emily: you and david bonderman cofounded tpg in 1993. -- in 1992.ou were both working for a texas billionaire. what was it in those early days that set the stage for what tpg became? jim: we came to the industry from a different place. first of all, it is a bit aggressive to call it an industry in 1990. in fact, it was a backwater piece of the investment world. but in those early days, there were a couple of small funds. kkr. literally managing hundreds of millions of dollars, but some of the largest players were families. and as the industry grew up, the gene pools on one side wall street, on the other side, families, came together to form what is now called the private equity industry. and we came from that different gene pool and that has affected how we behave as investors. emily: tpg did take some hits during the financial crisis. how has that changed the way you do things? jim: you always have to learn from your mistakes. what we learned last cycle is that the larger deals that we did, often thought to be safer in areas like utilities or casin

jim coulter along with david bonderman got their start by investing in a bankrupt continental airlines tpg has its hands in everything from j.crew to movie studios, health care in china, and cell towers in southeast asia, and two of the most prominent tech unicorns -- uber and airbnb. as these companies take longer to go public, tpg's investment strategy is undergoing a new evolution in the era of private markets. joining me today on bloomberg