TPG Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 3, 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 2026-06-30; filed 2026-08-04.
0001880661-26-000049
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001880661-26-000059
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 489 previous paragraphs and 489 current paragraphs.
291 unchanged; 151 reworded; 47 added; 44 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 56 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 (47)
Current report
The third quarter of 2026 was characterized by moderating equity market performance, a resumption of Federal Reserve policy tightening and a significant increase in Treasury yields. While major equity indices remained near record highs and delivered positive returns, market leadership became increasingly concentrated among large-cap technology companies. At the same time, investors reassessed the outlook for inflation and monetary policy as the Federal Reserve raised interest rates for the first time since 2023 and Treasury yields climbed to their highest levels in decades.
Current report
U.S. equity markets produced mixed results during the quarter. Large-cap indices generated modest gains, led by continued strength in technology-oriented companies. The Nasdaq Composite advanced 2.6%, the Nasdaq 100 gained 0.6% and the S&P 500 rose 2.3%. In contrast, smaller-capitalization equities lagged as higher interest rates and a more restrictive policy environment weighed on performance. The Russell 2000 declined 7.2% and the S&P MidCap 400 decreased 6.4%. The divergence in returns reflected increasingly narrow market leadership following the broad-based rally experienced during the second quarter.
Current report
Sector performance was similarly uneven. Energy was the strongest-performing sector, rising 17.2% during the quarter as commodity prices rose due to the ongoing conflict in the Middle East. Technology gained 7.2%, Healthcare advanced 6.5% and Communication Services increased 3.6%. Relative underperformers included Utilities, Industrials and Real Estate, which fell (12.4%), (9.7%) and (5.6%), respectively. The dispersion between sector returns highlighted investor selectivity amid a more challenging macroeconomic and interest rate environment.
Current report
Macroeconomic developments during the quarter were shaped by persistent inflationary pressures, resilient economic growth and a shift in Federal Reserve policy. While inflation continued to moderate from prior highs, it remained above the Federal Reserve’s long-term 2% target. Labor market conditions also remained relatively healthy, supporting continued economic expansion. Against this backdrop, the Federal Reserve raised the federal funds target range by 25 basis points to a range of 3.75% to 4.00% in September, marking its first rate increase since 2023. Policymakers cited elevated inflation and stronger-than-expected economic activity as factors supporting tighter monetary policy and indicated that additional rate increases could be warranted should inflationary pressures persist.
Current report
United States Treasury yields rose sharply across the curve during the quarter as markets adjusted to higher policy rates and expectations for a more restrictive interest rate environment. The 2-Month Treasury yield increased 33 basis points to 4.1%, while the 1-Year Treasury yield rose 56 basis points to 4.5%. Intermediate and long-term maturities also experienced significant increases, with the 5-Year Treasury yield rising 86 basis points to 5.1%, the 10-Year Treasury yield increasing 82 basis points to 5.3% and the 30-Year Treasury yield advancing 68 basis points to 5.6%. Notably, the 10-Year Treasury yield moved above 5% during the quarter and ended September at approximately 5.3%, its highest level in decades. The broad rise in yields represented one of the defining market developments of the quarter and contributed to weaker performance among several rate-sensitive sectors.
Current report
Management Fees. The $102.1 million increase in management fees during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 is attributable to:
Current report
•an increase of $31.5 million from our Capital platform primarily driven by management fees, including catch-up fees, earned from TPG X following its activation 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 report
•an increase of $8.4 million from our Growth platform primarily driven by management fees earned from TECA resulting from new capital raised during the three months ended September 30, 2026 and fees earned from TPG Sports following its activation in the first quarter of 2026;
Current report
•an increase of $34.9 million from our Impact platform primarily driven by catch-up fees earned from Rise Climate II and fees earned from Rise Climate Global South resulting from new capital raised during the three months ended September 30, 2026;
Current report
•an increase of $13.0 million from our Credit platform primarily driven by a higher fee basis across MMDL V and ABC Fund II resulting from new investments;
Current report
•a decrease of $1.6 million from our Real Estate platform; and
Current report
•an increase of $17.3 million from our Market Solutions platform primarily driven by management fees from TGS II following its activation in the third quarter of 2025 and higher management fees from T-POP resulting from additional subscriptions during the three months ended September 30, 2026.
