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The Australian chief of TPG Capital, Joel Thickins, will keep his multimillion-dollar job despite being convicted over a five-car crash, with the private equity firm backing its top dealmaker after an exhaustive investigation spanning allegations involving alcohol, drugs and one of its portfolio companies, Novotech.
The firm's co-head of Asia has survived the biggest crisis of his career with his salary intact, even if his reputation isn't, and is now bracing himself for a sheepish return to the office.
TPG commissioned an independent cultural probe by law firm Debevoise & Plimpton in the aftermath of Thickins' June 1 crash, but the firm says the investigation found no evidence of a systemic pattern of misconduct by Thickins and determined that the broader allegations relating to Novotech were 'unsubstantiated and meritless'.
It's a remarkable turnaround for one of Australia's most powerful corporate titans whose professional future appeared to be hanging in the balance just weeks ago as the headlines mounted, his day in court loomed, and the investigation gathered pace.
The timing is hardly insignificant. Thickins remains central to negotiations involving supermarket giant Coles, a deal that could ultimately deliver billions for the global investment giant.
Facing court on Tuesday, rather than contest the charges, the South Coogee father of two pleaded guilty to negligent driving and twice refusing to provide a breath sample after crashing his vehicle.
No-nonsense judge Michael Barko was unsparing at Waverley Local Court - held at John Maddison Tower - describing Thickins' behaviour towards police as 'indignant, argumentative and obstinate'.
'Without maiming someone or killing someone, it can't get much worse,' Barko said. 'It is an absolute shocker.'
The Australian chief of TPG Capital, Joel Thickins, will keep his multimillion-dollar job despite being convicted over a car crash. His return to the office will likely be hush-hush, insiders say
Meanwhile, Thickins' former friend Rob Speedie is said to be 'done' with private equity after his exit from Novotech under a cloud. He is now dating a new partner, Cath, but insiders say he hasn't left his high-octane lifestyle behind him, despite turning his back on the corporate world
Thickins was fined a total of $1,430 and disqualified from driving for nine months.
The penalty is unlikely to leave much of a dent for the man whose Australian business paid its employees a whopping $62million last year.
In addition to the court penalties, TPG confirmed it has imposed 'appropriate disciplinary action', although the firm has declined to elaborate on precisely what that involves.
Industry sources say Thickins - a dad to two girls aged 14 and 16, and presumably easily embarrassed - will return to the office following the school holidays after his six-week break from the business.
'I expect he will have a private driver once he returns to the office,' one insider said.
‘He'll come back quietly. He will arrive early and leave late. He's still deeply embarrassed by how public this has become, and his wife [Celina] and daughters are understandably mortified too.'
The firm's investigation was led by Andrew Ceresney, co-chair of Debevoise & Plimpton's litigation department and former Director of Enforcement at the US Securities and Exchange Commission.
According to TPG, investigators interviewed relevant parties and reviewed tens of thousands of documents before concluding allegations connected to Novotech lacked evidence.
Thickins is expected to return to TPG Capital Sydney office (pictured) after the school holidays
The private equity giant careened into five cars and pleaded guilty to negligent driving and twice refusing to provide a breath sample. Some of the damage is pictured
Celina Thickins (pictured) is said to be 'understandably mortified' by her husband's scandal
The findings ultimately persuaded the firm's leadership to back Thickins, whose overall annual earnings comprise a mix of base executive compensation, institutional cash bonuses and 'carried interest' - meaning profits earned from successful corporate deals.
The episode has nevertheless revived memories of another senior executive whose spectacular fall from grace rattled Australia's private equity circles.
Former Novotech chief financial officer Rob Speedie had long been regarded as Thickins' trusted offsider before his own abrupt exit following his collapse during an investor presentation in late 2024.
Speedie was subsequently 'let go' by Novotech before spending several weeks at The Banyans rehabilitation facility in Queensland's hinterland, where sources say he sought treatment for ‘executive burnout’.
His departure ultimately resulted in an estimated $8million exit package, reportedly paid over two years - a vastly different outcome from an initial offer understood to have been worth less than $300,000 during negotiations with then-chief executive John Moller.
Sources familiar with the negotiations say the settlement changed dramatically after legal correspondence, including a draft affidavit and hundreds of text messages, was introduced into discussions.
Away from boardrooms, Speedie's personal life also appeared to move at breakneck pace.
After completing his rehabilitation program, he and his then-wife, former JP Morgan banker Annabelle Mooney, made what friends described as a last-ditch attempt to salvage their troubled marriage during a ski holiday to Perisher and Thredbo in June 2025.
Speedie split from his second wife, former JPMorgan MD Annabelle Mooney (pictured), after exiting Novotech under a cloud last year. They tried to salvage their marriage on a skiing holiday, but weeks later he was holidaying with another woman, his current partner Cath Ju
'Dopamine girlie' Cath is a regular fixture on Speedie's Instagram account. In one post, the former chief financial officer thanked her for 'putting up with the chaos of me'
Curiously, Speedie has several Instagram accounts. Perhaps he forgot his password?
The reconciliation proved short-lived.
Within weeks of that trip, the marriage was over and social media posts showed Speedie holidaying with another woman, his current partner Cath Jur.
Speedie's cringeworthy Instagram account also features repeated references to 'Cath' - described as an 'amazing doctor', whose social media account has a tongue-in-cheek reference to catecholamines, the neurotransmitters responsible for chemicals including dopamine and adrenaline.
Despite earlier suggestions that Speedie had embraced a quieter life after rehabilitation, multiple sources say that has not been the case, alleging he has continued the same fast-paced social lifestyle that previously attracted attention.
The father of five is said to be relying on income protection payments to the tune of $15,000 a month, while living in an extravagant home in Melbourne’s bayside suburb Brighton.
As for his next move professionally, industry figures understand he is 'done' with private equity.
Whether his former mate Thickins can put the saga behind him remains to be seen. But after weeks of headlines, an investigation and a bruising day in court, TPG stands firm that its Asia co-head is staying put, in the hope this chapter is finally closed.
TPG Capital statement'On June 1, TPG Partner and Co-Head of Asia Joel Thickins was involved in a vehicle collision in Sydney. Immediately following the collision and the subsequent emergence of allegations pertaining to Joel and one of TPG's portfolio companies, TPG retained Debevoise & Plimpton to conduct a comprehensive, third-party investigation. That investigation, led by Andrew Ceresney, Partner and Co-Chair of Debevoise's Litigation Department and former Director of Enforcement at the SEC, has now concluded and been reported in detail to TPG's relevant limited partner advisory committees.
'With regard to the vehicle collision, Joel appeared in court earlier this week where he pled guilty, accepting full responsibility for his actions and the impact they've caused. The judge indicated that Joel has no prior record of infractions, and Debevoise's investigation similarly concluded that the events of June 1 do not represent a systemic pattern of behaviour.
'Regarding the subsequent allegations pertaining to Joel and TPG's portfolio company Novotech, Debevoise's investigation has determined those claims to be unsubstantiated and meritless. Extensive interviews with relevant parties, as well as a review of tens of thousands of documents, unearthed nothing to corroborate the claims that were raised.
'The results of Debevoise's investigation, combined with Joel's accountability for his actions, his cooperation throughout the investigation, and his lack of prior infractions and disciplinary record at TPG, have led the firm to conclude that Joel will continue in his role. In addition to his court-mandated penalties, TPG has imposed appropriate disciplinary action.