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TPG (TPG) investor relations material
TPG Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
After-tax distributable earnings rose 26–30% year-over-year to $268M in Q2 2025, with GAAP net income at $15M–$30.1M, reversing a prior-year loss.
Declared a record quarterly dividend of $0.59 per share, payable September 2, 2025.
Achieved the second highest fundraising quarter in firm history, with $11.3B raised and a record $5.4B in credit.
Completed the acquisition of PepperTree Capital Management in July 2025, expanding digital infrastructure capabilities.
Platforms include Capital, Growth, Impact, TPG Angelo Gordon, Real Estate, and Market Solutions, each contributing to diversified revenue streams.
Financial highlights
Total AUM reached $261–$261.3B, up 14% year-over-year, driven by $36B+ capital raised and value creation.
Fee-earning AUM increased 7% year-over-year to $146.4B as of June 30, 2025.
Total revenues for Q2 2025 were $920.5M, up 24% from Q2 2024.
Fee-related earnings for Q2 were $219.5M–$220M, up 9% year-over-year; FRE margin was 44%.
Net accrued performance allocations totaled $1.01B as of June 30, 2025.
Outlook and guidance
Management anticipates continued strong investment performance, long-term value creation, and higher capital raising in 2025.
Deployment pace expected to accelerate in the second half of the year.
FRE margin expected to decline modestly in Q3, but exit the year in the mid-40s.
Effective corporate tax rate projected to remain in the mid to high single digits for the rest of the year.
Forward-looking statements caution that actual results may differ due to integration risks, market conditions, and other uncertainties.
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