Current report
•income of $289.5 million from our Capital platform for the three months ended September 30, 2026 was primarily driven by income of $94.7 million from TPG IX, $60.7 million from TPG VIII, $57.3 million from TPG X, $47.8 million from Asia VIII and $21.7 million from THP I. Performance allocation income of $309.4 million for the three months ended September 30, 2025 was largely driven by income of $190.0 million from TPG IX, $52.2 million from TPG X, $38.4 million from Asia VIII and $37.1 million from Asia VII, partially offset by losses of $29.7 million from TPG VII and $19.5 million from TPG VIII;
Current report
•income of $75.0 million from our Growth platform for the three months ended September 30, 2026 was primarily driven by income of $47.9 million from TTAD III, $39.4 million from Growth VI and $35.2 million from TTAD II, partially offset by losses of $43.0 million from Growth IV. Performance allocation income of $15.5 million for the three months ended September 30, 2025 was primarily driven by income of $29.8 million from TTAD II, $13.6 million from Growth III and $5.9 million from Growth IV, partially offset by losses of $28.4 million from TTAD;
Current report
•losses of $27.1 million from our Impact platform for the three months ended September 30, 2026 were primarily driven by losses of $83.2 million from Rise II and $25.2 million from Rise I, partially offset by gains of $73.8 million from Rise Climate I. Performance allocation income of $56.1 million for the three months ended September 30, 2025 was primarily driven by income of $25.6 million from Rise Climate I and $22.8 million from Rise III;
Current report
•income of $88.3 million from our Credit platform for the three months ended September 30, 2026 was primarily driven by income of $12.9 million from Credit Solutions II, $11.7 million from Credit Solutions III, $11.5 million from MMDL V and $7.5 million from ABC Fund II. Performance allocation income of $125.6 million for the three months ended September 30, 2025 was primarily driven by income of $32.6 million from Credit Solutions II, $19.1 million from MVP, $10.5 million from Credit Solutions III, $8.5 million from ABC Fund I, $6.9 million from MMDL V and $6.6 million from Credit Solutions I;
Current report
Equity-Based Compensation. Equity-based compensation expense increased $55.3 million, or 35%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by the reversal of equity-based compensation expense during the three months ended September 30, 2025 related to liability-classified performance awards that were no longer probable of vesting, as described in Note 14 to the Condensed Consolidated Financial Statements.
Current report
Depreciation and Amortization. Depreciation and amortization decreased $0.7 million, or 2%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Current report
Interest Expense. Interest expense increased $3.2 million, or 10%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by higher outstanding principal balances on our debt obligations.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
Management Fees. The $232.8 million increase in management fees during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 is attributable to:
Current report
•an increase of $92.7 million from our Capital platform primarily driven by fees earned from TPG X following its activation in 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;
Current report
•a decrease of $20.7 million from our Growth platform primarily driven by catch-up fees earned from Growth VI during the nine months ended September 30, 2025, partially offset by fees earned from TECA resulting from new capital raised during the nine months ended September 30, 2026 and fees earned from TPG Sports following its activation in the first quarter of 2026;
Current report
•an increase of $67.1 million from our Market Solutions platform primarily driven by additional management fees from TPG Peppertree following its acquisition in July 2025, TGS II following its activation in the third quarter of 2025 and T-POP following its launch in June 2025.
Current report
Catch-up fees totaled $69.4 million during the nine months ended September 30, 2026 and primarily consisted of $28.4 million for Rise Climate II, $20.3 million for TPG X and $6.7 million for Rise Climate TI.
Current report
•income of $155.5 million from our Growth platform for the nine months ended September 30, 2026 was primarily driven by income of $125.5 million from TTAD II, $97.4 million from TTAD III and $53.3 million from TPG Growth VI, partially offset by losses of $80.4 million from Growth IV, $60.5 million from TTAD I and $57.5 million from Growth V. Performance allocation income of $61.7 million for the nine months ended September 30, 2025 was primarily driven by gains of $55.4 million from TTAD II, $26.7 million from Growth IV and $14.0 million from Growth V, partially offset by losses of $26.6 million from TTAD;
Current report
•income of $326.1 million from our Credit platform for the nine months ended September 30, 2026 was primarily driven by income of $69.3 million from Credit Solutions III, $43.9 million from Credit Solutions II, $33.7 million from MMDL V and $23.5 million from ABC Fund II. Performance allocation income of $250.9 million for the nine months ended September 30, 2025 was primarily driven by income of $45.4 million from MVP, $45.3 million from Credit Solutions II, $21.9 million from ABC Fund I, $21.9 million from MMDL V and $19.7 million from Credit Solutions III;
Current report
General, Administrative and Other. General, administrative and other decreased $18.1 million, or 4%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by lower reimbursable expenses incurred on behalf of TPG funds and lower professional services, partially offset by higher occupancy costs.
