TPG (TPG) Partnership summary

Opening remarks and agenda

• The call opened with an introduction to the long-term strategic partnership, outlining the Q&A process and referencing related press releases and investor materials.

• Announcement of a long-term, strategic investment management partnership between two firms, effective January 2026, focused on accelerating growth and value creation for stakeholders.

Objectives of the partnership

• The partnership establishes a minimum $12 billion AUM commitment, targeting $20 billion over time, with aligned economic incentives to support long-term goals and enhance insurance client services.

• Focus on diversifying and scaling the credit platform, expanding capital sources, and accelerating growth in credit and insurance solutions.

• The arrangement is designed to provide long-duration, predictable fee revenue and support the build-out of origination engines.

Partner introductions and roles

• One partner is a leading U.S. retirement services firm with $350 billion AUM and a top position in annuity markets; the other is a global alternative asset manager with $286 billion AUM as of September 2025.

• TPG to make a $500 million minority investment for a 6.5% pro forma ownership stake; Jackson to receive $150 million in TPG shares.