10-Q – 2025-11-04 – tpg-20250930.htm

($ in millions)
Capital $ 10,601  $ 827  $ 11,775  $ 3,018 
Growth 855  518  4,347  1,175 
Impact 440  4,992  3,417  5,183 
TPG Angelo Gordon
TPG AG Credit 4,803  2,886  11,809  9,532 
TPG AG Real Estate —  18  666  984 
Real Estate 1,028  34  1,237  70 
Market Solutions 380  1,101  2,065  1,373 
Total Capital Raised $ 18,107  $ 10,376  $ 35,316  $ 21,335 

Capital raised totaled approximately $18.1 billion for the three months ended September 30, 2025. This was primarily attributable to the fundraising activities of TPG X and THP III within the Capital platform, TPG Atlas within the Growth platform, MMDL Continuation I within TPG AG Credit and TRECO with the Real Estate platform during the three months ended September 30, 2025.
Capital raised totaled approximately $35.3 billion for the nine months ended September 30, 2025. This was primarily attributable to the fundraising activities of TPG X within the Capital platform, Growth VI within the Growth platform, Rise Climate II within the Impact platform, Credit Solutions III, MMDL VI and MMDL Continuation I within TPG AG Credit, TRECO with the Real Estate platform and TGS II and T-POP within the Market Solutions platform during the nine months ended September 30, 2025.

Available Capital
Available capital is the aggregate amount of unfunded capital commitments and recallable distributions that partners have committed to our funds and co-investment vehicles to fund future investments. Available capital is reduced for investments completed using fund-level subscription-related credit facilities. We believe this measure is useful to investors as it provides additional insight into the amount of capital that is available to our investment funds and co-investment vehicles to make future investments.
The table below presents available capital by platform as of September 30, 2025 and 2024:

September 30,
2025 2024

($ in millions)
Capital $ 22,703  $ 15,909 
Growth 7,147  5,215 
Impact 10,307  9,113 
TPG Angelo Gordon
TPG AG Credit 16,256  11,937 
TPG AG Real Estate 6,257  6,964 
Real Estate 6,101  6,494 
Market Solutions 4,151  2,739 
Available Capital $ 72,922  $ 58,371 

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Available capital totaled $72.9 billion as of September 30, 2025. This is primarily attributable to the available capital for TPG X, TPG IX, Asia VIII and TPG VIII within the Capital platform, Growth VI within the Growth platform, Rise Climate II and Rise Climate I within the Impact platform, Credit Solutions III, MMDL VI, Essential Housing II and MMDL V within TPG AG Credit, Europe Realty IV and Asia Realty V within TPG AG Real Estate, TREP IV and TRECO within the Real Estate platform and TGS II and Peppertree X within the Market Solutions platform.

Capital Invested
Capital invested is the aggregate amount of capital invested during a given period by our investment funds, co-investment vehicles and CLOs, as well as increases in gross assets of certain perpetual funds. It excludes certain hedge fund activity, but includes investments made using investment financing arrangements like credit facilities, as applicable. We believe this measure is useful to investors as it measures capital deployment across the firm.
The table below presents capital invested by platform for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024

($ in millions)
Capital $ 1,932  $ 2,400  $ 5,088  $ 4,348 
Growth 1,069  164  3,174  1,224 
Impact 1,069  736  2,163  1,219 
TPG Angelo Gordon
TPG AG Credit 8,301  3,902  16,640  11,479 
TPG AG Real Estate 804  775  1,846  1,878 
Real Estate 1,066  605  2,203  2,277 
Market Solutions 678  26  1,528  267 
Capital Invested $ 14,919  $ 8,608  $ 32,642  $ 22,692 

Capital invested was $14.9 billion for the three months ended September 30, 2025, which was primarily attributable to TPG IX and Asia VIII within the Capital platform, TPG Atlas within the Growth platform, Rise Climate II within the Impact platform, MMDL Continuation I, MITT, ABC Fund II and ABC Evergreen within TPG AG Credit and TREP IV within the Real Estate platform.
Capital invested was $32.6 billion for the nine months ended September 30, 2025, which was primarily attributable to TPG IX and Asia VIII within the Capital platform, Growth VI and TTAD II within the Growth platform, Rise Climate II within the Impact platform, MITT, MMDL Continuation I, ABC Fund II, ABC Evergreen and MMDL V within TPG AG Credit, Realty Value XI within AG Real Estate, TREP IV and TRTX within the Real Estate platform and T-POP within the Market Solutions platform.
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Realizations
Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds.
The table below presents realizations by platform for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024