Current report
The $111.5 million increase in management fees during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 is attributable to:
Current report
•an increase of $33.1 million from our Capital platform primarily driven by management fees, including catch-up fees earned from TPG X following its activation 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 report
•an increase of $8.3 million from our Growth platform primarily driven by fees earned from TECA resulting from new capital raised during the three months ended September 30, 2026 and fees earned from TPG Sports following its activation during the first quarter of 2026;
Current report
•an increase of $39.0 million from our Impact platform primarily driven by catch-up fees earned from Rise Climate II and fees earned from Rise Climate Global South resulting from new capital raised during the three months ended September 30, 2026;
Current report
•an increase of $13.2 million from our Market Solutions platform primarily driven by management fees from TGS II following its activation in the third quarter of 2025 and higher management fees from T-POP resulting from additional subscriptions during the three months ended September 30, 2026.
Current report
Catch-up fees totaled $62.4 million during the three months ended September 30, 2026 and primarily consisted of $21.1 million for TPG X, $20.1 million for Rise Climate II and $5.5 million for Rise Climate Global South.
Current report
Realized performance allocations, net of $30.4 million for the three months ended September 30, 2025 were generated primarily from realizations of $9.5 million from Asia VIII and $8.6 million from Asia VII in the Capital platform, $1.9 million from TTAD II in the Growth platform and $2.0 million from MMDL V and $1.2 million from MMDL II in the Credit platform. The activity consisted of realizations sourced from portfolio companies including Samhwa Co., Ltd and Sai Life Sciences.
Current report
Depreciation expense decreased $0.3 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Current report
Interest expense, net increased $6.6 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
The $239.9 million increase in management fees during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 is attributable to:
Current report
•an increase of $89.4 million from our Capital platform primarily driven by fees earned from TPG X following its activation during the third quarter of 2025 and THP III following its activation during the first quarter of 2026, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025;
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Removed paragraphs (44)
Previous 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.
Previous 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.
Previous 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%.
Previous 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.
Previous 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.
Previous 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:
Previous report
•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 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;
Previous 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;
Previous report
•a decrease of $0.3 million from our Real Estate platform; and
Previous report
•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 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;
Previous 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;
Previous 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;
Previous 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;
Previous report
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.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous 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:
Previous 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;
Previous 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;
Previous 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.
Previous 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.
Previous 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;
Previous 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;
Previous 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.
Previous report
The $66.4 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:
Previous report
•an increase of $31.6 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 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;
Previous report
•an increase of $21.6 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;
Previous report
Catch-up 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 report
Realized performance allocations, net of $35.4 million for the three months ended June 30, 2026 were generated primarily from realizations of $4.9 million from TPG VII in the Capital platform, $18.1 million from TDM in the Growth platform, $2.1 million from MMDL V in the Credit platform and $3.4 million from Net Lease Realty III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Life Time Group Holdings and Infinidat.
Previous report
Depreciation expense increased $0.8 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Previous report
Interest expense, net increased $12.6 million 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.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
The $128.3 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:
Previous report
•an increase of $56.2 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;
Previous 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;
Previous report
•an increase of $31.0 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the six months ended June 30, 2026;
Previous report
•an increase of $35.3 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 decline in fee-earning AUM within MMDL III;
Previous report
•an increase of $47.6 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.
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Reworded paragraphs (151)
Previous 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.
Current wording
TPG is a leading global alternative asset manager with $345.7 billion in assets under management (“AUM”) as of September 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
We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical increase in our assets under management, all with the support of a scaled infrastructure that provides our business with a high degree of operating leverage.
Current wording
We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical increases in our assets under management, supported by a scaled infrastructure that provides our business with a high degree of operating leverage.
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 450 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 7,000 credit positions, across more than 33 countries.
Previous 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.
Current wording
TPG Capital is our North America and Europe-focused private equity investing business, with $63.3 billion in assets under management as of September 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 $23.6 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.
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 $24.5 billion in assets under management as of September 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.
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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.
Current wording
TPG Growth is our dedicated growth equity and middle market investing product, with $20.0 billion in assets under management as of September 30, 2026. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India.
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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.
