TPG Inc.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
TPG$46.50-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001880661-26-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001880661-26-000049
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 404 previous paragraphs and 489 current paragraphs.
270 unchanged; 111 reworded; 85 added; 22 removed; 1 previous and 23 current paragraphs rearranged.
Tables are not compared: 45 previous and 56 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (85)
Current report
The second quarter of 2026 was characterized by a pivot from the defensive orientation of the prior quarter toward a broad-based risk-on environment. Market momentum was driven by a recovery in the technology sector following AI-related volatility in the first quarter and the de-escalation of the Middle East conflict as strong corporate earnings demonstrated durable growth. Despite the Federal Reserve adopting a more hawkish stance, market participants signaled confidence in global economic resilience while remaining mindful of persistent risks.
Current report
Global equities staged a powerful advance with major indices recovering the losses sustained in the first three months of the year. Domestic markets reached record highs fueled by strong momentum in growth oriented and small cap segments. The Nasdaq Composite and Russell 2000 gained 21.4% and 21.2%, respectively, for the quarter, while the S&P 500 and Dow Jones Industrial Average rose 14.9% and 12.9%, respectively.
Current report
Sector performance diverged sharply as investors rotated aggressively back into technology and technology-adjacent themes. The Technology sector was the primary driver of the rally with a gain of 31.8% for the quarter. This was highlighted by the S&P 500 Semiconductor & Equipment industry group, which rose 46.9% during the period. Conversely, Energy was the worst performing sector with a decline of 13.4% as oil prices fell from Iran war-induced peaks in the first quarter. Other notable sector moves included Industrials, which rose 14.9%, and Consumer Discretionary, which rose 9.3%. Utilities and consumer staples lagged with returns of (0.5%) and 0.3%, respectively. International markets also demonstrated robust momentum as the MSCI Asia Pacific Index rose 21.0% and the MSCI World Index increased by 13.3%. The MSCI Europe Index advanced 10.5%.
Current report
Macroeconomic indicators reflected an environment of persistent but stabilizing inflationary pressures. The Consumer Price Index showed prices rose approximately 4.2% year-over-year in the quarter, remaining persistently above the Federal Reserve’s 2% target. Prices were impacted by the flow-through of increased energy and gas prices brought on by tensions in the Middle East; however, core inflation, which excludes food and energy prices, cooled year-over-year. The labor market remained tight but balanced, with the unemployment rate at 4.2% to 4.3% [through June] and monthly job gains consistent with recent trends. Consequently, the Federal Reserve maintained the target range for the federal funds rate at 3.50% to 3.75%. The Board of Governors of the Federal Reserve System (the “Fed”) maintained a hawkish pause as it signaled rate cuts remain unlikely for the remainder of 2026.
Current report
United States Treasury yields rose across the curve in the second quarter, with shorter-term maturities seeing the most significant increases. The 2-Month yield rose 40 basis points, and the 1-Year yield increased 32 basis points quarter over quarter. Intermediate and long-term rates saw more tempered adjustments with the 10-Year yield rising 15 basis points and the 30-Year yield increasing by 4 basis points.
Current report
Management Fees. The $70.2 million increase in management fees during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to:
Current report
•a decrease of $32.3 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the three months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the three months ended June 30, 2026;
Current report
•an increase of $19.6 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the three months ended June 30, 2026;
Current report
•a decrease of $0.3 million from our Real Estate platform; and
Current report
•income of $468.2 million from our Capital platform for the three months ended June 30, 2026 was primarily driven by income of $165.4 million from TPG IX, $116.6 million from TPG VIII, $77.7 million from TPG X, $43.2 million from THP I and $31.5 million from Asia VIII. Performance allocation income for the three months ended June 30, 2025 was largely driven by income of $80.0 million from TPG IX, $46.3 million from Asia VII and $45.5 million from TPG VIII, partially offset by losses of $16.9 million from THP I;
Current report
•income of $168.2 million from our Growth platform for the three months ended June 30, 2026 was primarily driven by income of $92.4 million from TTAD II, $43.1 million from TTAD III and $26.1 million from Growth VI, partially offset by losses of $35.1 million from TTAD I. Performance allocation losses for the three months ended June 30, 2025 were primarily driven by losses of $36.2 million from Growth III, partially offset by income of $20.8 million from TTAD II, $8.4 million from Growth IV and $2.8 million from TTAD I;
Current report
•income of $198.5 million from our Impact platform for the three months ended June 30, 2026 was primarily driven by income of $88.6 million from Rise Climate I, $54.6 million from Rise III and $43.7 million from Rise I. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $39.3 million from Rise III and $26.1 million from Rise Climate I, partially offset by losses of $10.9 million from Rise I;
Current report
•income of $149.8 million from our Credit platform for the three months ended June 30, 2026 was primarily driven by income of $34.6 million from Credit Solutions III, $14.9 million from MVP, $13.7 million from Credit Solutions II and $11.4 million from MMDL V. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $11.5 million from MVP Fund, $8.4 million from MMDL V, $5.9 million from MMDL IV, $4.8 million from Credit Solutions II and $4.5 million from Essential Housing III;
Current report
Interest Expense. Interest expense increased $10.9 million, or 43%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.
Current report
Interest, Dividends and Other. Interest, dividends and other increased $11.3 million, or 116%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a change in the fair value of contingent liabilities related to acquisitions.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Fees and other revenues
Current report
Fees and other revenues increased $212.5 million, or 19%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change resulted from a $130.7 million increase in management fees and a $87.7 million increase in transaction, monitoring and other fees, partially offset by a $5.8 million decrease in expense reimbursements and other.
Current report
Management Fees. The $130.7 million increase in management fees during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to:
Current report
•an increase of $61.1 million from our Capital platform primarily due to fees earned from TPG X, which was activated during the third quarter of 2025, partially offset by a step-down in fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025 and a reduction in the fee basis of TPG VII resulting from the realization of portfolio investments;
Current report
•a decrease of $29.1 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the six months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the six months ended June 30, 2026;
Current report
•an increase of $32.5 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, ABC Fund II, ABC Evergreen and MMDL V as a result of new investments. These were partially offset by a reduction in fee basis from MMDL III resulting from the realization of portfolio investments;
Current report
•an increase of $49.5 million from our Market Solutions platform primarily due to additional management fees from TPG Peppertree due to the acquisition in July 2025 and TGS II following its activation in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025.
