<SEC-DOCUMENT>0001193125-22-000998.txt : 20220210
<SEC-HEADER>0001193125-22-000998.hdr.sgml : 20220210
<ACCEPTANCE-DATETIME>20220104061928
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-000998
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TPG Partners, LLC
		CENTRAL INDEX KEY:			0001880661
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				872063362
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		301 COMMERCE STREET
		STREET 2:		SUITE 3300
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-871-4000

	MAIL ADDRESS:	
		STREET 1:		301 COMMERCE STREET
		STREET 2:		SUITE 3300
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TPG Partners, LLC
		DATE OF NAME CHANGE:	20210827
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g197780g0104115424818.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">767 Fifth Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">New York, NY 10153-0119 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 212 310
8000 tel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 212 310 8007 fax </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January&nbsp;4, 2022 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>VIA EDGAR TRANSMISSION
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Susan Block </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TPG Partners, LLC </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed on December 16, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-261681</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Block: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client,
TPG Partners, LLC, a Delaware limited liability company (the &#147;Company&#148;), set forth below are the Company&#146;s responses to the comments of the Staff communicated in its letter addressed to the Company, dated January&nbsp;3, 2022. In
connection with such responses, the Company will be filing, electronically via EDGAR, Amendment No.&nbsp;2 (&#147;Amendment No.&nbsp;2&#148;) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> of the Company (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-261681)</FONT> (the &#147;Registration Statement&#148;). We will send to the Staff under separate cover courtesy copies of Amendment No.&nbsp;2, including copies marked to show the changes effected by
Amendment No.&nbsp;2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of reference, each of the Staff&#146;s comments is reproduced below in bold and is followed by the
Company&#146;s response. In addition, unless otherwise indicated, all references to page numbers in such responses are to page numbers in Amendment No.&nbsp;2. Capitalized terms used in this letter but not otherwise defined herein shall have the
meaning ascribed to such term in Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed on
December&nbsp;16, 2021 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary, page 1 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please refer to the IRR chart on page 3. Please include definitions of IRR, Gross IRR and Net IRR to
accompany this chart. In a footnote to the chart, please also disclose that Gross MoM and Investor Net MoM are also discussed under &#147;Management&#146;s Discussion and Analysis of of Financial Results of Operation&#151;Operating Metrics&#151;Fund
Performance Metrics.&#148; </B></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Block</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">January 4, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g197780g0104115425803.jpg" ALT="LOGO">
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure
on pages 3, 206 and 219 to clarify that the chart on pages 3, 206 and 219 presents both Gross IRR and Net IRR, to include the definitions of &#147;Gross IRR&#148; and &#147;Net IRR&#148; and to disclose that Gross MoM and Investor Net MoM are also
presented under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Operating Metrics&#151;Fund Performance Metrics.&#148; As the disclosure is limited to presentations of Gross IRR or Net IRR, for
which definitions are now included, the Company has not included a separate definition of &#147;IRR.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations Fund Performance Metrics, page 183 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the table reflecting the performance of your funds includes Gross MoM, but does not include Investor
Net MoM. Footnote 9 to the table discusses Investor Net MoM but does not appear to correspond with a value in the chart. We further note the disclosure in footnote 7 to the chart that Gross IRR and Gross MoM are calculated adjusting Net IRR and
Investor Net MoM. Please provide the Investor Net MoM calculation in the table or in the footnote to the table, or advise. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the table on pages 190 and 191 to include the Investor Net MoM
calculation. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Block</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">January 4, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g197780g0104115425803.jpg" ALT="LOGO">
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Should any questions arise in connection with the filing or this response letter, please
contact the undersigned at (212) <FONT STYLE="white-space:nowrap">310-8050.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Michael B. Hickey</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael B. Hickey</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weil, Gotshal&nbsp;&amp; Manges LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jon Winkelried </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chief Executive Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">TPG
Partners, LLC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bradford Berenson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">TPG Partners,
LLC </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g197780g0104115424818.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g197780g0104115424818.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  < 4$# 2(  A$! Q$!_\0
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MZ="@?8!( #T^;./K7N.!1M% 'SQH'P^^(&@WNL:W86=I9:C.H2WA1D*89P6
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MJ>E_%.*[&L+IVM-90&\GE&U$E\E0P4C.0<?GFOJBLR]\/:/J-R;B]TVVN)B
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:-"B<1!5"\COUKM<48&: &;4]#13\"B@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g197780g0104115425803.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g197780g0104115425803.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  - , # 2(  A$! Q$!_\0
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M$_A_3WL=2L]%AAM[FYNF8S7DB!%E(;/#[B0?O8VL>:W/^&;_  O_ -!;6/\
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&S]!0!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