Current wording
TPG Tech Adjacencies (“TTAD”), with $12.3 billion in assets under management as of September 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
TPG Emerging Companies Asia (“TECA”) is our new lower-to-middle market growth buyout strategy focused on developed markets in the APAC region, primarily Australia, New Zealand, Southeast Asia and South Korea. TECA leverages our 30-year track record in Asia and deep sector specialization to invest in profitable companies benefitting from regional tailwinds. TECA targets control-oriented transactions, while selectively pursing minority investments.
Current wording
TPG Emerging Companies Asia (“TECA”) is our new lower-to-middle market growth buyout strategy focused on developed markets in the APAC region, primarily Australia, New Zealand, Southeast Asia and South Korea. TECA leverages our 30-year track record in Asia and deep sector specialization to invest in profitable companies benefitting from regional tailwinds. TECA targets control-oriented transactions, while selectively pursuing minority investments.
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•The TPG Rise Climate Coalition: A partnership between TPG and 33 leading global enterprises that are investors in TPG Rise Climate to accelerate the sharing of knowledge, best practices and investment opportunities arising from the energy transition among the group and more broadly across the TPG Impact platform.
Current wording
•The TPG Rise Climate Coalition: A partnership between TPG and 35 leading global enterprises that are investors in TPG Rise Climate to accelerate the sharing of knowledge, best practices and investment opportunities arising from the energy transition among the group and more broadly across the TPG Impact platform.
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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.
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 $10.7 billion in assets under management as of September 30, 2026. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services.
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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.
Current wording
Launched in 2021, TPG Rise Climate (“Rise Climate”) is our dedicated climate private equity impact investing product, which has raised $18.7 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.
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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.
Current wording
TPG Credit Solutions, with $24.0 billion in assets under management as of September 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 June 30, 2026, TPG Direct Lending had $36.1 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 September 30, 2026, TPG Direct Lending had $38.4 billion in assets under management.
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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.
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 September 30, 2026, TPG Asset Based Finance had $34.1 billion in assets under management.
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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.
Current wording
TPG CLOs, with $8.8 billion in assets under management as of September 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.
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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.
Current wording
TPG Multi-Asset Credit, with $2.8 billion in assets under management as of September 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.
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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.
Current wording
TPG Real Estate Partners (“TREP”), with $11.8 billion in assets under management as of September 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.
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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.
Current wording
TPG Real Estate Thematic Advantage Core-Plus (“TAC+”), with $4.2 billion in assets under management as of September 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.
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TPG AG U.S. Real Estate, with $5.7 billion in assets under management as of June 30, 2026, manages assets across various product sectors and has been active in many of the major U.S. real estate markets. TPG AG U.S. Real Estate focuses on purchasing what we believe to be underperforming and undervalued real estate assets, where we then execute an active asset management strategy to reposition and stabilize the properties. TPG AG U.S. Real Estate is diversified across property sectors, with a thematic portfolio construction focused on rental residential, industrial, self-storage, life science, student housing and medical office, among other sectors.
Current wording
TPG AG U.S. Real Estate, with $6.1 billion in assets under management as of September 30, 2026, manages assets across various product sectors and has been active in many of the major U.S. real estate markets. TPG AG U.S. Real Estate focuses on purchasing what we believe to be underperforming and undervalued real estate assets, where we then execute an active asset management strategy to reposition and stabilize the properties. TPG AG U.S. Real Estate is diversified across property sectors, with a thematic portfolio construction focused on rental residential, industrial, self-storage, life science, student housing and medical office, among other sectors.
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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.
Current wording
TPG AG Europe Real Estate, with $4.7 billion in assets under management as of September 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 $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.
Current wording
TPG Asia Real Estate, with $6.5 billion in assets under management as of September 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.
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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.
Current wording
TPG Net Lease, with $2.5 billion in assets under management as of September 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.
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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.
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 September 30, 2026, the TRTX loan investment portfolio consisted of 59 first mortgage loans (or interests therein) and total loan commitments of $5.2 billion.
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NewQuest seeks to acquire private equity positions on a secondary basis in underlying portfolio companies whose businesses are substantially based in the Asia Pacific region. With $3.1 billion in assets under management as of June 30, 2026, NewQuest is principally focused on complex secondary transactions.
Current wording
NewQuest seeks to acquire private equity positions on a secondary basis in underlying portfolio companies whose businesses are substantially based in the Asia Pacific region. With $3.0 billion in assets under management as of September 30, 2026, NewQuest is principally focused on complex secondary transactions.
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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.
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 $5.6 billion in assets under management as of September 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.
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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.