Current report
Catch-up fees totaled $32.5 million during the six months ended June 30, 2026 and primarily consisted of $14.8 million for Rise Climate II, $9.6 million for TPG X and $3.7 million for Rise Climate TI.
Current report
Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $87.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily driven by capital markets activity among our portfolio companies involving our broker-dealer within our Market Solutions platform.
Current report
Expense Reimbursements and Other. Expense reimbursements and other decreased by $5.8 million, or 4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to a reduction in reimbursements from TPG funds.
Current report
Capital allocation-based income
Current report
Capital allocation-based income increased $173.6 million, or 21%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change resulted from a $188.4 million increase in performance allocations, which was partially offset by a $14.8 million decrease in capital interests income.
Current report
Performance Allocations. Performance allocations increased $188.4 million, or 24%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Realized performance allocation gains for the six months ended June 30, 2026 and 2025 totaled $513.3 million and $651.9 million, respectively. Unrealized performance allocation gains for the six months ended June 30, 2026 and 2025 totaled $461.4 million and $134.4 million, respectively.
Current report
The $188.4 million increase in performance allocations during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to:
Current report
•income of $199.5 million from our Capital platform for the six months ended June 30, 2026 was primarily driven by income of $86.7 million from TPG IX, $82.3 million from TPG X, $24.3 million from Asia VIII and $22.2 million from THP I, partially offset by losses of $32.5 million from TPG VIII and $20.0 million from TPG VII. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $190.7 million from TPG IX, $113.4 million from Asia VII, $62.1 million from Asia VIII and $57.7 million from THP II, partially offset by losses of $32.3 million from THP I and $10.8 million from Asia VI;
Current report
•income of $80.5 million from our Growth platform for the six months ended June 30, 2026 was primarily driven by income of $90.2 million from TTAD II, $49.5 million from TTAD III and $24.6 million from TPG Atlas, partially offset by losses of $48.6 million from TTAD I, $43.4 million from Growth V and $37.4 million from Growth IV. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $25.6 million from TTAD II, $20.9 million from Growth IV and $19.5 million from Growth V, partially offset by losses of $41.4 million from Growth III;
Current report
•income of $237.8 million from our Credit platform for the six months ended June 30, 2026 was primarily driven by income of $57.6 million from Credit Solutions III, $31.0 million from Credit Solutions II, $24.1 million from MVP and $22.2 million from MMDL V Fund. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $26.3 million from MVP Fund, $15.1 million from MMDL V, $9.5 million from MMDL IV, $12.7 million from Credit Solutions II and $7.3 million from Essential Housing II;
Current report
•income of $255.8 million from our Real Estate platform for the six months ended June 30, 2026 was primarily driven by income of $156.8 million from TREP IV, $35.7 million from Asia Realty V, $25.7 million from Realty XI and $19.2 million from TREP III, which were partially offset by losses of $4.6 million from Realty VIII and $2.6 million from Japan Value. Performance allocation income for the six months ended June 30, 2025 was primarily driven by by income of $85.2 million from TREP III, which was partially offset by losses of $35.3 million from Realty X, $27.9 million from Asia Realty IV and $7.4 million from Realty VIII; and
Current report
•income of $38.1 million from our Market Solutions platform during the six months ended June 30, 2026 was primarily driven by income of $24.5 million from the T-POP strategy and $16.2 million from TGS I. Performance allocation income for the six months ended June 30, 2025 was primarily driven by $40.1 million of income from NewQuest IV and $11.9 million from TPEP.
Current report
Capital Interests. Capital interests income decreased $14.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to losses from our investments in TPG VII and Asia VII, partially offset by gains from our investments in TPG X and TGS I during the six months ended June 30, 2026. During the six months ended June 30, 2025, we recognized gains on our investments in TPG IX, Asia VII, Rise III, Asia VIII and THP II, partially offset by losses from our investment in Growth III, Rise I, NewQuest III and THP I.
Current report
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $42.0 million, or 10%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulting from an increase in headcount to support our growth.
Current report
Performance Allocation Compensation. Performance allocation compensation increased $178.4 million, or 34%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals.
Current report
General, Administrative and Other. General and administrative expenses decreased $24.3 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily attributable to lower professional expenses.
Current report
Depreciation and Amortization. Depreciation and amortization increased $20.9 million, or 34%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the amortization of intangible assets resulting from the acquisition of Peppertree in July 2025.
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Removed paragraphs (22)
Previous report
Product: TPG Digital Media
Previous report
TPG Digital Media (“TDM”) is a flexible source of capital focused on pursuing control equity investments in digital media. TDM seeks to pursue investments in businesses in which we have the opportunity to capitalize on our long history of studying and pursuing content-centric themes.
Previous report
The first quarter of 2026 was defined by a pivot toward volatility and defensive positioning by investors. Market sentiment was primarily pressured by the dual threats of an escalating Middle Eastern conflict, which disrupted global energy stability and ignited a commodity rally, alongside deepening concerns regarding the disruptive impact of artificial intelligence on legacy business models. Although the U.S. economy displayed underlying strength through steady growth and a resilient labor market, these geopolitical and structural shocks reignited inflationary pressures, forcing the Federal Reserve to halt its easing cycle and adopt a more hawkish stance. Consequently, a climate of strategic caution prevails as market participants maintain a defensive orientation, seeking greater visibility into the eventual resolution of these intersecting geopolitical, secular and macroeconomic uncertainties.
Previous report
Equities reversed their positive momentum from recent quarters, with the S&P 500 and Dow Jones Industrial Average declining 4.6% and 3.6%, respectively. Performance diverged sharply by sector: energy, materials and utilities surged 37.2%, 9.3% and 7.5%, respectively, on the back of a commodity rally fueled by the Iran conflict. Conversely, financials, information technology and consumer discretionary lagged with declines of 9.8%, 9.3% and 9.3%, respectively, as investors reassessed valuations amid concerns over artificial intelligence disruption to legacy business models and the potential impact of widening conflict on prices and consumer spending. Global equity indices demonstrated relative resilience, with the MSCI Europe Index declining 1.5% and the MSCI Asia Pacific index falling 0.5%, outperformance largely attributable to their lower exposure to technology and software businesses.
