Companies · TPG
TPG Inc.
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Latest analysis
Updated Aug 4, 2026
TPG reports record H1 2026 results with AUM reaching $327B (+25% YoY) and FRE margin expanding to 50% in Q2.
TPG delivered record first-half 2026 performance driven by FRE growth of 43% to $315 million in Q2 and AUM expansion of 25% to $327 billion over the trailing twelve months, with the FRE margin reaching 50% versus 44% in Q2 2025. Capital raised accelerated to $16.1 billion in Q2 and $26.5 billion year-to-date, with Credit ($10 billion YTD) and Capital ($3.8 billion YTD led by TPG X) as the dominant fundraising engines. The $76.2 billion available capital position, combined with $51.7 billion in AUM Subject to Fee-Earning Growth representing a $289 million annual fee revenue opportunity, signals durable management fee runway well into the next fundraising 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
“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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