TPG Telecom (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 assets awaiting deployment.

• Fundraising, investment, and monetization volumes increased significantly last year, with expectations for further growth in 2024.

• Current pipelines and valuation environments suggest fundraising volumes will rise meaningfully this year.

Growth strategy and business expansion

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

• Inorganic growth, such as the Angelo Gordon acquisition, is used selectively to accelerate entry into strategic asset classes like credit.

• Integration of acquisitions focuses on unifying culture, systems, and leveraging combined strengths for future opportunities.

• Expansion into infrastructure and climate is being pursued organically, leveraging existing expertise and capital flows.

• Capital sourcing is broadening beyond institutions to insurance and high-net-worth channels.

Product development and market gaps

• Real estate core and core-plus segments are identified as product gaps, with potential to address them organically or inorganically.

• Private credit coverage has expanded significantly post-Angelo Gordon, with focus now on scaling existing businesses.

• Infrastructure is a major growth area, with initial focus on climate-related opportunities.