Previous report
Economic indicators in the first quarter of 2026 reflected the impact of geopolitical disruption and persistent inflation. The Consumer Price Index, which had declined toward 2.6% in early February, reversed course following the Middle Eastern conflict, rising to approximately 3.0% to 3.5% by quarter-end as energy and food prices increased. Core inflation, excluding food and energy, remained elevated at 3.2% to 3.4% throughout the quarter. The unemployment rate stood at 4.3% in January and stabilized near 4.4% to 4.5% through March. Monthly job gains averaged 150,000 to 180,000, consistent with the low-hire, low-fire labor market environment established in late 2025. U.S. real GDP growth tracked between 2.0% and 3.0% for the quarter according to the Federal Reserve Bank of Atlanta's GDPNow model.
Previous report
The Federal Reserve held interest rates steady at its March meeting, maintaining the target range at 3.50% to 3.75%. This marked a pause in the easing cycle that began in late 2024, with no rate cuts implemented during Q1 2026. The Board of Governors of the Federal Reserve System (the “Fed”) adopted a more hawkish tone, signaling that rate cuts previously expected for 2026 were now unlikely, influenced by renewed inflation pressures from Middle Eastern conflict and resilient labor market conditions. Market participants shifted from pricing in multiple cuts to pricing in zero cuts for the remainder of the year.
Previous report
The U.S. Treasury yield curve flattened in the first quarter, driven by a sell-off at the long end of the curve. Following the geopolitical shock and hawkish repricing of Federal Reserve policy, yields across Treasuries rose quarter over quarter. Yields on 10-year and 30-year Treasuries increased by approximately 30 to 40 basis points, while shorter maturities rose by roughly 15 to 20 basis points. Treasury yields reversed their late-2025 decline, moving higher as markets abandoned expectations for near-term rate cuts.
Previous report
Management Fees. The $60.5 million increase in management fees during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is attributable to:
Previous report
•an increase of $3.2 million from our Growth platform primarily due to new capital raised for Growth VI during the last twelve months, resulting in a larger fee-earning commitment base;
Previous report
•losses of $268.6 million from our Capital platform for the three months ended March 31, 2026 were primarily driven by losses of $149.1 million from TPG VIII, $78.8 million from TPG IX, $25.9 million from TPG VII and $21.1 million from THP I. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of $110.7 million from TPG IX, $67.1 million from Asia VII and $30.4 million from Asia VIII, partially offset by losses of $15.4 million from THP I;
Previous report
•losses of $87.6 million from our Growth platform for the three months ended March 31, 2026 were primarily driven by losses of $50.8 million from Growth V, $31.8 million from Growth IV and $20.2 million from Growth III, partially offset by gains of $17.1 million from TPG Atlas. Performance allocation income for the three months ended March 31, 2025 was primarily driven by income of $16.8 million from Growth V, $16.2 million from Growth VI and $12.5 million from Growth IV, partially offset by losses of $5.2 million from Growth III;
Previous report
•income of $88.0 million from our Credit platform for the three months ended March 31, 2026 was primarily driven by income of $23.0 million from Credit Solutions III, $17.2 million from Credit Solutions II, $10.8 million from MMDL V and $9.2 million from MVP. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of $14.8 million from MVP Fund, $8.8 million from Credit Solutions III, $7.9 million from Credit Solutions II, $7.2 million from ABC Fund and $6.7 million from MMDL V;
Previous report
Interest Expense. Interest expense increased $8.7 million, or 36%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.
Previous report
Interest, Dividends and Other. Interest, dividends and other decreased $0.2 million, or 3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Previous report
Management Fees
Previous report
The $62.0 million increase in management fees during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is attributable to:
Previous report
•an increase of $3.2 million from our Growth platform primarily due to new capital raised for Growth VI during the last twelve months, resulting in a larger fee-earning commitment base;
Previous report
•a decrease of $11.5 million from our Real Estate platform primarily driven by the impact of catch-up fees recognized in Europe Realty IV during the three months ended March 31, 2025; and
Previous report
Catch-up fees totaled $6.4 million during the three months ended March 31, 2026 and primarily consisted of $3.4 million for TPG X and $2.9 million for Rise Climate II.
Previous report
Depreciation expense increased $0.7 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Previous report
Interest expense, net increased $11.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.
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Previous wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in our historical financial statements and the related notes included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and elsewhere in this report, particularly in “Cautionary Note Regarding Forward-Looking Statements,” and “Item 1A.—Risk Factors” and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 17, 2026. We assume no obligation to update any of these forward-looking statements.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in our historical financial statements and the related notes included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those identified below and elsewhere in this report, particularly in “Cautionary Note Regarding Forward-Looking Statements,” and “Item 1A.—Risk Factors” and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 17, 2026. We assume no obligation to update any of these forward-looking statements.
Previous wording
TPG is a leading global alternative asset manager with $306.2 billion in assets under management (“AUM”) as of March 31, 2026. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth.
Current wording
TPG is a leading global alternative asset manager with $326.8 billion in assets under management (“AUM”) as of June 30, 2026. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth.
Previous wording
Our differentiated operating model unites our investment products and global footprint around a cohesive commercial framework. Our team-oriented culture fosters collaboration and alignment, supports our shared investment themes approach to sourcing and executing deals and leads to attractive returns for our investors. Through multiple decades of experience, we have developed an ecosystem of insight, engagement and collaboration across our platforms and products, which currently include more than 400 active portfolio companies, approximately 300 real estate properties and over 6,500 credit positions, across more than 33 countries.
Current wording
Our differentiated operating model unites our investment products and global footprint around a cohesive commercial framework. Our team-oriented culture fosters collaboration and alignment, supports our shared investment themes approach to sourcing and executing deals and leads to attractive returns for our investors. Through multiple decades of experience, we have developed an ecosystem of insight, engagement and collaboration across our platforms and products, which currently include more than 450 active portfolio companies, approximately 300 real estate properties and over 6,500 credit positions, across more than 33 countries.
