Slide 1: TPG Reports First Quarter 2025 Financial Results
TPG Reports First Quarter 2025 Financial Results Quarter Ended March 31, 2025
Slide 2: TPG Reports First Quarter 2025 Results
TPG Reports First Quarter 2025 Results San Francisco and Fort Worth, Texas – May 7, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited first quarter 2025 results. TPG issued a full detailed presentation of its first quarter ended March 31, 2025
Slide 3: Forward Looking Statements; No Offers; Non-GAAP Information
TPG Reports First Quarter 2025 Results Forward Looking Statements; No Offers; Non-GAAP Information This document may contain “forward-looking” statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and
Slide 4: First Quarter 2025 Results
First Quarter 2025 Results
Slide 5: GAAP Statements of Operations (Unaudited)
GAAP Statements of Operations (Unaudited) ▪ Net income of $88 million for 1Q’25 compared to 1Q’24 net loss of $9 million ▪ Net income attributable to TPG Inc. of $25 million for 1Q’25 compared to $16 million in 1Q’24 ($ in thousands, except share and per share amounts) 1Q’24 1Q’25 Revenues Fees and
Slide 6: First Quarter and Last Twelve Months Highlights
First Quarter and Last Twelve Months Highlights ▪ 1Q’25 FRR of $476 million increased 6% versus 1Q’24, with 1Q’25 FRE of $182 million and 1Q’25 After-tax DE of $187 million Non-GAAP Financial 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Measures Fee-Related Revenues (“FRR”) $451 $476 $1,523 $1,857 Fee-Related Ea
Slide 7: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ 1Q’25 FRE remained largely flat compared to 1Q’24; FRE margin decreased from 40% in 1Q’24 to 38% in 1Q’25 ▪ After-tax DE of $187 million in 1Q’25, an increase from $181 million in 1Q’24, primarily driven by realized performance allocations, net, partially offset by an i
Slide 8: Fee-Related Earnings
Fee-Related Earnings ▪ 1Q’25 FRR increased 6% over 1Q’24 primarily driven by an increase in capital markets fees and management fees ▪ Fee-related expenses in 1Q’25 increased 10% over 1Q’24 ▪ FRE margin decreased from 40% in 1Q’24 to 38% in 1Q’25; 1Q’25 LTM FRE margin of 41% Fee-Related Earnings Man
Slide 9: Distributable Earnings
Distributable Earnings ▪ After-tax DE increased from $181 million in 1Q’24 to $187 million for 1Q’25, primarily driven by an increase in realized performance allocations, net After-Tax DE Distributable Earnings Mix ($M) $843 $187 4Q’24 1Q’25 $181 $678 8% 32% 68% 92% FRE All Other Sources of Pre-tax
Slide 10: Realized Performance Allocations, Net
Realized Performance Allocations, Net ▪ Realized performance allocations, net were $40 million in 1Q’25, primarily driven by TPG VII and TPG VIII in the Capital platform, Rise Climate I in the Impact platform, and MMDL IV in TPG AG Credit ▪ Realized performance allocations, net for 1Q’25 LTM were $2
Slide 11: Net Accrued Performance
Net Accrued Performance Investment 1Q’25 Net Accrued Performance Appreciation / (Depreciation) ($M) Platform 1Q’25 1Q’25 LTM $31 $7 Capital 3.4% 10.9% $61 Growth 2.1% 9.3% $80 Impact 0.7% 8.5% TPG Angelo Gordon TPG AG Credit 2.5% 12.5% TPG AG Real Estate 0.6% 2.6% $115 Total Real Estate 7.3% 12.5% $
Slide 12: GAAP Balance Sheet (Unaudited)
GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $0.8 billion at the end of 1Q’25; borrowings of $180 million on the Senior Unsecured Revolving Credit Facility during 1Q’25 drove total debt obligations to $1.5 billion ▪ Investments increased $0.4 billion from $7.5 billion in 4Q’24
Slide 13: Non-GAAP Balance Sheet Highlights
Non-GAAP Balance Sheet Highlights ▪ Cash and cash equivalents totaled $120 million at the end of 1Q’25 ▪ At the end of 1Q’25, our net debt(1) was $1.4 billion and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.0 billion ▪ Our borrowings primarily include Senior and Subordinat
Slide 14: Operating Metrics
Operating Metrics
Slide 15: Assets Under Management and Fee Earning AUM
Assets Under Management and Fee Earning AUM ▪ 1Q’25 AUM rose 12% over 1Q’24 to $250.6 billion, primarily driven by capital raised of $31.4 billion, including $5.5 billion in Rise Climate II within the Impact platform and $2.6 billion in Credit Solutions III within AG Credit, partially offset by real
