Slide 1: TPG Reports Second Quarter 2025 Financial Results
TPG Reports Second Quarter 2025 Financial Results Quarter Ended June 30, 2025
Slide 2: TPG Reports Second Quarter 2025 Results
TPG Reports Second Quarter 2025 Results San Francisco and Fort Worth, Texas – August 6, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited second quarter 2025 results. TPG issued a full detailed presentation of its second quarter ended June 30,
Slide 3: Forward Looking Statements; No Offers; Non-GAAP Information
TPG Reports Second 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: Second Quarter 2025 Results
Second Quarter 2025 Results
Slide 5: GAAP Statements of Operations (Unaudited)
GAAP Statements of Operations (Unaudited) ▪ Net income of $30 million for 2Q’25 compared to 2Q’24 net loss of $58 million ▪ Net income attributable to TPG Inc. of $15 million for 2Q’25 compared to net loss of $14 million in 2Q’24 ($ in thousands, except share and per share amounts) 2Q’24 2Q’25 2Q’24
Slide 6: Second Quarter and Year to Date Highlights
Second Quarter and Year to Date Highlights ▪ 2Q’25 FRR of $495 million increased 8% versus 2Q’24, with 2Q’25 FRE of $220 million and 2Q’25 After-tax DE of $268 million Non-GAAP Financial 2Q’24 2Q’25 2Q’24 YTD 2Q’25 YTD Measures Fee-Related Revenues (“FRR”) $459 $495 $910 $971 Fee-Related Earnings (“
Slide 7: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ FRE increased 9% from $201 million in 2Q’24 to $220 million in 2Q’25; FRE margin stayed consistent in 2Q’25 compared to 2Q’24 at 44% ▪ After-tax DE of $268 million in 2Q’25, an increase from $207 million in 2Q’24, primarily driven by realized performance allocations, ne
Slide 8: Fee-Related Earnings
Fee-Related Earnings ▪ 2Q’25 FRR increased 8% over 2Q’24 primarily driven by management fees resulting from fundraising in Growth VI in the Growth platform and Rise Climate II in the Impact platform ▪ FRE margin stayed consistent in 2Q’25 compared to 2Q’24 at 44%; 2Q’25 YTD FRE margin of 41% Fee-Rel
Slide 9: Distributable Earnings
Distributable Earnings ▪ After-tax DE increased from $207 million in 2Q’24 to $268 million for 2Q’25, primarily driven by realized performance allocations, net and FRE, offset by a decrease in realized investment income and other, net After-tax DE Distributable Earnings Mix ($M) $455 1Q’25 2Q’25 $26
Slide 10: Realized Performance Allocations, Net
Realized Performance Allocations, Net ▪ Realized performance allocations, net were $87 million in 2Q’25, primarily driven by Growth IV in the Growth platform, TPG VII in the Capital platform, and Credit Solutions II in TPG AG Credit ▪ Realized performance allocations, net for 2Q’25 YTD were $127 mil
Slide 11: Net Accrued Performance
Net Accrued Performance Investment 2Q’25 Net Accrued Performance Appreciation / (Depreciation) ($M) Platform 2Q’25 2Q’25 YTD $26 $20 Capital 3.0% 6.4% $55 Growth 0.8% 2.9% $80 Impact 2.7% 3.4% TPG Angelo Gordon TPG AG Credit 2.0% 4.6% TPG AG Real Estate 0.2% 0.8% $126 Total Real Estate 2.5% 9.8% $1.
Slide 12: GAAP Balance Sheet (Unaudited)
GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $1.1 billion at the end of 2Q’25; debt obligations increased to $1.6 billion primarily due to borrowings of $380 million on the Senior Unsecured Revolving Credit Facility during 2025 ▪ Investments increased $0.4 billion from $7.5 bil
Slide 13: Non-GAAP Balance Sheet Highlights
Non-GAAP Balance Sheet Highlights ▪ Cash and cash equivalents totaled $170 million at the end of 2Q’25 ▪ At the end of 2Q’25, our net debt(1) was $1.5 billion and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.4 billion ▪ Our borrowings primarily include our Senior and Subord
Slide 14: Operating Metrics
Operating Metrics
Slide 15: Assets Under Management and Fee-Earning AUM
Assets Under Management and Fee-Earning AUM ▪ 2Q’25 AUM rose 14% from 2Q’24 to $261.3 billion, primarily driven by capital raised of $36.4 billion, including $5.8 billion in Rise Climate II within the Impact platform and $2.9 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 2Q’25, long-dated funds with a duration of 10 or more years(1) totaled $172.8 billion, or 66%, of our AUM; $37.3 billion of our AUM, or 14%, was in perpetual funds(2) ▪ At the end of 2Q’25, long dated funds with a duration of 10 or
Slide 17: AUM Subject to Fee-Earning Growth
AUM Subject to Fee-Earning Growth ▪ AUM Subject to Fee-Earning Growth totaled $30.1 billion at the end of 2Q’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 $220.0 billion, or 84% of total AUM, at the end of 2Q’25 ▪ Performance Generating AUM refers to AUM that is currently producing p
Slide 19: AUM Rollforward
AUM Rollforward Three Months Ended June 30, 2025 TPG Angelo Gordon Real Market ($ in millions) Capital Growth Impact Credit Real Estate Estate Solutions Total AUM Balance as of Beginning of Period $ 76,016 $ 28,792 $ 28,030 $ 73,430 $ 18,635 $ 18,051 $ 7,668 $ 250,621 Capital Raised 128 2,678 1,256
Slide 20: FAUM Rollforward
FAUM Rollforward Three Months Ended June 30, 2025 TPG Angelo Gordon Real Market ($ in millions) Capital Growth Impact Credit Real Estate Estate Solutions Total FAUM Balance as of Beginning of Period $ 36,025 $ 13,120 $ 18,575 $ 43,633 $ 14,659 $ 11,720 $ 5,062 $ 142,794 (1) Fee-Earning Capital Raise