Previous wording
TPG Capital is our North America and Europe-focused private equity investing business, with $57.4 billion in assets under management as of March 31, 2026. TPG Capital employs a sector-driven, highly thematic approach to sourcing and primarily seeks to invest in traditional buyouts, transformational deals such as corporate carve-outs and large-scale growth equity transactions. We invest in market leaders with fundamentally strong business models that are expected to benefit from long-term secular growth trends. We also seek to help our portfolio companies accelerate their growth under our ownership through a variety of operational improvements, such as by leveraging our human capital team to upgrade or enhance our management teams and boards, and by investing in organic and inorganic growth.
Current wording
TPG Capital is our North America and Europe-focused private equity investing business, with $60.7 billion in assets under management as of June 30, 2026. TPG Capital employs a sector-driven, highly thematic approach to sourcing and primarily seeks to invest in traditional buyouts, transformational deals such as corporate carve-outs and large-scale growth equity transactions. We invest in market leaders with fundamentally strong business models that are expected to benefit from long-term secular growth trends. We also seek to help our portfolio companies accelerate their growth under our ownership through a variety of operational improvements, such as by leveraging our human capital team to upgrade or enhance our management teams and boards, and by investing in organic and inorganic growth.
Previous wording
TPG was one of the first alternative asset management firms to establish a dedicated Asia franchise and began investing in the region in 1994. Currently, TPG Asia focuses on pursuing investments in the Asia-Pacific region, including Australia, India, Korea and Southeast Asia, with $23.3 billion in assets under management as of March 31, 2026. Our distributed regional footprint has provided a foundation for us to pursue highly attractive investing opportunities in the region with both new and existing products and strategies. We invest through a variety of transaction structures, including through partnerships with large corporations and families.
Current wording
TPG was one of the first alternative asset management firms to establish a dedicated Asia franchise and began investing in the region in 1994. Currently, TPG Asia focuses on pursuing investments in the Asia-Pacific region, including Australia, India, Korea and Southeast Asia, with $23.6 billion in assets under management as of June 30, 2026. Our distributed regional footprint has provided a foundation for us to pursue highly attractive investing opportunities in the region with both new and existing products and strategies. We invest through a variety of transaction structures, including through partnerships with large corporations and families.
Previous wording
TPG Growth is our dedicated growth equity and middle market investing product, with $18.9 billion in assets under management as of March 31, 2026. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India.
Current wording
TPG Growth is our dedicated growth equity and middle market investing product, with $21.2 billion in assets under management as of June 30, 2026. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India.
Previous wording
TPG Tech Adjacencies (“TTAD”), with $8.8 billion in assets under management as of March 31, 2026, is a product we developed organically to pursue minority and/or structured investments in internet, software, digital media and other technology sectors. Specifically, TTAD aims to provide flexible capital for founders, employees and early investors seeking liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth.
Current wording
TPG Tech Adjacencies (“TTAD”), with $10.1 billion in assets under management as of June 30, 2026, is a product we developed organically to pursue minority and/or structured investments in internet, software, digital media and other technology sectors. Specifically, TTAD aims to provide flexible capital for founders, employees and early investors seeking liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth.
Previous wording
The Rise Funds are our dedicated vehicles for investing globally in companies that generate business performance and strong returns alongside a demonstrable and significant positive societal impact, with $10.3 billion in assets under management as of March 31, 2026. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services.
Current wording
The Rise Funds are our dedicated vehicles for investing globally in companies that generate business performance and strong returns alongside a demonstrable and significant positive societal impact, with $10.9 billion in assets under management as of June 30, 2026. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services.
Previous wording
Launched in 2021, TPG Rise Climate (“Rise Climate”) is our dedicated climate private equity impact investing product, which has raised $16.2 billion in total commitments. Rise Climate applies TPG’s private equity capabilities to pursue climate-related investments in thematic areas including clean electrons, clean molecules and materials and adaptive solutions, all without sacrificing our focus on financial returns. Rise Climate has a global focus and invests opportunistically across buyouts, carve-outs and growth equity transactions.
Current wording
Launched in 2021, TPG Rise Climate (“Rise Climate”) is our dedicated climate private equity impact investing product, which has raised $17.1 billion in total commitments. Rise Climate applies TPG’s private equity capabilities to pursue climate-related investments in thematic areas including clean electrons, clean molecules and materials and adaptive solutions, all without sacrificing our focus on financial returns. Rise Climate has a global focus and invests opportunistically across buyouts, carve-outs and growth equity transactions.
Previous wording
TPG Credit Solutions, with $20.9 billion in assets under management as of March 31, 2026, invests in stressed, distressed and special situation corporate credit opportunities, primarily in North America and Europe, and can dynamically pivot between the public and private markets. TPG Credit Solutions employs what we believe to be a differentiated, solutions-based approach that is capable of being executed in any market environment. TPG Credit Solutions seeks to align with companies, financial sponsors and business owners and to use its structuring skill and flexible capital base to create bespoke, bilaterally-negotiated financing transactions that help resolve complex and idiosyncratic financial challenges. TPG Credit Solutions funds may also opportunistically invest in securities acquired at what the investment team believes are discounted prices relative to their intrinsic value and offer the potential for contractual income and/or price appreciation. TPG Credit Solutions invests through the Credit Solutions, Essential Housing and Hybrid Solutions closed-end funds, as well as the Corporate Credit Opportunities open-ended fund.
Current wording
TPG Credit Solutions, with $21.9 billion in assets under management as of June 30, 2026, invests in stressed, distressed and special situation corporate credit opportunities, primarily in North America and Europe, and can dynamically pivot between the public and private markets. TPG Credit Solutions employs what we believe to be a differentiated, solutions-based approach that is capable of being executed in any market environment. TPG Credit Solutions seeks to align with companies, financial sponsors and business owners and to use its structuring skill and flexible capital base to create bespoke, bilaterally-negotiated financing transactions that help resolve complex and idiosyncratic financial challenges. TPG Credit Solutions funds may also opportunistically invest in securities acquired at what the investment team believes are discounted prices relative to their intrinsic value and offer the potential for contractual income and/or price appreciation. TPG Credit Solutions invests through the Credit Solutions, Essential Housing and Hybrid Solutions closed-end funds, as well as the Corporate Credit Opportunities open-ended fund.
