What do you read between the lines here? TPG thinks New Relic management isn't doing a good job and TPG thinks they can restructure the company and make it significantly (>15%) more profitable?
They bought Sumo Logic, which is adjacent, a few months back, and I wonder if they plan to combine them to create a broader platform. (Ex-Sumo Logic dev here...)
I doubt it. Observability products, for better or for worse, are really good NRR machines. Everyone has a budget for these tools and as they add more services and data, that budget typically goes up. It's smart money if you're in the "slash and squeeze" business like PE firms are.