Texas Pacific Group, later TPG Capital, was founded in 1992 by David Bonderman, James Coulter and William S. Price III.

Prior to founding TPG, Bonderman and Coulter had worked for Robert Bass, making leveraged buyout investments during the 1980s.

In 1993, Coulter and Bonderman partnered with GE Capital vice president of strategic planning and business development William S. Price III to complete the buyout of Continental Airlines.

[5] In June 1996, TPG acquired the AT&T Paradyne unit, a multimedia communications business, from Lucent Technologies for $175 million.

Crew, acquiring an 88% stake for approximately $500 million;[8] the investment struggled due to the high purchase price paid relative to the company's earnings.

However, concerns about debt led to Oregon Public Utility Commission regulators to deny permission for the purchase on March 10, 2005.

[24][25] On May 15, 2006, Smurfit-Stone reported the definitive sale for $1.04 billion in cash of its consumer packaging division to the Texas Pacific Group.

[26] In early 2006, as TPG was completing fundraising for its fifth private equity fund, co-founder Bill Price announced that he would reduce his work at the firm.

[27] On December 1, 2006, it was announced TPG and Kohlberg Kravis Roberts had been exploring the possibility of a $100 billion leveraged buyout of Home Depot.

[32] In June 2009, Republic Airways Holdings Inc., a provider of regional flights for larger carriers, agreed to buy Midwest Airlines from TPG Capital.

[34] Morgenson raised questions about the circumstances in which TPG and fellow private equity investors Apax Partners of London redeemed a significant quantity of "convertible preferred equity certificates" held by them to repay their own "deeply subordinated shareholder loans" during a period in which a significant and apparently unexplained spike occurred in the market value of the certificates.

[36] TPG and fellow private equity firm Apollo Global Management are set to IPO their stake in Norwegian Cruise Lines in 2013.

[58] Miller was named co-chairman of Wikia, alongside Jimmy Wales, and TPG Capital director Andrew Doyle assumed the role of interim CEO.

[59][60] In March 2018, Manipal Hospitals and TPG Capital acquired Fortis Healthcare as part of a deal for ₹39 billion.

[61][62][63] In 2020, TPG joined Diligent Corporation's Modern Leadership Initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.

Members include individuals and representatives from companies such as Apple, Bank of America, Honeywell, Boeing, and John Deere.

[70] In April 2022, the fund announced the final close of TPG Rise Climate with $7.3 billion in total commitments.

[74] In May 2023, TPG agreed to acquire alternative investment firm Angelo Gordon in a cash and stock deal valued at $2.7 billion.

[75] In July 2023, together with Francisco Partners, TPG agreed to acquire web tracking and analytics firm New Relic in an all-cash deal valued at $6.5 billion.

[78] On September 30, 2024, TPG Angelo Gordon and a certain amount of its co-investors, as well as DirecTV, provided $2.5 billion of financing to fully refinance DISH DBS’ November 2024 debt maturity.