(Bloomberg) -- TPG has promoted to Todd Sisitsky, who has co-led the firm’s main buyout strategy, to a newly-created president role as the firm makes leadership changes ahead of a possible initial public offering. 

The firm also named partners Nehal Raj and Jeff Rhodes co-managing partners of the buyout business, according to an emailed statement Thursday. Raj and Rhodes have spent their time at TPG making software and health care investments. The firm also promoted David Trujillo, who had led investments in internet, digital media and communications, as a co-head of its growth equity business.  

TPG is considering a listing in the public markets, following private equity firms such as Apollo Global Management Inc. With more than $100 billion in assets, it has diverged from large buyout peers by remaining a private partnership. 

Earlier this year, Jon Winkelried, who shared the co-chief executive position with Jim Coulter, became sole head of the firm. Coulter moved to an executive chairman role. 

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