TPG Takes $600 Million Hit on ‘Eyebrow Queen’ Cosmetics Bet

TPG Inc. exited most of its stake in Anastasia Beverly Hills as part of a debt restructuring, largely wiping out the private equity firm’s $600 million investment in the cosmetics company, according to people familiar with the matter.

TPG purchased about 38% of the beauty company from its founders in 2018, in a deal that was financed with a combination of debt taken on by Anastasia and preferred shares bought by TPG.

TPG now has a roughly 6% stake, one of the people said, all of whom asked not to be identified discussing private information.

Anastasia is “taking steps to ...