TPG interview process

1. Step 1

   First round

   A 30-to-45-minute headhunter introduction, then separate one-hour sessions with a VP and an MD or partner.

   • The recruiter conversation covers your background and deal experience.
   • The VP and MD sessions go deep on the modeling test, prior deal experience, and market views.
   • Technical follow-ups are mixed with behavioral questions on leadership and teamwork.
   • “Why TPG, and a deal you consider a success and why.”
   • “Tell me about a time you disagreed with someone on a deal team.”

2. Step 2

   Case or modeling test

   A timed Excel LBO modeling test, roughly two to three hours, reported as modeling, write-up, and discussion segments of about 40 minutes each.

   • It evaluates modeling speed and accuracy alongside investment judgment, not polish.
   • The debrief examines the rationale behind your operating assumptions and scenario analysis.
   • Reported technical areas include LBO sensitivities, entry and exit multiples, dividend recaps, add-on evaluation, and carve-out modeling.
   • “Walk me through your operating assumptions and why you chose them.”
   • “How would this deal's returns change under a different exit multiple?”

3. Step 3

   Final round

   Five or six consecutive one-on-one interviews spanning partners, MDs, principals, VPs, and senior associates.

   • It includes case discussion and further probing of deal judgment.
   • Senior interviewers push back directly on your modeling assumptions.
   • Offers reportedly follow within one to two weeks after a partnership committee review.

Share of the 6 TPG questions in our bank by topic. Each topic links to a worked example.

1. Accretion and dilution67%
2. Behavioral questions33%

• Modeling speed and accuracy under a real time constraint, built to separate candidates on execution speed as much as correctness.
• Independent investment judgment: how you reason through an ambiguous situation, not just whether the model is correct.
• Ability to hold a position under direct partner-level pushback during the modeling test debrief and superday.
• LBO sensitivities, entry and exit multiple assumptions, add-on and carve-out modeling judgment.

Real questions from the set. Open one to answer it with grading.

• Source-based IC challenge: experience-led leisure servicesAccretion and dilution|Advanced
• Update the thesis: cohort analysis challenging a broad creator-economy themeBehavioral questions|Advanced
• Commission commercial diligence: cohort retention, venue economics, and creator bargainingAccretion and dilution|Advanced
• Test an add-on: a talent-services agency in a neighboring contentAccretion and dilution|Advanced
• Why this investing platform?: experience-led leisure servicesAccretion and dilution|Basic

• In the modeling test debrief, lead with your investment conclusion and the two or three drivers behind it before walking through mechanics.
• Rehearse defending your model's operating assumptions out loud; TPG's debrief format specifically probes assumption rationale, not just output.
• Bring a concrete deal story with your own role in it: a specific success, a disagreement you navigated, or a failure you learned from, since these come up directly.