Joel Thickins, the Australian chief of TPG Capital, will keep his multimillion-dollar position despite being convicted of negligent driving and twice refusing to provide a breath sample following a five-car collision in June. The private equity firm has announced its continued support for the top dealmaker after an independent investigation into allegations involving alcohol, drugs, and a portfolio company, Novotech.
TPG commissioned the probe, conducted by law firm Debevoise & Plimpton, following the June 1 incident. The investigation concluded that there was no evidence of a systemic pattern of misconduct by Thickins, and broader allegations related to Novotech were deemed unsubstantiated and meritless. Andrew Ceresney, co-chair of Debevoise's litigation department and former Director of Enforcement at the U.S. Securities and Exchange Commission, led the inquiry, which involved interviews and the review of tens of thousands of documents.
Facing court, Thickins pleaded guilty to the charges, with a judge describing his behavior towards police as "indignant, argumentative and obstinate." He was fined $1,430 and disqualified from driving for nine months. TPG confirmed it has imposed "appropriate disciplinary action" in addition to the court-mandated penalties, though the firm has not elaborated on the specifics.
Thickins is expected to return to the TPG Capital Sydney office after a six-week break, coinciding with school holidays. Insiders suggest his return may be discreet, with one source predicting he will utilize a private driver. His wife and daughters are reportedly mortified by the public nature of the scandal.
The incident has drawn parallels to the earlier downfall of Rob Speedie, the former chief financial officer of Novotech, who was once considered Thickins' trusted associate. Speedie exited Novotech in late 2024 following a collapse during an investor presentation and subsequently entered a rehabilitation facility for executive burnout. His departure from Novotech reportedly resulted in an $8 million exit package.
Speedie's personal life has also been marked by significant changes. After attempting to reconcile with his then-wife, former JP Morgan banker Annabelle Mooney, their marriage ended. Social media posts indicated Speedie was soon after holidaying with his current partner, Cath Jur. While suggestions indicated Speedie might embrace a quieter lifestyle, sources claim he has continued a fast-paced social life. He is reportedly relying on income protection payments and resides in a bayside suburb of Melbourne. Industry figures understand he is finished with private equity.
TPG's decision to retain Thickins comes as he remains integral to ongoing negotiations for a potential deal with supermarket giant Coles, a transaction that could yield billions for the firm. The firm's leadership, in light of the investigation's findings and Thickins' accountability, has concluded he will continue in his role, aiming to close this chapter.