TPG: Money for nothing

David Bonderman is going Permira one better. Like the UK private equity shop, the TPG boss is letting hard-pressed investors off the hook – albeit slightly – by allowing them to cut their commitments to its $20bn mega-fund by 10%. TPG, unlike Permira, is also shaving management fees for those who don’t cut their commitments. True, with no big deals on the horizon and debt markets frozen, these moves look like window dressing. But they could help to placate investors still grumbling about TPG’...