executive at TPG-controlled company Novotech before collapsing in a meeting, have been leaked, airing a series of allegations concerning the culture at the private equity shop and how it had contributed to Speedie’s declining health.
Meanwhile, amid the controversies impacting the private equity itself, management of its investment portfolio continues apace.
Retail giant Coles confirmed on Wednesday that it was in discussions with TPG about potentially buying its Greencross vet chain, which also owns Petbarn stores.
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