TPG Inc. (TPG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$5.1B

Revenue growth

30.1%

Net income, last twelve months

$236.2M

Net margin

4.7%

Free cash flow

$917.5M

Return on equity

6.3%

Market value

$17.2B

Price to earnings

77.5x

Dividend yield

5.0%

Cash

$944.7M

Debt

$2.3B

Debt to equity

0.63

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Quarter fundraising reached $15 billion. The company reported $15 billion raised in the quarter and nearly $42 billion raised year-to-date.
• Investment performance credited for inflows. Management attributed the fundraising pace to the quality of its investment performance and the depth of client relationships.
• Growth described as broad-based. Management described the quarter as reflecting broad-based momentum across the firm and progress on each strategic objective.
• Assets under management reached $346 billion. The release gives assets under management of $346 billion, compared with $327 billion in the second-quarter release.
• Record dry powder of $86 billion. Management reported a record $86 billion of dry powder.
• Strategies span five areas. The company describes its investing as spanning private equity, impact, credit, real estate and market solutions.
• Positioned to deploy capital. Management said the firm is well positioned to capitalize on the current environment and create long-term value.
• Investment set ahead described as increasing. Management described the investment set ahead as increasing, alongside its record dry powder.
• Progress on strategic objectives. Management said continued progress was made across each strategic objective this quarter.
• Quarterly dividend lowered to $0.55. The declared dividend is $0.55 per Class A share, against $0.59 in the second-quarter release.
• Dividend record and payment dates. Holders of record at the close of business on November 9, 2026 are paid on November 23, 2026.
• Class A dividend is the only capital return figure. The only capital-return figure in the release is the declared Class A quarterly dividend.
• Unaudited results reported without earnings figures. The release states that unaudited third-quarter results were reported, but its text contains no revenue, earnings, expense or margin figures.
• Detailed presentation on investor site. A detailed presentation is referenced as available on the investor relations section of the company website.

Company events

The newest 8-K filings of 56 held.

Every filing

The newest filings with the SEC of 129 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

427 funds held it at 30 Jun 2026: 198 added and 119 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Blackstone Inc. (BX): revenue $16.1B, market value $88.1B
• KKR & Co. Inc. (KKR): revenue $21.3B, market value $83.5B
• Brookfield Asset Management Ltd. (BAM): revenue $5.7B, market value $76.4B
• Apollo Global Management, Inc. (APO): revenue $35.9B, market value $65.4B
• Ameriprise Financial Inc. (AMP): revenue $19.5B, market value $43.3B
• Ares Management Corp. (ARES): revenue $6.0B, market value $38.8B
• T. Rowe Price Group, Inc. (TROW): revenue $7.6B, market value $22.2B
• Franklin Templeton Inc. (BEN): revenue $9.3B, market value $16.1B
• Carlyle Group Inc. (CG): revenue $3.6B, market value $13.8B
• Invesco Ltd. (IVZ): revenue $6.9B, market value $12.7B

What the company does

TPG Inc. is a global alternative asset manager that invests mainly in private equity, credit and real estate. It runs six multi-strategy investment platforms: Capital, Growth, Impact, Credit, Real Estate and Market Solutions. As of 31 December 2025 it employed more than 1,900 people, about 690 of them investment and operations professionals, in offices across 16 countries. Its products hold more than 400 active portfolio companies, approximately 300 real estate properties and over 6,400 credit positions, across more than 33 countries.

How the business is organised

TPG Inc. is a holding company. Its material assets are Common Units representing approximately 41% of the TPG Operating Group and 100% of certain intermediate holding companies. Through the entities that serve as general partner of the TPG Operating Group partnerships, it indirectly controls that group's business and affairs.

The company reports a single operating and reportable segment, because its chief executive officer manages the business on a consolidated basis. Investment and operations professionals sit in industry sector teams that share investment themes across platforms.

- Capital: 10 active funds and 174 investment professionals. - Growth: 11 active funds and 76 investment professionals. - Impact: 9 active funds and 95 investment professionals. - Credit: 90 active funds and 167 investment professionals. - Real Estate: 34 active funds and 134 investment professionals. - Market Solutions: 17 active funds and 41 investment professionals.

What the platforms do

Capital makes large, control-oriented private equity investments through TPG Capital (North America and Europe), TPG Healthcare Partners and TPG Asia. TPG Asia has invested in the region since 1994.

Growth invests in earlier-stage and smaller companies.

Impact pursues financial returns together with measurable societal benefits. Its products are The Rise Funds, TPG Rise Climate, TPG Rise Climate Transition Infrastructure, TPG Rise Climate Global South Initiative and TPG NEXT. TPG NEXT provides minority capital and operating support to emerging managers.

Credit covers private and tradable credit. Its products are TPG Credit Solutions, TPG Direct Lending, TPG Asset Based Finance, TPG CLOs and TPG Multi-Asset Credit.

Real Estate began in 2009. It buys equity interests in underperforming and undervalued assets in the United States, Europe and Asia. TPG Net Lease focuses on single tenant commercial property bought in sale-leaseback deals. TPG RE Finance Trust, Inc. (TRTX) is a publicly traded real estate investment trust that an affiliate of TPG manages.

Market Solutions includes NewQuest and TPG GP Solutions, which buy secondary positions in private equity assets. It also includes TPG Private Equity Opportunities (T-POP), which launched in June 2025, and TPG Peppertree. Peppertree was formed in 2004 and acquired by TPG in July 2025. Angelo Gordon, a credit and real estate firm, was acquired on 1 November 2023.

How it earns money

TPG's advisers generally receive a management fee from each fund they advise. The fee is based on capital commitments, invested capital, funded commitments, cost of investments or net asset value, depending on the fund's terms and stage.

General partners are generally entitled to a performance allocation of up to 20% of net realized profits. This is subject to preferred returns or high watermarks where they apply.

TPG also earns transaction, monitoring and other fees. A capital markets group handles debt and equity advisory work for portfolio companies, and it generates underwriting, placement, arrangement, structuring and advisory fees.

How its funds work

Investors make commitments when a fund is formed and deliver capital when TPG calls it. The investment period typically runs six or fewer years. Private funds typically have a term of six to ten years or more.

Most private fund interests cannot be redeemed before the fund ends. Some funds are open-ended, and T-POP is a perpetual vehicle with a quarterly redemption program. TPG and its affiliates can commit to its funds, generally less than 5% of a fund's total limited partner commitments. Certain professionals can also invest in or alongside the funds.

Each investment goes through due diligence, and where a platform has an investment review committee, the committee reviews it.

Who it competes with

TPG competes with other alternative asset managers, global banks and other financial institutions for people, investors and investment opportunities. It also competes with local and regional firms and sovereign wealth funds. Some large institutional investors and sovereign wealth funds have built their own in-house investment teams.

People and regulation

Of the more than 1,900 full-time employees, approximately 690 are investment and operations professionals, over 1,000 are non-investment and fundraising professionals, and more than 200 are support staff. The company also uses senior advisors and consultants who are not employees. Its legal and compliance team has approximately 90 members.

Several subsidiaries are registered with the SEC as investment advisers under the Investment Advisers Act of 1940. TPG Capital BD, LLC is a registered broker-dealer and a FINRA member. TPG Europe LLP and Angelo, Gordon Europe LLP are authorised by the U.K. Financial Conduct Authority. Other subsidiaries hold licences in Singapore, Hong Kong, the Cayman Islands, South Korea and Japan.

*From TPG's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm)*

From the company's 10-K.