L Catterton partner moves to TPG Growth’s consumer team

Mark Grabowski has left L Catterton after a decade to fill a newly-created role, consumer sector partner, at TPG Growth.

Texas-based TPG Capital’s growth equity and mid-market platform, TPG Growth, has hired Mark Grabowski as a new partner.

Grabowski joins the $7 billion growth equity platform from L Catterton to lead its consumer sector investments, according to a statement. He started Tuesday in the firm’s New York office.

According to a source familiar with the matter, this is a newly-created position at TPG.

Grabowski was most recently a managing director at L Catterton, a Greenwich-based consumer sector-oriented firm with $5.5 billion in assets under management. In January, L Catterton was formed when Catterton Partners, luxury retailer LVMH and family office Groupe Arnault merged, as reported by Private Equity International. Previously, Grabowski worked for Catterton Partners since 2007.

Earlier in his career, Grabowski was a senior associate at mid-market buyout and mezzanine firm American Capital, an associate at private equity consultant Alvarez & Marsal, an associate at AEA Investors, where he evaluated leveraged buyouts and growth equity investments, and an investment banking analyst advising on mergers and acquisitions at Merrill Lynch, according to his LinkedIn profile.

TPG Growth, founded in 2007, invests in companies in the US, Europe, Africa, and Asia, in the consumer, retail, technology, Internet, healthcare, energy, cleantech and renewables, transportation, industrials, and business services sectors.

TPG Growth is currently investing its third fund, TPG Growth III, which closed last year on $3 billion, above its $2.75 billion target, according to PEI data. An earlier fund, TPG Growth II, was generating a 33.22 percent net internal rate of return as of January 2015, according to documents from the State of New Jersey Division of Investment.

TPG Growth III makes an equity commitment of between $50 and $100 million per investment, the documents show.
Its investments include home-sharing service Airbnb, financial services company Evolution Media Capital, automobile retail chain Landmark Group, and pizza chain Papa John’s, according to its website.

TPG, as a whole firm, has been active in new hires recently. Earlier this week, a former Goldman Sachs merchant banking partner started as head of its industrials team, as reported by PEI. Last month, it named a former Morgan Stanley managing director as its partner to lead its investment activities in South Korea, as reported by PEI. TPG manages $70 billion in assets.

A TPG spokeswoman did not comment on whether TPG is making further additions to its teams.