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Chobani Is Not Paying TPG for Partner's Work

Image Kevin Burns is not being paid to serve as interim COO of the challenged yogurt-maker. Last week, The New York Times reported that investors with private equity firm TPG Capital were “paying twice” for work being done by TPG partner Kevin Burns, who also is serving as the interim COO of yogurt maker Chobani (in which TPG invested last year). The paper basically alleged that Burns was being paid his regular TPG salary, derived from annual management fees paid by limited partners in TPG funds, while TPG also was receiving from Chobani a “a separate fee based on the partner’s work on the particular investment.” And, rather than sharing this separate fees with its limited partners, TPG had used a shadowy internal “recovery” group to keep most of the money in-house.
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