($ in millions)
Capital $ 2,554  $ 1,238  $ 5,691  $ 4,452 
Growth 908  677  3,415  1,978 
Impact 637  383  1,189  1,302 
TPG Angelo Gordon
TPG AG Credit 2,745  1,954  5,468  5,137 
TPG AG Real Estate 604  719  1,835  1,799 
Real Estate 249  441  688  805 
Market Solutions 69  169  260  356 
Total Realizations $ 7,766  $ 5,581  $ 18,545  $ 15,829 

Realizations were $7.8 billion for the three months ended September 30, 2025. This was primarily attributable to realization activities in TPG IX and Asia VI within the Capital platform, Growth V within the Growth platform, Rise II within the Impact platform and MMDL III within TPG AG Credit during the three months ended September 30, 2025.
Realizations were $18.5 billion for the nine months ended September 30, 2025. This was primarily attributable to realization activities in TPG VII, TPG IX, Asia VI and Asia VII within the Capital platform, Growth IV and Growth V within the Growth platform, Rise II within the Impact platform and MMDL III, MMDL II and MMDL IV within TPG AG Credit during the nine months ended September 30, 2025.
Fund Performance Metrics
Fund performance information for our investment funds as of September 30, 2025 is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of our firmwide performance and is also not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund’s financial results in accordance with U.S. GAAP. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See “Item 1A. — Risk Factors—Risks Related to Our Business—Our funds’ historical returns should not be considered as indicative of our or our funds’ future results or of any returns expected on an investment in our Class A common stock.”
The following tables reflect the performance of our selected funds as of September 30, 2025 ($ in millions):
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Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Platform: Capital
Capital Funds
Air Partners 1993 $ 64  $ 64  $ 697  $ —  $ 697  81 % 10.9x 73 % 8.9x
TPG I 1994 721  696  3,095  —  3,095  47 % 4.4x 36 % 3.5x
TPG II 1997 2,500  2,554  5,010  —  5,010  13 % 2.0x 10 % 1.7x
TPG III 1999 4,497  3,718  12,360  —  12,360  34 % 3.3x 26 % 2.6x
TPG IV 2003 5,800  6,157  13,734  —  13,734  20 % 2.2x 15 % 1.9x
TPG V 2006 15,372  15,564  22,074  —  22,074  6 % 1.4x 5 % 1.4x
TPG VI 2008 18,873  19,220  33,399  125  33,524  14 % 1.7x 10 % 1.5x
TPG VII 2015 10,495  10,255  22,999  1,897  24,896  26 % 2.4x 19 % 2.0x
TPG VIII 2019 11,505  10,738  5,618  14,709  20,327  24 % 1.9x 16 % 1.6x
TPG IX 2022 12,014  9,055  1,048  12,190  13,238  40 % 1.4x 25 % 1.3x
TPG X 2025 9,127  —  —  311  311  NM NM NM NM
Capital Funds 90,968  78,021  120,034  29,232  149,266  23 % 1.9x 15 % 1.6x
Asia Funds
Asia I 1994 96  78  71  —  71  (3 %) 0.9x (10 %) 0.7x
Asia II 1998 392  764  1,669  —  1,669  17 % 2.2x 14 % 1.9x
Asia III 2000 724  623  3,316  —  3,316  46 % 5.3x 31 % 3.8x
Asia IV 2005 1,561  1,603  4,089  —  4,089  23 % 2.6x 17 % 2.1x
Asia V 2007 3,841  3,257  5,440  114  5,554  10 % 1.7x 6 % 1.4x
Asia VI 2012 3,270  3,285  4,794  1,758  6,552  13 % 2.0x 9 % 1.6x
Asia VII 2017 4,630  4,586  4,069  4,610  8,679  18 % 1.8x 11 % 1.5x
Asia VIII 2022 5,259  3,108  471  4,015  4,486  36 % 1.6x 18 % 1.3x
Asia Funds 19,773  17,304  23,919  10,497  34,416  20 % 2.0x 14 % 1.6x
Healthcare Funds
THP I 2019 2,704  2,430  889  3,048  3,937  18 % 1.6x 11 % 1.3x
THP II 2022 3,576  2,013  4  3,037  3,041  43 % 1.7x 26 % 1.4x
THP III 615  —  —  —  —  NM NM NM NM
Healthcare Funds 6,895  4,443  893  6,085  6,978  23 % 1.6x 13 % 1.4x
Continuation Vehicles
TPG AAF 2021 1,317  1,314  2,720  —  2,720  43 % 2.1x 37 % 1.9x
TPG AION 2021 207  207  —  141  141  (9 %) 0.7x (10 %) 0.7x
Continuation Vehicles 1,524  1,521  2,720  141  2,861  35 % 1.9x 29 % 1.7x

