TPG (TPG) Q3 2025 earnings summary

Executive summary

• Achieved strong third quarter results with robust capital formation, record deployment of nearly $15 billion (up over 70% year-over-year), and continued strong investment performance, positioning for accelerated growth and long-term value.

• Raised over $18 billion in capital, including a successful first close in private equity and strong credit fundraising, with $35 billion raised year-to-date.

• Maintained strong portfolio performance, with private equity and credit platforms outperforming benchmarks and generating significant value creation.

• Completed the acquisition of Peppertree Capital Management, adding $7.9 billion in AUM and expanding platform diversity.

Financial highlights

• Net income for Q3 2025 was $199.2 million, up from a net loss of $21.4 million in Q3 2024; after-tax distributable earnings were $214 million, or $0.53 per share.

• Total revenues rose to $1.22 billion in Q3 2025, a 43% increase year-over-year, driven by higher management fees and performance allocations.

• Assets under management reached $286.4 billion as of September 30, 2025, up 20% year-over-year, with fee-earning AUM at $163 billion (up 15%).

• Fee-related earnings for Q3 2025 were $225 million, up 18% year-over-year, with a 44% FRE margin.

• Declared a quarterly dividend of $0.45 per share, payable December 1, 2025.

Outlook and guidance

• Management expects continued robust fundraising and AUM growth, supported by new fund launches, recent acquisitions, and expanded distribution globally.

• FRE margin guidance reaffirmed at mid-40s for year-end, with expectations for further expansion as scale increases.

• Forward-looking statements caution that actual results may differ due to integration risks, market, and regulatory uncertainties.