Cathy Chan
TPG Capital decided to retain Joel Thickins as partner and co-head of Asia following his guilty plea stemming from an alcohol-related crash while driving in Sydney and an internal review into a series of allegations.
In addition to his court-mandated penalties, TPG has imposed โappropriate disciplinary actionโ against Thickins, according to a statement from the company, which gave no further details. An independent investigation by law firm Debevoise & Plimpton found no systemic pattern of misbehavior by him, according to the statement.
The investigation also concluded that other allegations related to TPG portfolio company Novotech Pty were โunsubstantiated and meritlessโ after reviewing tens of thousands of documents and interviewing relevant parties, the company said.
The findings, together with Thickinsโ acceptance of responsibility, cooperation with investigators and previously clean disciplinary record, led it to conclude that heโll remain in the role, TPG said.
โWith the investigation now complete and the legal proceedings concluded, our focus is now on moving forward and supporting the continued success of our strong Asia franchise,โ the alternative-asset firm said in the statement.
The probe was led by Andrew Ceresney, co-chair of Debevoiseโs litigation department and former director of enforcement at the US Securities and Exchange Commission.
The decision marks a vote of confidence in one of TPGโs most senior Asia executives, who has spent a decade at the firm and helped build its Australian franchise into one of the countryโs most active private equity investors. Australia, along with Southeast Asia and India, has been a key market for TPG as it has progressively reduced its China exposure.
Negligent driving
Thickins this week pleaded guilty in a Sydney court to negligent driving while under the influence of alcohol and refusing a breath test following a five-car collision in the cityโs eastern suburbs on June 1. He was fined, disqualified from driving for nine months and publicly apologised, saying he accepted full responsibility for his actions and was grateful nobody was injured.
The incident prompted TPG to commission a third-party investigation, which also examined separate workplace-related allegations that emerged in the days after the crash. The firm said the review found those claims to be โentirely without meritโ and that it would communicate its broader path forward to stakeholders.
Thickins joined in 2016 as head of Australia. In 2024 he was appointed Asia co-head alongside Ganen Sarvananthan, whoโs also head of the Middle East and sits on TPGโs board and executive committee.
The Australian portfolio has seen a series of successful exits and realisations, underscoring the maturity of the franchise. These include the Made Group exit, where Cocobella and Rokeby were sold to Danone in a deal valued at as much as $2 billion. Recent activity also includes Infomediaโs acquisition of Veact in Europe.
More to come
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