Platform: Growth
Growth Funds
STAR 2007 1,264  1,259  1,895  —  1,895  12 % 1.5x 6 % 1.3x
Growth II 2011 2,041  2,185  4,847  521  5,368  21 % 2.6x 15 % 2.0x
Growth III 2015 3,128  3,382  5,106  1,787  6,893  23 % 2.0x 15 % 1.6x
Growth IV 2017 3,739  3,624  4,589  3,304  7,893  20 % 2.1x 14 % 1.7x
Gator 2019 726  686  771  533  1,304  26 % 1.9x 20 % 1.7x
Growth V 2020 3,558  3,280  1,451  4,217  5,668  20 % 1.7x 13 % 1.4x
Growth VI 2023 4,285  1,689  7  2,091  2,098  59 % 1.3x 17 % 1.1x
Growth Funds 18,741  16,105  18,666  12,453  31,119  19 % 1.9x 13 % 1.6x
Tech Adjacencies Funds
TTAD I 2018 1,574  1,497  1,179  1,351  2,530  17 % 1.7x 12 % 1.5x
TTAD II 2021 3,198  2,851  656  3,293  3,949  19 % 1.5x 14 % 1.3x
TTAD III 2025 522  119  —  142  142  NM NM NM NM
Tech Adjacencies Funds 5,294  4,467  1,835  4,786  6,621  18 % 1.6x 13 % 1.4x

TDM 2017 1,326  595  —  1,062  1,062  12 % 1.8x 9 % 1.5x
LSI 2023 410  203  —  222  222  4 % 1.0x (20 %) 0.8x
TECA 2025 555  134  —  140  140  NM NM NM NM
TPG Atlas 2025 752  427  —  427  427  NM NM NM NM

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Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Platform: Impact
The Rise Funds
Rise I 2017 $ 2,106  $ 2,045  $ 1,641  $ 2,089  $ 3,730  15 % 1.8x 9 % 1.4x
Rise II 2020 2,176  2,066  841  2,536  3,377  16 % 1.6x 10 % 1.4x
Rise III 2022 2,700  1,971  69  3,001  3,070  41 % 1.6x 24 % 1.3x

The Rise Funds 6,982  6,082  2,551  7,626  10,177  18 % 1.7x 11 % 1.4x
Rise Climate Funds
Rise Climate I 2021 7,268  5,979  1,487  6,839  8,326  22 % 1.4x 12 % 1.2x
Rise Climate II (11)
2025 6,168  587  —  587  587  NM NM NM NM
Rise Climate Global South (11)
592  —  —  —  —  NM NM NM NM
Rise Climate TI
2025 1,308  410  —  410  410  NM NM NM NM
Rise Climate Funds 15,336  6,976  1,487  7,836  9,323  22 % 1.4x 12 % 1.2x
TSI 2018 333  133  368  —  368  35 % 2.8x 25 % 2.1x
Evercare 2019 621  452  32  509  541  3 % 1.2x 0 % 1.0x
TPG NEXT (12)
2023 565  23  3  21  24  NM NM NM NM

Platform: Real Estate
TPG Real Estate Partners
TREP II 2014 2,065  2,213  3,574  2  3,576  28 % 1.7x 18 % 1.5x
TREP III 2018 3,722  4,324  3,587  2,486  6,073  14 % 1.5x 9 % 1.3x
TREP IV 2022 6,820  4,311  592  4,598  5,190  19 % 1.2x 7 % 1.1x
TPG Real Estate Partners 12,607  10,848  7,753  7,086  14,839  20 % 1.5x 12 % 1.3x
TAC+ 2021 1,797  1,182  135  1,055  1,190  0 % 1.0x (1 %) 1.0x
TRECO 2024 1,786  702  408  347  755  30 % 1.3x 8 % 1.1x

