According to a Bloomberg report, TPG has reduced its stake in Anastasia Beverly Hills as part of a debt restructuring, largely wiping out the private equity firm’s $600 million investment.WHO: Romanian-born beauty entrepreneur Anastasia Soare launched her namesake brand with a Beverly Hills flagship salon in 1997, with the company’s first product line following in 2000. Since launching the brand, Soare has created an entirely new category in cosmetics—eyebrows—centered around her revolutionary brow-shaping technique, the patented Golden Ratio Eyebrow Shaping Method. In addition to brows, Soare and her daughter, Claudia Soare, have expanded their product set into the eyes, face, and lips categories. The brand is distributed through retailers including Dillard’s, Macy’s, Nordstrom, and Sephora.Jim Coulter and David Bonderman, former colleagues at the Bass Family Office, created TPG in 1992 and opened the firm's first offices in San Francisco. TPG is a leading global alternative asset firm founded with more than $286 billion in assets under management. TPG’s previous beauty investments include e.l.f. Cosmetics, which the firm took public in 2016, IPSY, Rodan + Fields, and Beautycounter.WHY: Amid shifting trends and declining revenue, rumors began mounting last year that TPG Capital wanted out, kick-starting a process that would require the company to buy it out, or potentially force a sale or initial public offering, according to a report by the credit ratings firm Moody’s.