Previous wording
TPG Direct Lending focuses on sourcing, underwriting and actively managing a diversified portfolio of lower middle market, senior secured loans, including revolvers and first lien debt, and seeks to deliver stable and attractive returns while minimizing volatility and protecting the downside. As a direct lender to private equity backed lower middle market companies primarily with $25.0 million of EBITDA or less, the product focuses on sourcing differentiated opportunities from our long-standing and diverse set of sponsor relationships. TPG Direct Lending includes the TPG AG Middle Market Direct Lending (“MMDL”) closed-end fund series and evergreen vehicle, SMAs, TPG Advantage Direct Lending (“ADL”), as well as a public, non-traded business development company (“BDC”), TPG Twin Brook Capital Income Fund (“TCAP”). As of March 31, 2026, TPG Direct Lending had $31.5 billion in assets under management.
Current wording
TPG Direct Lending focuses on sourcing, underwriting and actively managing a diversified portfolio of lower middle market, senior secured loans, including revolvers and first lien debt, and seeks to deliver stable and attractive returns while minimizing volatility and protecting the downside. As a direct lender to private equity backed lower middle market companies primarily with $25.0 million of EBITDA or less, the product focuses on sourcing differentiated opportunities from our long-standing and diverse set of sponsor relationships. TPG Direct Lending includes the TPG AG Middle Market Direct Lending (“MMDL”) closed-end fund series and evergreen vehicle, SMAs, TPG Advantage Direct Lending (“ADL”), as well as a public, non-traded business development company (“BDC”), TPG Twin Brook Capital Income Fund (“TCAP”). As of June 30, 2026, TPG Direct Lending had $36.1 billion in assets under management.
Previous wording
TPG Asset Based Finance focuses on investment-grade asset-based finance and direct lending, with opportunities to expand through additional strategies over time. TPG Asset Based Finance invests through a variety of vehicles including the Mortgage Value Partners Fund open-ended hedge fund, the Asset Based Credit closed-end fund series and evergreen vehicle, SMAs and TPG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), which is an externally managed, publicly traded residential mortgage real estate investment trust. As of March 31, 2026, TPG Asset Based Finance had $31.3 billion in assets under management.
Current wording
TPG Asset Based Finance focuses on investment-grade asset-based finance and direct lending, with opportunities to expand through additional strategies over time. TPG Asset Based Finance invests through a variety of vehicles including the Mortgage Value Partners Fund open-ended hedge fund, the Asset Based Credit closed-end fund series and evergreen vehicle, SMAs and TPG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), which is an externally managed, publicly traded residential mortgage real estate investment trust. As of June 30, 2026, TPG Asset Based Finance had $32.0 billion in assets under management.
Previous wording
TPG CLOs, with $8.8 billion in assets under management as of March 31, 2026, invest predominantly in non-investment grade senior secured bank loans. TPG CLOs investment team consists of members in both New York and London. The U.S. CLOs invest in U.S. dollar-denominated broadly syndicated loans, and the European CLOs invest in Euro-denominated loans and secured bonds. Our global platform allows us to provide our investors with diversification across industries and geographies as we construct well diversified, liquid portfolios that are actively traded. In addition to TPG CLOs, the platform also manages bespoke performing credit vehicles and commingled closed end CLO funds.
Current wording
TPG CLOs, with $8.7 billion in assets under management as of June 30, 2026, invest predominantly in non-investment grade senior secured bank loans. TPG CLOs investment team consists of members in both New York and London. The U.S. CLOs invest in U.S. dollar-denominated broadly syndicated loans, and the European CLOs invest in Euro-denominated loans and secured bonds. Our global platform allows us to provide our investors with diversification across industries and geographies as we construct well diversified, liquid portfolios that are actively traded. In addition to TPG CLOs, the platform also manages bespoke performing credit vehicles and commingled closed end CLO funds.
Previous wording
TPG Multi-Asset Credit, with $2.7 billion in assets under management as of March 31, 2026, invests across the breadth of Credit, with a geographic focus in the United States and Western Europe. TPG Multi-Asset Credit offers actively managed co-mingled funds, including the Super Fund, which changed its name to Dynamic Credit Income Fund, effective January 1, 2026, in addition to bespoke vehicles and various multi-strategy credit funds-of-one. These funds invest in public and private investment opportunities sourced from across Credit, as well as arbitrage strategies, including convertible arbitrage and merger arbitrage. TPG Multi-Asset Credit funds invest in, among other products, corporate loans and bonds, residential, consumer and asset-based loans and securities, hybrid instruments and derivative securities, including currency and interest rate hedges.
Current wording
TPG Multi-Asset Credit, with $2.5 billion in assets under management as of June 30, 2026, invests across the breadth of Credit, with a geographic focus in the United States and Western Europe. TPG Multi-Asset Credit offers actively managed co-mingled funds, including the Super Fund, which changed its name to Dynamic Credit Income Fund, effective January 1, 2026, in addition to bespoke vehicles and various multi-strategy credit funds-of-one. These funds invest in public and private investment opportunities sourced from across Credit, as well as arbitrage strategies, including convertible arbitrage and merger arbitrage. TPG Multi-Asset Credit funds invest in, among other products, corporate loans and bonds, residential, consumer and asset-based loans and securities, hybrid instruments and derivative securities, including currency and interest rate hedges.
Previous wording
TPG Real Estate Partners (“TREP”), with $11.6 billion in assets under management as of March 31, 2026, focuses on acquiring and building platforms, which we believe creates more efficient operating structures and ultimately results in scaled investments that may trade at premium entity-level pricing in excess of the net asset value of individual properties. TREP utilizes a distinct theme-based strategy for sourcing and executing proprietary investments and, over time, many of these themes have aligned with TPG’s broader thematic sector expertise, particularly those pertaining to the healthcare and technology sectors.
Current wording
TPG Real Estate Partners (“TREP”), with $12.0 billion in assets under management as of June 30, 2026, focuses on acquiring and building platforms, which we believe creates more efficient operating structures and ultimately results in scaled investments that may trade at premium entity-level pricing in excess of the net asset value of individual properties. TREP utilizes a distinct theme-based strategy for sourcing and executing proprietary investments and, over time, many of these themes have aligned with TPG’s broader thematic sector expertise, particularly those pertaining to the healthcare and technology sectors.
Previous wording
TPG Real Estate Thematic Advantage Core-Plus (“TAC+”), with $2.5 billion in assets under management as of March 31, 2026, is an extension of our opportunistic real estate investment program. TAC+ targets investments in stabilized (or near stabilized) high-quality real estate, particularly in thematic sectors where we have gained significant experience and conviction. The investment strategy is designed to enhance traditional core-plus objectives of capital preservation and reliable current income generation by applying our differentiated thematic approach, strategy and skillset.