Platform: Market Solutions
NewQuest Funds
NewQuest I (12)
2011 390  291  767  —  767  48 % 3.2x 37 % 2.3x
NewQuest II (12)
2013 310  342  686  88  774  25 % 2.3x 19 % 1.9x
NewQuest III (12)
2016 541  543  554  242  796  9 % 1.4x 5 % 1.2x
NewQuest IV (12)
2020 1,000  964  246  1,376  1,622  19 % 1.7x 11 % 1.4x
NewQuest V (12)
2022 689  467  143  515  658  43 % 1.5x 28 % 1.3x
NewQuest Funds 2,930  2,607  2,396  2,221  4,617  33 % 1.9x 20 % 1.5x
TPG GP Solutions
TGS I (12)
2022 1,864  866  14  1,088  1,102  68 % 1.3x 37 % 1.2x
TGS II (12)
1,380  —  —  —  —  NM NM NM NM
TPG GP Solutions 3,244  866  14  1,088  1,102  68 % 1.3x 37 % 1.2x
TPG Peppertree Funds
Peppertree I 2004 63  44  95  —  95  16 % 2.1x 11 % 1.7x
Peppertree II 2008 24  21  57  —  57  30 % 2.8x 20 % 2.1x
Peppertree III 2011 55  49  105  4  109  16 % 2.2x 11 % 1.8x
Peppertree IV 2014 132  119  214  42  256  16 % 2.1x 11 % 1.7x
Peppertree V 2014 79  63  12  96  108  6 % 1.7x 4 % 1.4x
Peppertree VI 2016 230  204  145  446  591  18 % 2.9x 13 % 2.2x
Peppertree VII 2018 505  460  31  1,208  1,239  17 % 2.7x 13 % 2.1x
Peppertree VIII 2020 1,000  890  30  1,745  1,775  16 % 2.0x 12 % 1.6x
Peppertree IX 2022 1,500  1,298  80  1,787  1,867  15 % 1.4x 10 % 1.3x
Peppertree X 2023 2,040  753  —  995  995  33 % 1.3x 19 % 1.2x
TPG Peppertree Funds 5,628  3,901  769  6,323  7,092  17 % 1.8x 12 % 1.5x

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Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Platform: TPG Angelo Gordon
Credit Solutions
Credit Solutions
Credit Solutions I 2019 $ 1,805  $ 1,801  $ 2,012  $ 730  $ 2,742  16 % 1.6x 12 % 1.4x
Credit Solutions I Dislocation A 2020 909  602  795  —  795  34 % 1.3x 27 % 1.3x
Credit Solutions I Dislocation B 2020 308  176  211  —  211  28 % 1.2x 21 % 1.2x
Credit Solutions II 2021 3,134  3,040  909  3,119  4,028  16 % 1.4x 12 % 1.3x
Credit Solutions II Dislocation A 2022 1,310  868  916  100  1,016  17 % 1.2x 12 % 1.1x
Credit Solutions III 2024 4,282  655  1  838  839  NM NM NM NM
Credit Solutions 11,748  7,142  4,844  4,787  9,631  17 % 1.4x 13 % 1.3x
Essential Housing
Essential Housing I 2020 642  456  577  —  577  15 % 1.3x 12 % 1.2x
Essential Housing II 2021 2,534  1,071  923  476  1,399  16 % 1.3x 13 % 1.3x
Essential Housing III 2024 1,619  649  —  707  707  13 % 1.1x 10 % 1.1x
Essential Housing 4,795  2,176  1,500  1,183  2,683  16 % 1.3x 12 % 1.2x
Hybrid Solutions 2025 317  32  —  48  48  NM
NM
NM
NM

Structured Credit & Specialty Finance
ABC Fund I
2021 1,005  904  150  1,101  1,251  18 % 1.4x 14 % 1.3x
ABC Fund II
2024 1,132  524  —  559  559  NM NM NM NM
Structured Credit & Specialty Finance 2,137  1,428  150  1,660  1,810  18 % 1.4x 14 % 1.3x

Middle Market Direct Lending (13)