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 September 30, 2026, had $3.5 billion in assets under management.
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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.
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 $10.0 billion in assets under management as of September 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.
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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.
Current wording
Through our capital markets activities, we generate underwriting, placement, arrangement, structuring and advisory fee revenue. During the three and nine months ended September 30, 2026, our capital markets business drove $72.5 million and $268.8 million in transaction revenue, respectively. During the three and nine months ended September 30, 2025, our capital markets business drove $46.7 million and $155.3 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 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.
Current wording
In corporate credit markets, both U.S. and European high yield generated negative performance in the third quarter of 2026. According to J.P. Morgan data, U.S. high yield returned (1.7%) and the European market returned (1.0%) during the three-month period. In the United States, high yield bond spreads widened by 32 basis points during the quarter to 338 basis points. In Europe, high yield spreads widened by 11 basis points during the quarter to 362 basis points. The high yield default rate, measured on a trailing twelve-month basis, ended the quarter at 2.7% in the United States and 1.9% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index returned 1.99%, and the J.P. Morgan European Leveraged Loan Index returned 1.08% for the third quarter of 2026. The U.S. Leveraged Loan Index ended the quarter at a yield of 9.49% and 490 basis point spread, while the European Leveraged Loan Index ended the quarter at a yield of 8.94% and 553 basis point spread.
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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.
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 45% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of September 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.
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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.
Current wording
Fees and other revenues increased $116.2 million, or 19%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This change resulted primarily from a $102.1 million increase in management fees and a $25.8 million increase in transaction, monitoring and other fees.
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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.
Current wording
Catch-up management fees totaled $62.4 million during the three months ended September 30, 2026 and primarily consisted of $21.1 million for TPG X, $20.1 million for Rise Climate II and $5.5 million for Rise Climate Global South.
Previous 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.
Current wording
Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $25.8 million, or 55%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by capital markets activity among our portfolio companies involving our broker-dealer.
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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.
Current wording
Expense Reimbursements and Other. Expense reimbursements and other decreased $11.7 million, or 15%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by lower reimbursable expenses from TPG funds.
Previous 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.
Current wording
Performance Allocations. Performance allocations decreased $111.0 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Realized performance allocation gains for the three months ended September 30, 2026 and 2025 totaled $37.0 million and $278.3 million, respectively. Unrealized performance allocation gains for the three months ended September 30, 2026 and 2025 totaled $444.9 million and $314.7 million, respectively.
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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:
Current wording
The $111.0 million decrease in performance allocation during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 is attributable to:
Previous wording
•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 wording
•income of $23.3 million from our Real Estate platform for the three months ended September 30, 2026 was primarily driven by income of $17.6 million from TREP IV, $15.0 million from Realty XI and $13.3 million from Net Lease IV, partially offset by losses of $23.1 million from TREP III. Performance allocation income of $66.4 million for the three months ended September 30, 2025 was primarily driven by income of $40.3 million from TREP III, $14.1 million from Asia Realty V, $9.4 million from Net Lease IV and $4.2 million from Net Lease III, which was partially offset by losses of $3.1 million from Realty X; and
Previous 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.
Current wording
•income of $30.7 million from our Market Solutions platform for the three months ended September 30, 2026 was primarily driven by income of $7.4 million from the T-POP strategy and $11.8 million from Peppertree Fund IX. Performance allocation income of $32.7 million for the three months ended September 30, 2025 was primarily driven by income of $33.2 million from NewQuest IV.
Previous wording
•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 wording
•TPG Operating Group Excluded entities generated income of $2.2 million during the three months ended September 30, 2026 compared to a loss of $12.7 million during the three months ended September 30, 2025. Performance allocation income for the three months ended September 30, 2026 was primarily driven by gains of $2.4 million from Asia V from our Capital platform. Performance allocation losses for the three months ended September 30, 2025 were primarily driven by losses of $6.4 million from Biotech III and $3.8 million from Biotech V from our Growth platform and $4.4 million from Asia V from our Capital platform.
Previous 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.
Current wording
As of September 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders of TPG Operating Group shared TPG general partner entities totaled $8.0 billion. As of September 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders of TPG Operating Group excluded TPG general partner entities totaled $0.2 billion.
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Previous report — wording carried elsewhere
Depreciation and Amortization. Depreciation and amortization increased $10.5 million, or 34%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the amortization of intangible assets resulting from the Peppertree Acquisition in July 2025.
Previous report — wording carried elsewhere
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.
Previous report — wording carried 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.