Current wording
TPG Real Estate Thematic Advantage Core-Plus (“TAC+”), with $4.0 billion in assets under management as of June 30, 2026, is an extension of our opportunistic real estate investment program. TAC+ targets investments in stabilized (or near stabilized) high-quality real estate, particularly in thematic sectors where we have gained significant experience and conviction. The investment strategy is designed to enhance traditional core-plus objectives of capital preservation and reliable current income generation by applying our differentiated thematic approach, strategy and skillset.
Previous wording
TPG AG Europe Real Estate, with $5.0 billion in assets under management as of March 31, 2026, manages assets across Europe, with investments primarily located in major cities in Western Europe and the United Kingdom. TPG AG Europe Real Estate focuses on sub-performing and distressed real estate assets. The TPG AG Europe Real Estate portfolio includes industrial, residential, office, hotel, retail, student housing, self-storage and other asset types.
Current wording
TPG AG Europe Real Estate, with $4.9 billion in assets under management as of June 30, 2026, manages assets across Europe, with investments primarily located in major cities in Western Europe and the United Kingdom. TPG AG Europe Real Estate focuses on sub-performing and distressed real estate assets. The TPG AG Europe Real Estate portfolio includes industrial, residential, office, hotel, retail, student housing, self-storage and other asset types.
Previous wording
TPG Asia Real Estate, with $5.7 billion in assets under management as of March 31, 2026, manages assets across Asia, with investments primarily in Japan, South Korea, Hong Kong, China and Singapore. TPG Asia Real Estate focuses on capitalizing on opportunistic investments primarily created through situations such as a lack of real estate expertise, illiquidity or distress. The TPG Asia Real Estate portfolio includes office, industrial, residential, hotel, retail, life science and other asset types.
Current wording
TPG Asia Real Estate, with $6.3 billion in assets under management as of June 30, 2026, manages assets across Asia, with investments primarily in Japan, South Korea, Hong Kong, China and Singapore. TPG Asia Real Estate focuses on capitalizing on opportunistic investments primarily created through situations such as a lack of real estate expertise, illiquidity or distress. The TPG Asia Real Estate portfolio includes office, industrial, residential, hotel, retail, life science and other asset types.
Previous wording
TPG Net Lease, with $2.2 billion in assets under management as of March 31, 2026, focuses on single tenant commercial real estate, generally leased to non-investment grade tenants, largely acquired in simultaneous sale-leaseback transactions. TPG Net Lease primarily purchases existing facilities that are integral to the ongoing operations of the tenants, such as a company’s manufacturing plant or distribution centers. TPG Net Lease manages assets primarily located within the United States, with certain assets in the United Kingdom, Western Europe, Canada and Mexico.
Current wording
TPG Net Lease, with $2.3 billion in assets under management as of June 30, 2026, focuses on single tenant commercial real estate, generally leased to non-investment grade tenants, largely acquired in simultaneous sale-leaseback transactions. TPG Net Lease primarily purchases existing facilities that are integral to the ongoing operations of the tenants, such as a company’s manufacturing plant or distribution centers. TPG Net Lease manages assets primarily located within the United States, with certain assets in the United Kingdom, Western Europe, Canada and Mexico.
Previous wording
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX”) is externally managed by an affiliate of TPG and directly originates, acquires and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America for its balance sheet. The platform’s objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions. As of March 31, 2026, the TRTX loan investment portfolio consisted of 50 first mortgage loans (or interests therein) and total loan commitments of $4.3 billion.
Current wording
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX”) is externally managed by an affiliate of TPG and directly originates, acquires and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America for its balance sheet. The platform’s objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions. As of June 30, 2026, the TRTX loan investment portfolio consisted of 52 first mortgage loans (or interests therein) and total loan commitments of $4.5 billion.
Previous wording
Established in 2021, TGS was created to invest in high-quality, stable private equity assets, which are principally based in North America and Europe, in partnership with third-party general partners. With $3.7 billion in assets under management as of March 31, 2026, TGS brings a primary private equity approach to the general partner-led secondaries market that leverages the TGS team’s deep investing experience and the insights and expertise of the broader TPG ecosystem.
Current wording
Established in 2021, TGS was created to invest in high-quality, stable private equity assets, which are principally based in North America and Europe, in partnership with third-party general partners. With $3.9 billion in assets under management as of June 30, 2026, TGS brings a primary private equity approach to the general partner-led secondaries market that leverages the TGS team’s deep investing experience and the insights and expertise of the broader TPG ecosystem.
Previous wording
TPG Private Equity Opportunities (“T-POP”) seeks to create an attractive and diversified portfolio of private equity assets primarily through making direct co-investments in transactions executed by TPG’s private equity strategies. Structured as a perpetual investment solution, T-POP accepts fully funded subscriptions monthly and aims to provide limited partners a liquidity option by means of a quarterly redemption program. T-POP launched in June 2025 and as of March 31, 2026, had $1.7 billion in assets under management.
Current wording
TPG Private Equity Opportunities (“T-POP”) seeks to create an attractive and diversified portfolio of private equity assets primarily through making direct co-investments in transactions executed by TPG’s private equity strategies. Structured as a perpetual investment solution, T-POP accepts fully funded subscriptions monthly and aims to provide limited partners a liquidity option by means of a quarterly redemption program. T-POP launched in June 2025 and as of June 30, 2026, had $2.3 billion in assets under management.
Previous wording
Peppertree was formed in 2004 and acquired by TPG in July 2025. TPG Peppertree specializes in investing in wireless communication towers within the digital infrastructure space. With $7.8 billion in assets under management as of March 31, 2026, TPG Peppertree has made more than 180 investments through ten flagship funds, supporting the construction and acquisition of more than 11,000 wireless communication infrastructure assets.
Current wording
Peppertree was formed in 2004 and acquired by TPG in July 2025. TPG Peppertree specializes in investing in wireless communication towers within the digital infrastructure space. With $8.9 billion in assets under management as of June 30, 2026, TPG Peppertree has made more than 180 investments through ten flagship funds, supporting the construction and acquisition of more than 11,000 wireless communication infrastructure assets.