MMDL I 2015 594  572  846  —  846  14 % 1.6x 10 % 1.4x
MMDL II 2016 1,580  1,563  2,329  —  2,329  14 % 1.7x 10 % 1.5x
MMDL III 2018 2,751  2,547  3,678  —  3,678  13 % 1.6x 10 % 1.5x
MMDL IV 2020 2,671  2,586  1,610  1,950  3,560  14 % 1.5x 10 % 1.4x
MMDL IV Annex 2021 797  767  393  597  990  14 % 1.4x 11 % 1.3x
MMDL V 2022 3,924  2,389  338  2,413  2,751  17 % 1.3x 13 % 1.2x
MMDL VI 2025 1,551  14  —  13  13  NM NM NM NM
Middle Market Direct Lending 13,868  10,438  9,194  4,973  14,167  14 % 1.5x 10 % 1.4x
Continuation Vehicles
MMDL Continuation I 2025 1,207  —  —  —  —  NM NM NM NM
Continuation Vehicles 1,207  —  —  —  —  NM NM NM NM

U.S. Real Estate
Realty
Realty I 1994 30  30  65  —  65  27 %  2.2x 20 %  1.9x
Realty II 1995 33  33  81  —  81  31 %  2.4x 22 %  2.2x
Realty III 1997 61  94  120  —  120  5 %  1.3x 3 %  1.3x
Realty IV 1999 255  332  492  —  492  11 %  1.5x 8 %  1.5x
Realty V 2001 333  344  582  —  582  32 %  1.7x 26 %  1.6x
Realty VI 2005 514  558  657  —  657  5 %  1.2x 3 %  1.1x
Realty VII 2007 1,257  1,675  2,544  —  2,544  17 %  1.7x 12 %  1.5x
Realty VIII 2011 1,265  2,142  2,780  130  2,910  15 %  1.6x 11 %  1.4x
Realty IX 2015 1,329  1,986  2,279  204  2,483  8 %  1.4x 5 %  1.2x
Realty Value X 2018 2,775  4,573  4,106  1,591  5,697  13 %  1.4x 8 %  1.2x
Realty Value XI 2022 2,589  2,599  906  2,058  2,964  15 %  1.2x 6 %  1.1x
Realty 10,441  14,366  14,612  3,983  18,595  14 %  1.4x 9 %  1.3x
Core Plus Realty
Core Plus Realty I 2003 534  532  876  —  876  20 %  1.6x 18 %  1.5x
Core Plus Realty II 2006 794  1,112  1,456  —  1,456  11 %  1.4x 8 %  1.3x
Core Plus Realty III 2011 1,014  1,420  2,231  —  2,231  23 %  1.8x 19 %  1.6x
Core Plus Realty IV 2015 1,308  2,019  2,063  239  2,302  5 %  1.2x 2 %  1.1x
Core Plus Realty 3,650  5,083  6,626  239  6,865  15 %  1.5x 11 %  1.4x

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Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Asia Real Estate
Asia Realty
Asia Realty I 2006 $ 526  $ 506  $ 645  $ —  $ 645  6 %  1.3x 3 %  1.2x
Asia Realty II 2010 616  602  1,071  —  1,071  24 %  1.8x 16 %  1.6x
Asia Realty III 2015 847  867  1,019  131  1,150  11 %  1.3x 6 %  1.2x
Asia Realty IV 2018 1,315  1,292  1,331  513  1,844  14 %  1.4x 10 %  1.3x
Asia Realty V 2022 2,007  988  131  1,112  1,243  25 %  1.3x 11 %  1.1x
Asia Realty 5,311  4,255  4,197  1,756  5,953  13 %  1.4x 8 %  1.3x
Japan Value
Japan Value (14)
2023 417  204  17  225  242  79 %  1.9x 37 %  1.5x
Japan Value 417  204  17  225  242  79 % 1.9x 37 % 1.5x
Europe Real Estate
Europe Realty I 2014 570  1,187  1,714  12  1,726  24 %  2.0x 17 %  1.7x
Europe Realty II 2017 843  1,760  1,811  478  2,289  8 %  1.4x 5 %  1.3x
Europe Realty III (15)
2019 1,515  2,163  905  1,384  2,289  9 %  1.3x 5 %  1.2x
Europe Realty IV (15)
2023 2,270  643  139  622  761  NM  NM  NM  NM
Europe Realty 5,198  5,753  4,569  2,496  7,065  14 %  1.5x 9 %  1.3x
Net Lease
Net Lease Realty I 2006 159  209  457  —  457  18 %  2.4x 14 %  2.2x
Net Lease Realty II 2010 559  1,060  1,854  —  1,854  16 %  2.4x 11 %  2.0x
Net Lease Realty III 2013 1,026  2,419  2,850  674  3,524  13 %  2.1x 8 %  1.7x
Net Lease Realty IV 2019 997  1,960  1,423  897  2,320  10 %  1.4x 6 %  1.2x
Net Lease Realty V 2024 213  272  177  106  283  NM  NM  NM  NM
Net Lease 2,954  5,920  6,761  1,677  8,438  15 %  1.9x 10 %  1.6x

