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1. Company Snapshot

1.a. Company Description

TPG Inc.operates as an alternative asset manager worldwide.It offers investment management services to unconsolidated funds, collateralized loan obligations, and other vehicles; monitoring services to portfolio companies; advisory services, debt and equity arrangements, and underwriting and placement services; and capital structuring and other advisory services to portfolio companies.


The company invests in private equity funds, real estate funds, fund of hedge funds, and credit funds.TPG Inc.was founded in 1992 and is headquartered in Fort Worth, Texas.


TPG Inc.operates as a subsidiary of TPG GP A, LLC.

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1.b. Last Insights on TPG

TPG Inc.'s recent performance was negatively impacted by a downgrade from Strong Buy to Buy, citing reduced relative valuation appeal despite a strategic partnership with Jackson Financial adding $12B AUM. The company's Q4 2025 earnings call highlighted record fundraising and margin expansion, but also addressed investor concerns around direct lending valuations. Earnings of $0.71 per share beat estimates, but a cautious outlook and rich valuation may temper investor enthusiasm. (Source: MarketBeat, Zacks Consensus Estimate)

1.c. Company Highlights

2. TPG's Strong 2025 Earnings: A Closer Look

TPG reported a robust financial performance for 2025, with fee-related revenue reaching $2.1 billion, a significant increase from the previous year. The firm's fee-related earnings (FRE) margin expanded to a record 45% for the year, and 52% in the fourth quarter. The company's earnings per share (EPS) came in at $0.71, beating analyst estimates of $0.645. The strong performance was driven by the firm's diversified business model, with significant contributions from its credit, private equity, and real estate platforms.

Publication Date: Feb -08

📋 Highlights
  • Record Capital Raising: TPG raised $51 billion in capital and deployed $52 billion in 2025, tripling assets under management since their IPO.
  • Credit Growth Surge: Credit capital raised hit $21 billion in 2025, a 67% increase from 2024, while the third flagship credit fund raised $6.2 billion, surpassing its target by 40%.
  • Fee-Related Revenue Expansion: Full-year fee-related revenue reached $2.1 billion, growing 36% year-over-year, with a record 52% FRE margin in Q4 2025.
  • Private Equity & Real Estate Momentum: Private equity fundraising surged 80% to $28 billion, while real estate deployed $6 billion with 9% appreciation, including a major multifamily acquisition.
  • Private Wealth Growth: T-POP achieved 23% inception-to-date returns, and TCAP grew AUM to $4.5 billion, with positive net subscriptions every quarter since launch.

Financial Performance Highlights

The company's financial results were driven by a record $51 billion in capital raising and deployment of $52 billion in 2025. The firm's assets under management (AUM) grew 23% year-over-year to $303 billion, with fee-earning AUM increasing 20% to $170 billion. TPG's dry powder stood at $72 billion, representing 43% of its fee-earning AUM.

Segment Performance

In credit, TPG raised a record $21 billion of capital, up 67% from 2024. The firm's private equity platform grew its fundraising by over 80% to $28 billion in 2025. In real estate, TPG deployed $6 billion of capital and appreciated 9%, among the highest in the industry. The company's private wealth business also saw significant growth, with T-POP's inception-to-date return reaching 23%.

Valuation and Outlook

TPG's valuation metrics indicate a premium relative to its peers. The company's P/E Ratio stands at 45.8, and its P/B Ratio is 7.13. Analysts estimate revenue growth of 17.1% for the next year. With a strong track record of growth and a diversified business model, TPG is well-positioned to continue delivering strong financial performance. As Jon Winkelried noted, "We've driven transformational growth since our IPO, tripling our AUM, expanding our FRE margin, and growing our fee-related earnings at a 31% compound annual rate."

Guidance and Expectations

TPG expects another robust year of capital formation in 2026, with aggregate capital raising expected to exceed $50 billion. The firm is focused on driving greater operating leverage across the organization while continuing to invest in long-term growth opportunities. TPG expects a full-year FRE margin of approximately 47% in 2026, an increase from 45% in 2025.

