TPG (TPG) Bank of America Securities Financial Services Conference summary

Market outlook and fundraising trends

• IPO activity is expected to rebound in 2025, supported by a steepened yield curve and high money market AUM on the sidelines.

• Fundraising, investment, and monetization paces have all increased, with significant growth in volumes last year compared to the previous year.

• Fundraising volumes are projected to rise significantly this year, with healthy investment and monetization activity expected to continue.

Growth strategy and business expansion

• Growth is driven by both organic expansion of existing businesses and the creation of new funds targeting adjacent opportunities.

• Inorganic growth is exemplified by the acquisition of Angelo Gordon, which has been successfully integrated and is seen as a model for future strategic additions.

• The firm evaluates each new business opportunity as a build-versus-buy decision, considering speed to market and leveraging existing platforms.

• Expansion into infrastructure and climate-related asset classes is underway, with a focus on organic growth in these areas.

Product development and capital sourcing

• Product gaps remain in core and core-plus real estate, which may be addressed organically or inorganically.

• The credit platform, strengthened by Angelo Gordon, is now focused on scaling existing businesses and considering selective product additions.

• Capital sourcing is broadening beyond institutional investors to include insurance and high net worth channels.