The following table reflects the performance of our significant perpetual funds as of September 30, 2025 ($ in millions):

Fund Vintage Year (1)
AUM Total Return (10)

Perpetual
Platform: Market Solutions
T-POP (16)
2025 $ 674  12  %

Platform: TPG Angelo Gordon
Credit Solutions
Corporate Credit Opportunities (17)
1988 265  10  %
Structured Credit & Specialty Finance
MVP Fund (18)
2009 6,132    11  %
ABC Evergreen (18)
2024 2,762  29  %
Middle Market Direct Lending
TCAP (19)
2022 4,104  10  %
MMDL Evergreen 2022 2,075    10  %
MMDL Offshore Evergreen 2024 1,166    9  %

Multi-Strategy
Super Fund (18)
1993 $ 971    9  %

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__________
Note:
Past performance is not indicative of future results.
“NM” signifies that the relevant data would not be meaningful. Performance metrics are generally deemed “NM” when, among other reasons, there has been limited time since initial investment.
Performance metrics generally exclude amounts attributable to the fund’s general partner, its affiliated entities and “friends-of-the-firm” entities that generally pay no or reduced management fees and performance allocations. These metrics also represent an average of returns for all included investors and do not necessarily reflect the actual return of any particular investor.
Amounts shown are in U.S. dollars.
Unless otherwise noted, when an investment is made in another currency, (i) Capital Invested is calculated using the exchange rate at the time of the investment, (ii) Unrealized Value is calculated using the exchange rate at the period end and (iii) Realized Value reflects actual U.S. dollar proceeds to the fund.
(1) Vintage Year represents the year in which the fund consummated its first investment (or, if earlier, received its first capital contributions from investors). For platforms other than TPG Angelo Gordon, for consistency with prior reporting, however, the Vintage Year classification of any fund that held its initial closing before 2018 represents the year of such fund’s initial closing.
(2) Capital Committed represents the amount of inception to date commitments a particular fund has received. Certain of our newer vintage funds are actively fundraising and capital committed is subject to change.
(3) Capital Invested represents cash outlays by the fund for its investments, whether funded through investor capital contributions or borrowing under the fund’s credit facility. For TPG AG Credit funds, Capital Invested represents inception-to-date investor contributed capital net of returned contributions, excluding borrowings under the fund’s credit facility.
(4) Realized Value represents total cash received or earned by the fund in respect of such investment or investments through the period end, including all interest, dividends and other proceeds. For TPG AG Credit funds, Realized Value represents inception-to-date capital distributed by the fund, including any performance distributions net of recalled distributions, if any.
(5) Unrealized Value, with respect to an investment in a publicly traded security, is based on the closing market price of the security as of the period end on the principal exchange on which the security trades, as adjusted by the general partner for any restrictions on disposition. Unrealized Value, with respect to an investment that is not a publicly traded security, represents the general partner’s estimate of the unrealized fair value of the fund’s investment. Unrealized Value, with respect to TPG AG Credit funds, represents the ending NAV for such fund, which is the period end ending capital balances of the investors and general partner. Valuations entail a degree of subjectivity, and therefore actual value may differ from such estimated value and these differences may be material and adverse. Except as otherwise noted, valuations are as of the period end.
(6) Total Value is the sum of Realized Value and Unrealized Value of investments.
(7) Gross internal rate of return (“Gross IRR”) and Gross multiple of money (“Gross MoM”) represent investment level performance by the fund and incorporates the impact of fund level credit facilities, to the extent utilized by the fund. Gross IRR and Gross MoM exclude management fees, fund expenses (other than interest expense and other fees arising from amounts borrowed under the fund’s credit facility to fund investments) and performance allocations. Gross IRR is the discount rate at which (i) the present value of all Capital Invested in an investment or investments is equal to (ii) the present value of all realized and unrealized returns from such investment or investments. Gross IRR and Gross MoM for TPG AG Credit funds are calculated at the fund level and do not consider the impact of credit facilities and exclude fund expenses.