Previous wording
Through our capital markets activities, we generate underwriting, placement, arrangement, structuring and advisory fee revenue. During the three months ended March 31, 2026 and 2025, our capital markets business drove $83.2 million and $61.5 million in transaction revenue, respectively. We believe that the high margin profile of our business coupled with our consistent ability to deliver superior financing outcomes drives significant value to our portfolio companies and our stockholders.
Current wording
Through our capital markets activities, we generate underwriting, placement, arrangement, structuring and advisory fee revenue. During the three and six months ended June 30, 2026, our capital markets business drove $113.1 million and $196.3 million in transaction revenue, respectively. During the three and six months ended June 30, 2025, our capital markets business drove $47.1 million and $108.6 million in transaction revenue, respectively. We believe that the high margin profile of our business coupled with our consistent ability to deliver superior financing outcomes drives significant value to our portfolio companies and our stockholders.
Previous wording
In corporate credit markets, both U.S. and European high yield generated negative performance in the first quarter of 2026. According to J.P. Morgan data, U.S. high yield was down 0.3% and the European market returned 1.5% during the three-month period. In the United States, high yield bond spreads widened by 41 basis points during the quarter to 355 basis points compared to 314 at the start of the year. In Europe, high yield spreads widened by 67 basis points during the quarter to 412 basis points, up from 345 at the beginning of the year. The high yield default rate, measured on a trailing twelve-month basis, increased from 1.9% to 2.1% in the United States and modestly decreased from 3.2% to 3.1% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index posted a (0.4%) return, and the J.P. Morgan European Leveraged Loan Index posted a (1.0%) return for the first quarter of 2026. From a spread and yield basis, the U.S. Leveraged Loan Index ended the quarter at a yield of 8.4% and 484 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 8.3% and 547 basis point spread.
Current wording
In corporate credit markets, both U.S. and European high yield generated positive performance in the second quarter of 2026. According to J.P. Morgan data, U.S. high yield returned 2.5% and the European market returned 3.9% during the three-month period. In the United States, high yield bond spreads tightened by 49 basis points during the quarter to 306 basis points compared to 355 at the start of the quarter. In Europe, high yield spreads tightened by 62 basis points during the quarter to 350 basis points, down from 412 at the beginning of the quarter. The high yield default rate, measured on a trailing twelve-month basis, increased from 2.1% to 2.7% in the United States and significantly decreased from 3.1% to 1.9% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index returned 2.02%, and the J.P. Morgan European Leveraged Loan Index posted returned (0.95%) for the second quarter of 2026. The U.S. Leveraged Loan Index ended the quarter at a yield of 8.99% and 499 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 7.99% and 529 basis point spread.
Previous wording
We are a holding company and our only business is to act as the owner of the entities serving as the general partner of the TPG Operating Group partnerships and our only material assets are Common Units representing approximately 42% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of March 31, 2026. In our capacity as the sole indirect owner of the entities serving as the general partner of the TPG Operating Group partnerships, we indirectly control all of the TPG Operating Group’s business and affairs.
Current wording
We are a holding company and our only business is to act as the owner of the entities serving as the general partner of the TPG Operating Group partnerships and our only material assets are Common Units representing approximately 43% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of June 30, 2026. In our capacity as the sole indirect owner of the entities serving as the general partner of the TPG Operating Group partnerships, we indirectly control all of the TPG Operating Group’s business and affairs.
Previous wording
Fees and other revenues increased $76.6 million, or 14%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change resulted primarily from a $60.5 million increase in management fees and a $21.7 million increase in transaction, monitoring and other fees.
Current wording
Fees and other revenues increased $135.9 million, or 24%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change resulted primarily from a $70.2 million increase in management fees and a $66.0 million increase in transaction, monitoring and other fees.
Previous wording
•an increase of $23.9 million from our Capital platform primarily driven by management fees from TPG X, which was activated in the third quarter of 2025, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025;
Current wording
•an increase of $37.2 million from our Capital platform primarily driven by management fees from TPG X, which was activated in the third quarter of 2025, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025;
Previous wording
•an increase of $14.6 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Evergreen as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III;
Current wording
•an increase of $17.9 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Fund II as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III;
Previous wording
•an increase of $22.0 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree which was acquired in July 2025.
Current wording
•an increase of $27.5 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree, which was acquired in July 2025, and the activation of TGS II in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025.
Previous wording
Catch-up management fees totaled $6.4 million during the three months ended March 31, 2026 and primarily consisted of $3.4 million for TPG X and $2.9 million for Rise Climate II.
Current wording
Catch-up management fees totaled $33.1 million during the three months ended June 30, 2026 and primarily consisted of $13.2 million for Rise Climate II, $9.3 million for TPG X and $4.2 million for Rise Climate TI.
Previous wording
Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $21.7 million, or 35%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by an increase in capital markets activity among our portfolio companies involving our broker-dealer within our Market Solutions platform.
Current wording
Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $66.0 million, or 140%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by capital markets activity among our portfolio companies involving our broker-dealer within our Market Solutions platform.
Previous wording
Expense Reimbursements and Other. Expense reimbursements and other decreased $5.6 million, or 9%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by a reduction in reimbursements from TPG funds.
Current wording
Expense Reimbursements and Other. Expense reimbursements and other decreased $0.3 million, or 0%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a reduction in reimbursements from TPG funds.
Previous wording
Performance Allocations. Performance allocations decreased $589.0 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Realized performance allocation gains for the three months ended March 31, 2026 and 2025 totaled $323.4 million and $213.4 million, respectively. Unrealized performance allocation losses for the three months ended March 31, 2026 totaled $461.8 million and unrealized performance allocation gains for the three months ended March 31, 2025 totaled $237.2 million.
Current wording
Performance Allocations. Performance allocations increased $777.3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Realized performance allocation gains for the three months ended June 30, 2026 and 2025 totaled $189.9 million and $438.6 million, respectively. Unrealized performance allocation gains for the three months ended June 30, 2026 totaled $923.2 million. Unrealized performance allocation losses for three months ended June 30, 2025 totaled$102.8 million.
