TPG Inc

shareholders.tpg.com

What Do They Do?

Provides investment management across private equity, credit and real estate to funds, limited partners and separately managed accounts.

How Do They Make Money?

Funds, limited partners and other vehicles pay for ongoing investment management, with fees calculated regularly from committed or invested capital, investment cost or asset value. TPG also earns advisory fees when transactions are completed, performance fees when returns clear agreed thresholds, and reimbursements as expenses are incurred.

revenue

Segment	Share	How money arrives
Management fees Recurring	75% FY2022: 74%	Recurring
Monitoring fees Recurring	1.2% FY2022: 1.2%	Recurring
Transaction fees Sold outright	9.6% FY2022: 7.9%	Sold outright
Incentive fees	2.0% FY2022: 0.4%
Expense reimbursements and other Mix	12% FY2022: 17%	Mix

Who Are Their Customers?

TPG provides asset-management services to its funds, limited partners, separately managed accounts, clients and other vehicles, and advisory services to portfolio companies and other parties.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

4% of revenue

▲ +686% vs FY2024 ($23.5M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +100%; vs $920.5M in Q2 FY2025
Net income: ▲ +525%; vs $14.9M in Q2 FY2025

Management fees share of fees and other vs 79.5% in Q2 FY2025

Jun 22, 2026 TPG appointed Axel André as CFO, succeeding Jack Weingart Jack Weingart will focus fully on Global Wealth Solutions.

Flat. Revenue was $4.7B in FY2025, about the same as the $5B of FY2021.

Dedicated credit platform The current platform lineup includes a dedicated Credit platform offering a range of credit strategies; the earlier lineup listed Capital, Growth, Impact, Real Estate and Market Solutions.

Revenue over time

Management fees Monitoring fees Transaction fees Incentive fees Expense reimbursements and other

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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