TPG (TPG) investor relations material

Executive summary

• Achieved record results in the first half of 2026, driven by a diversified and expanding platform, robust investment performance, and deep client relationships.

• Delivered strong Q2 results, capping a record first half, with robust performance across private equity, credit, and real estate platforms.

• Leadership transition: Axel André appointed CFO, succeeding Jack Weingart, who transitions to CEO of Global Wealth Solutions.

• Declared a quarterly dividend of $0.59 per share for Q2 2026, payable August 28, 2026.

• Total assets under management (AUM) reached $327 billion as of June 30, 2026, up 25% year-over-year.

Financial highlights

• GAAP net income attributable to the company was $93 million; after-tax distributable earnings reached $280 million ($0.69 per share).

• Total revenues for Q2 2026 were $1.84 billion, up from $920 million in Q2 2025.

• Fee-related revenue grew 27% year-over-year to $628 million, driven by management fees and strong transaction/monitoring fees.

• Fee-related earnings (FRE) rose 43% year-over-year to $315 million, with a 50% FRE margin.

• After-tax Distributable Earnings (DE) for Q2 2026 were $280 million, up from $268 million in Q2 2025.

Outlook and guidance

• Confident in meeting or exceeding $50 billion capital raising target for 2026, with a robust pipeline for H2.

• Expect continued robust management fee growth through 2026 and 2027, supported by ongoing fundraising and deployment.

• FRE margin guidance for full year remains at 47%, with potential for further expansion.

• Monetization cadence expected to accelerate toward year-end and into 2027.

• Management sees significant opportunities for further platform expansion and long-term value creation, supported by strong client demand and diversified offerings.