Slide 21: Other Operating Metrics
Other Operating Metrics ▪ We have invested approximately $36.6 billion during the last twelve months with $62.5 billion of capital available for deployment at the end of 2Q’25 (All tables in $M) 2Q’24 2Q’25 Capital Raised 2Q’24 2Q’25 Available Capital 2Q’24 2Q’25 YTD YTD Capital $ 888 $ 128 $ 2,191
Slide 22: Supplemental Details
Supplemental Details
Slide 23: GAAP and Non-GAAP Performance Allocations
GAAP and Non-GAAP Performance Allocations Three Months Ended June 30, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP (1) (2) ($ in thousands) Total Unrealized Realized Adjustments Realized Capital $ 206,862 $ 58,981 $ 147,881 $ 116,757 $ 31,124 Growth 3,332 (221,518) 224,850 182,108 42,742 Impact
Slide 24: GAAP and Non-GAAP Net Accrued Performance
GAAP and Non-GAAP Net Accrued Performance As of March 31, 2025 TPG Angelo Gordon Real Market ($ in millions) Capital Growth Impact Credit Real Estate Estate Solutions Total GAAP Total $ 3,041 $ 1,641 $ 587 $ 402 $ 326 $ 162 $ 37 $ 6,196 Less: Excluded Assets(1) 48 233 — — — 9 — 290 (2) Less: Non-GAA
Slide 25: Participating Shares Outstanding
Participating Shares Outstanding Estimated Record Date (shares) 3/31/2025 Net Change 6/30/2025 Net Change 8/18/2025(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 123,552,251 21,044,664 144,596,915 3,043,748 147,640,663 Common Units exchangeable into Class A common stock 245
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 $0.59 per share for 2Q’25 and $1.08 per share for 2Q’25 YTD ▪ After-tax DE attributable to TPG Inc. of $0.69 per share for 2Q’25, and $1.17 per share for 2Q’25 YTD ▪ Declared dividend of $0.59 per share for 2
Slide 27: Equity-Based Compensation Summary
Equity-Based Compensation Summary ▪ Equity-based compensation related to TPG Inc. Ordinary Service Awards totaled $44 million in 2Q’25; the total unrecognized compensation expense related to these Ordinary Service Awards amounted to $382 million at the end of 2Q’25, and is expected to be recognized
Slide 28: Fund Performance Metrics
Fund Performance Metrics ($ in millions, as of 6/30/25) 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 6/30/25) 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 6/30/25) 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 6/30/25) 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) Credit Solutions (Cont’d) Hybrid Solutions $ 155 $ — $ — $ — $ — NM NM N
Slide 32: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 6/30/25) 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) U.S. Real Estate (Cont’d) Core Plus Realty Core Plus Realty I 2003 $ 534
Slide 33: Significant Perpetual Funds
Significant Perpetual Funds ($ in millions, as of 6/30/25) Vintage Total Fund Year(1) AUM Return(10) Platform: Market Solutions TPEP Long/Short(16) 2013 $ 1,058 152% TPEP Long Only (17) 2019 699 69% T-POP (18) 2025 338 5% Platform: TPG Angelo Gordon Credit Solutions Corporate Credit Opportunities(19
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) Each Middle Market Direct Lending fund is comprised of four vehicles: onshore levered, onshore unlevered, offshore levered and offshore unlevered. Capital Committed, Capital Invested, Realized Value, Unrealized Value and Total Value for each fund are prese
Slide 36: GAAP Statements of Operations Expanded (Unaudited)
GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 2Q’25 YTD Revenues Fees and other $ 522,800 $ 524,733 $ 527,248 $ 543,455 $ 569,074 $ 1,112,529 Capital allocation-based income 221,394 330,670 549,166 491,421 351,463 842,884 Total revenues 744,194 855
Slide 37: Non-GAAP Financial Measures Expanded
Non-GAAP Financial Measures Expanded ($ in thousands) 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 2Q’25 YTD 2Q’25 LTM Fee-Related Revenues Management fees $ 413,275 $ 407,163 $ 402,588 $ 413,160 $ 450,463 $ 863,623 $ 1,673,374 Fee-related performance revenues 4,485 5,557 19,116 6,201 6,768 12,969 37,641 Transacti
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) 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 2Q’25 YTD 2Q25 LTM GAAP Revenue $ 744,194 $ 855,403 $ 1,076,414 $ 1,034,876 $ 920,537 $ 1,955,413 $ 3,887,230 Capital-allocation based income (221,394) (330,670) (549,166) (491,421) (351,463) (842,884)
Slide 40: GAAP to Non-GAAP Balance Sheet Highlights Reconciliation
GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 1Q’25 2Q’25 Cash and cash equivalents - GAAP $ 821,971 $ 1,112,027 Impact of other consolidated entities (702,125) (942,524) Cash and cash equivalents - Non-GAAP 119,846 169,503 GAAP Investments 7,906,088 7,932,744 Equity meth
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 After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable earnings after reflecting the impact of income taxes. We use it to assess how income tax expense affects amounts available to be distributed to our Class A common stockholders and Com
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