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- **Record Fundraising & Deployment**: $18B raised, $15B deployed, with credit and private equity leading.
- **Strategic Growth**: TRECO exceeds target, T-POP raises $900M, and insurance/wealth channels grow 60%+ YoY.
- **Financial Strength**: $73B dry powder, 44% FRE margin, and A- credit rating.
- **Future Drivers**: 2026 outlook for private equity, credit, and real estate fundraising, with new wealth products launching.
- **AI & Tech Leadership**: 20%+ EBITDA growth in software, leading AI investments, and strategic partnerships (e.g., xAI).

### CEO Summary Section
- **Record Fundraising**: Q3 2025 saw $18 billion raised, up 60% QoQ and 75% YoY, driven by private equity and credit. Year-to-date, $35 billion raised, exceeding 2024 totals.
- **Deployment Growth**: $15 billion deployed, up 70% YoY, with credit (52%) and private equity (30%) leading. Notable deals include Hologic ($18B) and Proficy carve-out.
- **Strategic Expansion**: TRECO real estate credit fund exceeded $2.1B target, and T-POP perpetual private equity product raised $900M in 5 months.
- **Client Penetration**: Insurance and private wealth channels grew 60% and 25% YoY, respectively, with $600M+ insurance capital raised.

### CFO Financial Commentary
- **Financial Performance**: GAAP net income $67M, distributable earnings $214M, and dividend $0.45/share. Fee-related revenue $509M, FRE margin 44%.
- **Dry Powder & Growth**: $73B dry powder, $286B AUM (20% YoY). Credit AUM grew 23% YoY, with $16B+ credit dry powder.
- **Outlook 2026**: Robust fundraising expected across private equity (TPG Capital X, Asia funds), credit (new strategies), and real estate (flagship funds). Wealth products like T-POP and credit interval funds to launch.
- **Balance Sheet**: $1.7B net debt, $1.8B liquidity. Credit rating upgraded to A-.

### Q&A Highlights
- **Monetization Pipeline**: $1.2B net accrued performance, with 69% in funds >5 years old. 2026 outlook for increased PRE from maturing funds.
- **AI & Tech**: Leading AI investments (e.g., xAI debt financing), 20%+ EBITDA growth in software portfolio. AI-driven opportunities in healthcare and credit.
- **Credit Expansion**: Credit deployment up 70% YoY, with structured credit (13.5% IRR) and middle market lending ($2B Q3 originations). New products like T-POP and TCAP driving wealth channel growth.
- **Wealth & Insurance**: $1B+ raised in private wealth Q3, with T-POP and TCAP expanding globally. Insurance capital up 60% YoY, including $600M+ rated notes.
- **M&A Strategy**: Focus on tuck-in acquisitions (e.g., Kinetic in transition infrastructure) and secondaries market expansion.

TPG Inc. (TPG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TPG

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