3. NewsRoom

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TPG Inc. (TPG) Presents at Bank of America Financial Services Conference 2026 Transcript

Feb -10

Source: seekingalpha.com

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TPG Mortgage Investment Trust, Inc. Schedules Fourth Quarter 2025 Earnings Release and Conference Call

Feb -10

Source: businesswire.com

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TPG buys majority stake in $3.5 billion power infrastructure firm Sabre Industries

Feb -06

Source: reuters.com

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TPG Q4 Earnings Call Highlights

Feb -06

Source: defenseworld.net

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TPG Inc. (TPG) Q4 2025 Earnings Call Transcript

Feb -06

Source: seekingalpha.com

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TPG Posts Record Fundraising and Investment Volumes in 2025

Feb -05

Source: wsj.com

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TPG Inc. (TPG) Q4 Earnings and Revenues Surpass Estimates

Feb -05

Source: zacks.com

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TPG Reports Fourth Quarter and Full Year 2025 Results

Feb -05

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.90%)

6. Segments

Alternative Asset Management

Expected Growth: 9.9%

TPG's Alternative Asset Management growth of 9.9% is driven by increasing institutional investor demand for diversification, rising allocations to private equity and real assets, and the firm's expansion into new markets and strategies, such as impact investing and climate-focused funds.

7. Detailed Products

TPG Capital

TPG Capital is a private equity investment platform that manages multiple funds across various sectors, including healthcare, technology, and industrials.

TPG Rise Climate

TPG Rise Climate is a dedicated climate investing platform that focuses on investments in climate-positive companies and projects.

TPG Real Estate Partners

TPG Real Estate Partners is a real estate investment platform that focuses on opportunistic and value-add investments in various property types.

TPG Growth

TPG Growth is a middle-market investment platform that focuses on growth equity and minority investments in high-growth companies.

TPG Healthcare Partners

TPG Healthcare Partners is a healthcare-focused investment platform that invests in pharmaceuticals, biotechnology, and healthcare services.

8. TPG Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

TPG Inc. operates in a highly competitive industry, and there are many substitutes available to customers. However, the company's strong brand recognition and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

TPG Inc. has a large customer base, and customers have significant bargaining power due to the availability of substitutes. The company needs to focus on customer retention and satisfaction to maintain its market share.

Bargaining Power Of Suppliers

TPG Inc. has a diversified supplier base, and suppliers have limited bargaining power. The company has a strong negotiating position, which helps to keep costs under control.

Threat Of New Entrants

The threat of new entrants is moderate, as there are barriers to entry in the industry. However, TPG Inc. needs to continuously innovate and improve its offerings to stay ahead of potential new entrants.

Intensity Of Rivalry

The industry in which TPG Inc. operates is highly competitive, with many players competing for market share. The company needs to focus on differentiating itself and improving its operational efficiency to stay competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.92%
Debt Cost 10.90%
Equity Weight 35.08%
Equity Cost 11.85%
WACC 11.24%
Leverage 185.09%

11. Quality Control: TPG Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Invesco

A-Score: 6.4/10

Value: 7.6

Growth: 2.9

Quality: 6.7

Yield: 7.0

Momentum: 8.5

Volatility: 6.0

1-Year Total Return ->

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Affiliated Managers Group

A-Score: 5.7/10

Value: 4.2

Growth: 5.4

Quality: 7.7

Yield: 0.0

Momentum: 9.0

Volatility: 8.0

1-Year Total Return ->

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Franklin Resources

A-Score: 5.6/10

Value: 5.0

Growth: 2.8

Quality: 4.3

Yield: 8.0

Momentum: 5.5

Volatility: 8.0

1-Year Total Return ->

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Hamilton Lane

A-Score: 4.7/10

Value: 1.6

Growth: 6.1

Quality: 8.3

Yield: 4.0

Momentum: 2.5

Volatility: 5.7

1-Year Total Return ->

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TPG

A-Score: 4.1/10

Value: 1.1

Growth: 1.6

Quality: 6.0

Yield: 7.0

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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StepStone Group

A-Score: 4.1/10

Value: 4.2

Growth: 1.9

Quality: 2.5

Yield: 5.0

Momentum: 5.5

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

53.08$

Current Price

53.08$

Potential

-0.00%

Expected Cash-Flows