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TPG (TPG) investor relations material

TPG Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Achieved record fundraising and deployment in 2025, raising over $51 billion and deploying $52 billion, driving AUM to over $303 billion, up 23% year-over-year.

  • Entered 2026 with $72 billion in dry powder, significant scale, and diversification, positioning for continued growth and flexibility.

  • Expanded product offerings and distribution, including new strategies in credit, real estate, and private wealth.

  • Declared a quarterly dividend of $0.61 per share, totaling $2.06 per share for FY'25, payable March 2026.

  • Business performance marked by double-digit value creation across nearly all platforms.

Financial highlights

  • Net income for FY'25 was $599.6 million; Q4 net income was $282 million, up from $11 million in Q4'24.

  • After-tax Distributable Earnings for FY'25 were $973 million; Q4 after-tax DE was $304 million.

  • Fee-related revenue for FY'25 reached $2.1 billion, up 36% year-over-year; Q4 management fees were $475 million, up 18%.

  • Fee-Related Earnings for 2025 were $953 million, up 25% from 2024; Q4 FRE margin was 52%, full-year FRE margin was 45%.

  • Ended 2025 with $303 billion in AUM and $170 billion in fee-earning AUM.

Outlook and guidance

  • Expects 2026 capital raising to exceed $50 billion, with robust fundraising across real estate, credit, private equity, insurance, and private wealth.

  • Anticipates a full-year FRE margin of approximately 47% in 2026, up from 45% in 2025.

  • Management expects continued momentum in 2026, leveraging increased scale, diversification, and substantial available capital.

  • Pipeline of signed monetizations expected to generate over $50 million in realized performance revenue for Q1 2026.

  • Plans to expand private wealth offerings, including new credit and real estate products.

Dry powder deployment strategy for 2026
Drivers of 2025 double-digit value creation
Market challenges addressed by diversification
What software types are AI-resilient in portfolio?
Capital markets revenue growth drivers for 2026?
Real estate fundraising confidence drivers for 2026?
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Frequently asked questions

TPG Inc. is a global alternative asset management firm specializing in private equity, growth capital, real estate, impact investing, and public market strategies. The company manages a diversified portfolio of investments across industries such as technology, healthcare, consumer goods, and financial services. TPG provides capital and strategic expertise to support the growth and transformation of its portfolio companies. TPG is headquartered in Fort Worth, Texas, and San Francisco, California, and its shares are listed on the NASDAQ.

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