Previous wording
The $589.0 million decrease in performance allocation during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is attributable to:
Current wording
The $777.3 million increase in performance allocation during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to:
Previous wording
•income of $149.8 million from our Real Estate platform for the three months ended March 31, 2026 was primarily driven by income of $105.8 million from TREP IV, $30.4 million from Asia Realty V and $8.9 million from Realty XI. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of TREP III, partially offset by losses of $30.5 million from Realty X and $12.6 million from Europe Realty III; and
Current wording
•income of $106.0 million from our Real Estate platform for the three months ended June 30, 2026 was primarily driven by income of $51.0 million from TREP IV, $20.4 million from Net Lease IV and $16.8 million from Realty XI. Performance allocation losses for the three months ended June 30, 2025 was largely driven by losses of $22.3 million primarily from TREP III, $16.8 million from Asia Realty IV and $7.2 million from Realty VIII, which were partially offset by net gains of $7.0 million from Net Lease Realty III; and
Previous wording
•income of $15.4 million from our Market Solutions platform for the three months ended March 31, 2026 was primarily driven by income of $19.6 million from TGS, partially offset by losses of $8.2 million from Peppertree Fund VIII. Performance allocation losses for the three months ended March 31, 2025 was were primarily driven by $13.3 million of loss from NewQuest IV, partially offset by net gains of $3.4 million from NewQuest V.
Current wording
•income of $22.6 million from our Market Solutions platform for the three months ended June 30, 2026 was primarily driven by income of $19.4 million from the T-POP strategy and $5.0 million from Peppertree Fund VIII, partially offset by losses of $8.9 million from NewQuest IV. Performance allocation income for the three months ended June 30, 2025 was primarily driven by net gains of $53.3 million from NewQuest IV and $10.5 million from TPEP.
Previous wording
As of March 31, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $6.6 billion. As of March 31, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.2 billion.
Current wording
As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $7.6 billion. As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.2 billion.
Previous wording
Capital Interests. Capital interests income decreased $22.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily attributable to losses from our investments in TPG IX and Asia VII, which were partially offset by gains on our investments in TGS and TPG X during the three months ended March 31, 2026. During the three months ended March 31, 2025, we recognized gains on our investments in TPG IX, Asia VII and Asia VIII, which were partially offset by losses from our investments in Rise I and TGS.
Current wording
Capital Interests. Capital interests income increased $7.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to gains from our investments in TPG X and TPG IX, which were partially offset by losses on our investments in TPG VII during the three months ended June 30, 2026. During the three months ended June 30, 2025, we recognized losses on our investments in Growth III, NewQuest III, Asia VI and Rise I, which were partially offset by gains from our investments in TPG IX, Asia VII and Rise III.
Previous wording
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $13.6 million, or 6%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by higher salary and benefit costs associated with increased headcount.
Current wording
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $28.4 million, or 14%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by higher salary and benefit costs resulting from an increase in headcount to support our growth.
Showing the first 40 of 111 pairs. Open the source sections for the rest.
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Current report — wording carried from elsewhere
•TPG Operating Group Excluded entities generated losses of $0.1 million during the three months ended June 30, 2026 compared to income of $9.7 million during the three months ended June 30, 2025. Performance allocation income for three months ended June 30, 2025 was primarily driven by gains of $3.8 million from Asia V from our Capital platform and $2.1 million from Growth II from our Growth platform.
Current report — wording carried from elsewhere
Equity-Based Compensation. Equity-based compensation expense increased $22.1 million, or 11%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to an increase in compensatory Common Units granted on July 1, 2025 to certain TPG Peppertree partners, as described in Note 14 to the Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
Revenues consisted of the following for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The table below highlights performance allocations for the six months ended June 30, 2026 and 2025, and separates the entities listed into two categories to reflect the Reorganization: (i) TPG general partner entities from which the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation and (ii) TPG general partner entities from which the TPG Operating Group Common Unit holders are not expected to receive any performance allocation.
Current report — wording carried from elsewhere
(1)After the Reorganization, we retained an economic interest in performance allocations from the Growth III and Asia VI general partner entities, which entitles us to a performance allocation equal to 10%; however, we allocate the full amount as performance allocation compensation expense. As such, net income available to controlling interest holders is zero for each of these funds following the Reorganization.
Current report — wording carried from elsewhere
(2)The TPG Operating Group Excluded entities’ performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders is zero for each of the TPG Operating Group Excluded entities following January 1, 2022.
Current report — wording carried from elsewhere
As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $7.6 billion. As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.2 billion.
Current report — wording carried from elsewhere
The following table presents management fees in our platforms for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The following table presents fee-related performance revenues for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Transaction, Monitoring and Other Fees, Net
Current report — wording carried from elsewhere
The following table presents transaction, monitoring and other fees, net in our platforms for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Cash-Based Compensation and Benefits, Net
Current report — wording carried from elsewhere
The following table presents cash-based compensation and benefits, net for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The following table presents fee-related performance compensation for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $4.9 million, or 3%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily due to an increase in professional fees and travel expenses.
Current report — wording carried from elsewhere
The following table presents realized performance allocations, net from our platforms for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Realized Investment Income and Other, Net
Current report — wording carried from elsewhere
The following table presents realized investment income and other, net for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The following table presents interest expense, net for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The increase in DE for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to an increase in FRE, partially offset by an increase in interest expense, net.
Current report — wording carried from elsewhere
FAUM increased $5.6 billion during the three months ended June 30, 2026, primarily driven by $3.8 billion in fee-earning capital raised. This activity was led by additional closings of TPG X and the activation of THP III during the first quarter of 2026 within the Capital platform, the activation of TPG Sports during the first quarter of 2026 within the Growth platform and subsequent closings for Rise Climate II within the Impact platform. Deployment added $5.4 billion to FAUM primarily driven by TPG IX and THP II within the Capital platform and Credit Solutions III and MMDL V within the Credit platform.
Current report — wording carried from elsewhere
2031 Senior Notes: On February 26, 2026, the Notes Issuer issued in an SEC-registered offering $500.0 million aggregate principal amount of Senior Notes due 2031. The 2031 Senior Notes bear interest at a rate of 4.875% per annum, which is payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026.
Current report — wording carried from elsewhere
(a)The issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•an increase of $9.3 million from our Impact platform primarily due to fees earned from Rise IV following its activation in the first quarter of 2026 and catch-up fees earned from Rise Climate II;