(8) Net IRR represents the compound annualized return rate (i.e., the implied discount rate) of a fund, which is calculated using investor cash flows in the fund, including cash received from capital called from investors, cash distributed to investors and the investors’ ending capital balances as of the period end. Net IRR is the discount rate at which (i) the present value of all capital contributed by investors to the fund (which excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital) is equal to (ii) the present value of all cash distributed to investors and the investors’ ending capital balances.
(9) Net MoM represents the multiple-of-money on contributions to the fund by investors. Net MoM is calculated as the sum of cash distributed to investors and the investors’ ending capital balances as of the period end, divided by the amount of capital contributed to the fund by investors (which amount excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital).
(10) Total Return represents net performance data for investors (excluding certain classes/series with special fee arrangements), net of all expenses including actual quarterly management fees payable by the fund and the accrual of carried interest to the general partner.
(11) The Rise Climate Global South Fund excludes a $500 million commitment ($373 million of which was closed as of September 30, 2025) from ALTÉRRA Transformation LP made to a separate vehicle for purposes of deploying catalytic capital in connection with investments located in the Global South made by the Rise Climate II Fund and the Rise Climate Global South Fund.
(12) Unless otherwise specified, the fund performance information presented above for certain funds is, due to the nature of their strategy, as of June 30, 2025.
(13) Each Middle Market Direct Lending fund is comprised of four vehicles: onshore levered, onshore unlevered, offshore levered and offshore unlevered. Capital Committed, Capital Invested, Realized Value, Unrealized Value and Total Value for each fund are presented on a consolidated basis across the four vehicles. Performance metrics are presented only for the onshore levered vehicle of each fund. The Net IRRs and Net MoMs for TPG AG Middle Market Direct Lending funds on a consolidated basis were: (i) for the onshore unlevered vehicles, 7% and 1.3x, (ii) for the offshore levered vehicles, 9% and 1.3x and (iii) for the offshore unlevered vehicles, 7% and 1.2x.
(14) Japanese-Yen denominated fund. Commitments, Capital Invested and Realized Value are calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable.
(15) Includes Euro denominated fund entity with Commitments, Capital Invested and Realized Value calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. Performance metrics only reflects capital committed in U.S. dollars, which represents the majority of capital committed to each fund. Net IRR and Net MoM were: (i) for the euro-denominated vehicle of Europe Realty III, 3% and 1.1x and (ii) for the euro-denominated vehicle of Europe Realty IV, NM and NM.
(16) T-POP Total Return reflects a per unit return based on Class R-S, including reinvestment of any dividends received during the period (if applicable), and no upfront selling commission, net of all fees and expenses incurred by T-POP. Total Return for Class R-I is 12%.
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(17) Total Return includes onshore investors participating directly through the master fund and investors through the offshore vehicle. Total Return for the offshore vehicle was 5%.
(18) Total Returns for onshore funds only. Total Returns for the offshore vehicles were: (i) for the MVP Fund, 11%, (ii) for ABC Evergreen, 28% and (iii) for the Super Fund, 8%.
(19) Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Inception-to-date figures for Class I, Class D and Class S shares use the initial offering price per share as the beginning NAV. Total Return presented is for Class I and is prior to the impact of any potential upfront placement fees. An investment in TCAP is subject to a maximum upfront placement fee of 1.5% for Class D and 3.5% for Class S, which would reduce the amount of capital available for investment, if applicable. There are no upfront placement fees for Class I shares. Total Return has been annualized for periods less than or greater than one year.