Slide 16: Assets Under Management and Fee Earning AUM Duration
Assets Under Management and Fee Earning AUM Duration ▪ At the end of 1Q’25, approximately 72% of our AUM and 71% of our FAUM were in perpetual or long-dated funds with a duration(1) of 10 or more years (prior to any available extensions) ▪ At the end of 1Q’25, approximately 69% of our FAUM had a rem
Slide 17: AUM Subject to Fee Earning Growth
AUM Subject to Fee Earning Growth ▪ AUM Subject to Fee Earning Growth totaled $27.1 billion at the end of 1Q’25 and includes AUM Not Yet Earning Fees (capital commitments that generate new management fees once deployed) and FAUM Subject to Step-Up (capital commitments that generate a higher rate of
Slide 18: Performance Eligible and Generating AUM
Performance Eligible and Generating AUM ▪ Performance Eligible AUM refers to AUM that is currently producing, or may eventually produce, performance revenues, and totaled $212.0 billion, or 85% of total AUM, at the end of 1Q’25 ▪ Performance Generating AUM refers to AUM that is currently producing p
Slide 19: AUM Rollforward
AUM Rollforward Three Months Ended March 31, 2025 TPG Angelo Gordon Real Market ($ in millions) Capital Growth Impact Credit Real Estate Estate Solutions Total AUM Balance as of Beginning of Period $ 74,408 $ 28,062 $ 26,569 $ 72,359 $ 18,674 $ 17,622 $ 8,179 $ 245,873 Capital Raised 1,046 814 1,722
Slide 20: FAUM Rollforward
FAUM Rollforward Three Months Ended March 31, 2025 TPG Angelo Gordon Real Market ($ in millions) Capital Growth Impact Credit Real Estate Estate Solutions Total FAUM Balance as of Beginning of Period $ 37,075 $ 12,334 $ 17,357 $ 43,005 $ 14,379 $ 11,759 $ 5,377 $ 141,286 (1) Fee Earning Capital Rais
Slide 21: Other Operating Metrics
Other Operating Metrics ▪ We have invested approximately $33.8 billion during the last twelve months with $57.0 billion of capital available for deployment at the end of 1Q’25 (All tables in $M) 1Q’24 1Q’25 Capital Raised 1Q’24 1Q’25 Available Capital 1Q’24 1Q’25 LTM LTM Capital $ 1,303 $ 1,046 $ 9,
Slide 22: Supplemental Details
Supplemental Details
Slide 23: GAAP and Non-GAAP Performance Allocations
GAAP and Non-GAAP Performance Allocations Three Months Ended March 31, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP (1) (2) ($ in thousands) Total Unrealized Realized Adjustments Realized Capital $ 243,889 $ 116,245 $ 127,644 $ 100,783 $ 26,861 Growth 74,196 51,091 23,105 23,105 — Impact 15,568
Slide 24: GAAP and Non-GAAP Net Accrued Performance
GAAP and Non-GAAP Net Accrued Performance As of December 31, 2024 TPG Angelo Gordon Real Market ($ in millions) Capital Growth Impact Credit Real Estate Estate Solutions Total GAAP Total $ 2,926 $ 1,589 $ 593 $ 364 $ 377 $ 64 $ 45 $ 5,958 Less: Excluded Assets(1) 45 230 — — — 8 — 283 (2) Less: Non-G
Slide 25: Participating Shares Outstanding
Participating Shares Outstanding Estimated Record Date (shares) 12/31/2024 Net Change 3/31/2025 Net Change 5/19/2025(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 109,211,355 14,340,896 123,552,251 44,664 123,596,915 Common Units exchangeable into Class A common stock 255,7
Slide 26: FRE, After-Tax DE, and Dividends Per Class A Common Stock
FRE, After-Tax DE, and Dividends Per Class A Common Stock ▪ FRE attributable to TPG Inc. of $0.49 per share for 1Q’25 and $2.08 per share for 1Q’25 LTM ▪ After-tax DE attributable to TPG Inc. of $0.48 per share for 1Q’25, and $2.04 per share for 1Q’25 LTM ▪ Declared dividend of $0.41 per share for 1
Slide 27: Equity-Based Compensation Summary
Equity-Based Compensation Summary ▪ Equity-based compensation related to TPG Inc. Ordinary Service Awards totaled $43 million in 1Q’25; the total unrecognized compensation expense related to these Ordinary Service Awards amounted to $419 million at the end of 1Q’25, and is expected to be recognized
Slide 28: Fund Performance Metrics
Fund Performance Metrics ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Capital Capital Funds Air Partners 1993 $ 64 $ 64 $ 697 $ — $ 697 81% 1
