Slide 1: TPG to Acquire Peppertree Capital Management
Exhibit 99.2 TPG to Acquire Peppertree Capital Management May 2025
Slide 2: Important Notices
Important Notices This presentation is being provided by TPG Inc. (“TPG,” “we,” “our,” “us,” or the “Company”) solely for informational purposes for its public stockholders. To the maximum extent permitted by law, none of us or our affiliates, directors, officers, partners, employees, agents, or adv
Slide 3: Peppertree: A Leading Specialized Digital Infrastructure Investment Firm
Peppertree: A Leading Specialized Digital Infrastructure Investment Firm 4 Investments by Asset-Type • Peppertree is a leading alternative investment manager 3% 5% specializing in the highly attractive telecom tower market – Primarily invests in wireless communications towers in Tower & Tower-Relate
Slide 4: Peppertree's Strong Historical Growth Driven by Excellent Investment Performance
Peppertree’s Strong Historical Growth Driven by Excellent Investment Performance Proven Track Record Has Enabled Steady Growth in Fund Size Flagship Fund Sizes ($M) $2,040 2.4x / 1.9x Gross / Net Realized MOIC 1 Since Inception $1,500 ~9x 23% / 16% $1,000 Gross / Net Realized IRR 1 Since Inception $
Slide 5: TPG's Acquisition of Peppertree: Transaction Summary
TPG’s Acquisition of Peppertree: Transaction Summary • Transaction Consideration: TPG Inc. to acquire the Peppertree business in a cash and equity transaction 1 estimated to include up to $242 million in cash and up to $418 million in equity, in each case, subject to certain adjustments – Earnout: I
Slide 6: Peppertree is a Compelling Strategic Fit for TPG
Peppertree is a Compelling Strategic Fit for TPG • Digital infrastructure is a firmwide thematic area of focus and highly complementary to TPG’s core competencies Clear alignment with TPG’s existing sectors and thematic areas of expertise • Leverages TPG’s deep Internet, Digital Media & Communicatio
Slide 7: Secular Tailwinds Drive Long-Term Demand for Digital Infrastructure
Secular Tailwinds Drive Long-Term Demand for Digital Infrastructure Key Drivers Rapid Growth Forecasted in Data Produced and Consumed 1 2 Global DataSphere Global Wireless Data Usage Artificial Intelligence Zetabytes Created Annual Megabytes in Trillions 500 500 Cloud Migration 400 400 5G / Mobile D
Slide 8: Peppertree is the Partner of Choice in the Highly Attractive Tower Market
Peppertree is the Partner of Choice in the Highly Attractive Tower Market Tower Investment Characteristics Peppertree’s Leadership Position Uncorrelated asset class with growth tied to Outstanding reputation as the “go to” capital source rising data consumption and continuous network for tower devel
Slide 9: Endnotes
Endnotes Peppertree: A Leading Specialized Digital Infrastructure Investment Firm 1. AUM attributable to certain Peppertree funds are estimated amounts based on TPG's definition of AUM detailed in Definitions and may differ from Peppertree's historical definition and are subject to change. 2. Net Re
Slide 10: 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 stock holders and Co
Slide 11: Definitions (Cont'd)
Definitions (Cont’d) Fee-Related Earnings (“FRE”) is a supplemental performance measure and is used to evaluate our business and make resource deployment and other operational decisions. FRE differs from net income computed in accordance with GAAP in that it adjusts for the items included in the cal
Slide 12: Definitions (Cont'd)
Definitions (Cont’d) Net fund IRR based on Realized Value for an individual investment or subset of investments is estimated and does not represent actual performance experienced by any Peppertree investor. Net Realized IRR for any individual realized investment or realized subset of investments is
Slide 13: Definitions (Cont'd)
Definitions (Cont’d) Non-GAAP Financial Measures represent financial measures that are calculated and presented on the basis of methodologies other than in accordance with Non-GAAP Financial generally accepted accounting principles in the United States of America. These non-GAAP financial measures s