Companies · TPG
TPG Inc.
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Latest analysis
Updated Nov 3, 2026
TPG reaches $345.7B AUM as fee-related earnings surge 43% YoY on management fee and capital markets momentum
TPG's Q3 2026 10-Q demonstrates that the firm's durable fee engine is outpacing its carry volatility: fee-related earnings rose to $321.4 million for the quarter (up from $225.0 million in Q3 2025) and $882.9 million for the nine-month period (up from $626.1 million), driven by a 22% increase in Q3 management fees and a 73% nine-month surge in transaction fees powered by the broker-dealer. AUM reached $345.7 billion — up $42.7 billion year-to-date — with $41.6 billion in capital raised across the nine months led by TPG X, Rise Climate II, TPG Direct Lending, and T-POP, confirming broad-based fundraising momentum across all six platforms. The Jackson Financial strategic partnership, the $500 million 2031 Senior Notes issuance, and the functional currency change for international subsidiaries mark the three most structurally significant new disclosures this cycle.
Tone: bullishRevenue
$4.7B
TPG 10-K · FY 2025
Employees
1,900
Revenue FY2024
$3.5B
Founded
1992
Profile
TPG 10-K Item 1 · Feb 17, 2026TPG Inc. is a leading global alternative asset manager with $303.0 billion in AUM as of December 31, 2025, operating across six multi-strategy investment platforms: Capital, Growth, Impact, Credit, Real Estate, and Market Solutions. The firm manages private equity, credit, real estate, and impact investing strategies across more than 33 countries. TPG generates revenue from management fees, performance allocations, transaction fees, and capital markets activities.
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TPG is a leading global alternative asset manager with $303.0 billion in assets under management as of December 31, 2025. 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. 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. From 2021 to December 31, 2025, our assets under management have grown 166.4% from $113.6 billion to $303.0 billion, which includes the impact of our highly strategic acquisitions of Angelo Gordon, a scaled alternative investment firm focused on credit and real estate investing on November 1, 2023, and Peppertree, a specialized digital infrastructure investment firm with a focus on wireless communications towers on July 1, 2025. Our firm consists of six multi-strategy investment platforms: (1) Capital, (2) Growth, (3) Impact, (4) Credit, (5) Real Estate and (6) Market Solutions. As of December 31, 2025, we employed more than 1,900 people, comprised of approximately 690 investment and operations professionals, in offices across 16 countries. Our investment and operations professionals are organized into industry sector teams, which share investment themes across platforms to drive firmwide pattern recognition. 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 6,400 credit positions, across more than 33 countries.
Primary products
- TPG Capital
- TPG Healthcare Partners
- TPG Asia
- TPG Growth
- TPG Tech Adjacencies
- TPG Life Sciences Innovation
Business segments
End markets
Geographies
Named customers
Named competitors
“We compete with other alternative asset management firms, as well as global banking institutions and other types of financial institutions, for people, investors and investment opportunities.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $3.5 billion in 2024 to $4.67 billion in 2025, driven by growth in both fees and other revenue and capital allocation-based income.
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