Slide 29: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Growth Growth Funds STAR 2007 $ 1,264 $ 1,259 $ 1,895 $ — $ 1,
Slide 30: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Real Estate TPG Real Estate Partners TREP II 2014 $ 2,065 $ 2,
Slide 31: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Structured Credit & Specialty Finance ABC Fund I 2021 $ 1,005 $ 904 $ 11
Slide 32: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Asia Real Estate Asia Realty Asia Realty I 2006 $ 526 $ 506 $ 645 $ — $
Slide 33: Significant Perpetual Funds
Significant Perpetual Funds ($ in millions, as of 3/31/25) Vintage Total Fund Year(1) AUM Return(10) Platform: Market Solutions TPEP Long/Short(15) 2013 $ 1,150 140% TPEP Long Only (16) 2019 817 53% Platform: TPG Angelo Gordon Credit Solutions Corporate Credit Opportunities(17) 1988 323 10% Structur
Slide 34: Fund Performance Metrics Notes
Fund Performance Metrics Notes “NM” signifies that the relevant data would not be meaningful. Performance metrics are generally deemed “NM” when, among other reasons, there has been limited time since initial investment. Performance metrics generally exclude amounts attributable to the fund’s genera
Slide 35: Fund Performance Metrics Notes (Cont’d)
Fund Performance Metrics Notes (Cont’d) 13) Japanese-Yen denominated fund. Commitments, Capital Invested and Realized Value are calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. 14) Includes Euro denominated
Slide 36: GAAP Statements of Operations Expanded (Unaudited)
GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM Revenues Fees and other $ 512,295 $ 522,800 $ 524,733 $ 527,248 $ 543,455 $ 2,118,236 Capital allocation-based income 311,776 221,394 330,670 549,166 491,421 1,592,651 Total revenues 824,071 7
Slide 37: Non-GAAP Financial Measures Expanded
Non-GAAP Financial Measures Expanded ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM Fee-Related Revenues Management fees $ 402,684 $ 413,275 $ 407,163 $ 402,588 $ 413,160 $ 1,636,186 Fee-related performance revenues 3,875 4,485 5,557 19,116 6,201 35,358 Transaction, monitoring and other fe
Slide 38: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 39: GAAP to Non-GAAP Financial Measures Reconciliation
GAAP to Non-GAAP Financial Measures Reconciliation ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM GAAP Revenue $ 824,071 $ 744,194 $ 855,403 $ 1,076,414 $ 1,034,876 $ 3,710,887 Capital-allocation based income (311,776) (221,394) (330,670) (549,166) (491,421) (1,592,651) Expense reimburseme
Slide 40: GAAP to Non-GAAP Balance Sheet Highlights Reconciliation
GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 4Q’24 1Q’25 Cash and cash equivalents - GAAP $ 808,017 $ 821,971 Impact of other consolidated entities (660,961) (702,125) Cash and cash equivalents - Non-GAAP 147,056 119,846 GAAP Investments 7,503,281 7,906,088 Equity method
Slide 41: Additional Information
Additional Information Dividend Policy Our current intention is to pay holders of our Class A common stock and nonvoting Class A common stock a quarterly dividend representing at least 85% of TPG Inc.’s share of distributable earnings attributable to the TPG Operating Group, subject to adjustment as
Slide 42: Definitions
Definitions Acquisition refers to the Company’s acquisition of Angelo Gordon and certain of its affiliates (collectively, “Angelo Gordon” or “AG,” and after the Acquisition, “TPG Angelo Gordon” or “TPG AG”). After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our d
Slide 43: Definitions (Cont’d)
Definitions (Cont’d) Distributable Earnings (“DE”) is used to assess performance and amounts potentially available for distributions to partners. DE is derived from and reconciled to, but not equivalent to, its most directly comparable U.S. GAAP measure of net income. DE differs from U.S. GAAP net i
Slide 44: Definitions (Cont’d)
Definitions (Cont’d) Operating profit margin is defined as U.S. GAAP net income divided by U.S. GAAP total revenue. Performance Eligible AUM refers to the AUM that is currently, or may eventually, produce performance allocations or fee-related performance revenues. All funds for which we are entitle