TPG (TPG) Q3 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, February 10, 2026 astatine 10:08 AM CST 52 min read

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Tuesday, November 4, 2025 astatine 11 a.m. ET

• Chief Executive Officer — Jon Winkelried

• Chief Financial Officer — Jack Weingart

• President — Todd Sisitsky

• Managing Director, Investor Relations — Gary Stein

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Looking concisely astatine our results for the 3rd quarter, we reported GAAP nett income attributable to TPG Inc. of $67 cardinal and after-tax distributable net of $214 cardinal oregon $0.53 per stock of Class A communal stock. We declared a dividend of $0.45 per stock of Class A communal stock, which volition beryllium paid connected December 1, 2025, to holders of grounds arsenic of November 14, 2025. I'll present crook the telephone implicit to Jon.

Jon Winkelried: Good morning, everyone. Thank you for joining america today. TPG delivered beardown results successful the 3rd quarter. Our full AUM grew 20% and quarterly fee-related net grew 18% year-over-year. The flywheels crossed our concern continued to accelerate, led by robust superior enactment crossed each plus classes and a grounds 4th for deployment. I'll walk a infinitesimal connected each of these important areas. This was an outstanding fundraising quarter. We raised a adjacent grounds $18 cardinal of capital, up 60% from the 2nd 4th and 75% year-over-year. This was driven by a palmy archetypal adjacent successful our flagship backstage equity funds and beardown recognition fundraising, wherever we proceed to acquisition a measurement relation summation successful superior formation.

We've made important advancement against our erstwhile guidance of raising importantly much superior successful 2025 compared to 2024. Year-to-date, we've raised implicit $35 cardinal of capital, which already exceeds our afloat twelvemonth 2024 fundraising. In backstage equity, we raised $12.3 cardinal successful aggregate crossed our strategies. This was chiefly driven by $10.1 cardinal raised successful the archetypal adjacent for our flagship buyout funds, TPG Capital X and Healthcare Partners III, including commitments that are signed but not yet closed. We received beardown enactment from our existing clients who accrued their commitments by 12% connected mean implicit the anterior vintage.

These results reenforce our assurance that TPG is positively differentiated wrong the backstage equity marketplace wherever fundraising has been perceived arsenic challenging successful the existent environment. Our clients proceed to thin successful and look for much ways to spouse with america successful backstage equity fixed our chiseled and highly disciplined attack and consistently beardown performance. As a result, we judge we are outperforming successful backstage equity fundraising comparative to the broader marketplace and gaining share. In credit, aft reaching an inflection constituent past quarter, we maintained our beardown fundraising gait and closed $4.8 cardinal of recognition superior successful the 3rd quarter.