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Liquidity and Capital Resources
We have historically derived revenues primarily from third-party assets under management and have required limited capital resources to support the working capital or operating needs of our business. We believe that our current sources of liquidity described below are sufficient to meet our projected capital needs and other obligations as they arise for at least the next twelve months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through debt financing arrangements. If we raise additional funds by issuing equity securities, the ownership of our existing investors will be diluted. The incurrence of additional debt financing would result in incremental debt service obligations, and any future instruments governing such debt could include operating and financial covenants that could restrict our operations.
As of September 30, 2025, our total liquidity was $3,090.3 million, comprised of $1,080.3 million of cash and cash equivalents, excluding $13.3 million of restricted cash, as well as $1,680.0 million, $30.0 million and $300.0 million of incremental borrowing capacity under the Senior Unsecured Revolving Credit Facility, Subordinated Credit Facility and 364-Day Credit Facility, respectively. Total cash of $1,093.6 million as of September 30, 2025 includes $153.3 million of cash that is attributable to the TPG Operating Group and on balance sheet securitization vehicles.
Sources of Liquidity
We have multiple sources of liquidity to meet our capital needs, including:
• cash generated by our operating activities, such as management fees, monitoring, transaction and other fees, realized capital allocation-based income and investment sales from our consolidated funds;
• cash received from investing activities, including amounts received from notes receivable from affiliates; and
• cash received from our financing activities, including cash and funds available under our credit facilities.
Cash, Cash Equivalents and Restricted Cash
Our consolidated cash, cash equivalents and restricted cash totaled approximately $1,093.6 million at September 30, 2025.
Credit Facilities
Senior Unsecured Revolving Credit Facility
In March 2011, TPG Holdings, L.P. entered into a $400.0 million credit facility. As of March 31, 2025, the Senior Unsecured Revolving Credit Facility, as amended May 2018, November 2020, November 2021, July 2022, August 2022 and September 2023, had aggregate revolving commitments of $1.2 billion and with a maturity date of September 26, 2028.
In May 2025, we amended the Senior Unsecured Revolving Credit Facility to extend the maturity date to May 1, 2030 and increased the size of the Senior Unsecured Revolving Credit Facility to $1.65 billion. In June 2025, we further amended the Senior Unsecured Revolving Credit Facility to increase the size of the Senior Unsecured Revolving Credit Facility to $1.75 billion. During the nine months ended September 30, 2025, we borrowed $630.0 million from the Senior Unsecured Revolving Credit Facility for working capital purposes and repaid $560.0 million of outstanding borrowings, resulting in $1.68 billion available to be borrowed under the terms of the Senior Unsecured Revolving Credit Facility.
Dollar-denominated principal amounts outstanding under the Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.25% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.20%. We are also required to pay a quarterly commitment fee on the unused commitments under the Senior Unsecured Revolving Credit Facility not to exceed 0.15% per annum, as well as certain customary fees for any issued letters of credit.
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Senior Notes
On August 14, 2025, the Notes Issuer issued in an SEC-registered offering $500.0 million aggregate principal amount of Senior Notes due 2036. The 2036 Senior Notes will mature on January 15, 2036, unless earlier accelerated, redeemed or repurchased. The 2036 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2036 Senior Notes bear interest at a rate of 5.375% per annum. Interest on the 2036 Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The 2036 Senior Notes contain certain covenants, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
On March 5, 2024, the Notes Issuer issued in an SEC-registered offering $600.0 million aggregate principal amount of Senior Notes due 2034. The 2034 Senior Notes will mature on March 5, 2034, unless earlier accelerated, redeemed or repurchased. The 2034 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2034 Senior Notes bear interest at a rate of 5.875% per annum. Interest on the 2034 Senior Notes is payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024. The 2034 Senior Notes contain certain covenants as set forth in the 2034 Senior Notes’ Indenture and First Supplement Indenture, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
The payment of the principal of, premium, if any, and interest on the Senior Notes and the payment of any Senior Notes guarantee will:
• rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor, including indebtedness under the Amended Senior Unsecured Revolving Credit Facility;
• rank senior in right of payment to all existing and future subordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor;
• be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and
• be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations of each subsidiary of the Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor.
Subordinated Notes
On March 4, 2024, the Notes Issuer issued in an SEC-registered offering $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064. The Subordinated Notes bear interest at a rate of 6.950% per annum. Interest on the Subordinated Notes is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, subject to the Notes Issuer’s right, on one or more occasions, to defer the payment of interest on the notes for up to five consecutive years. The Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and subordinated obligations of the Notes Issuer and the Guarantors. The Subordinated Notes will mature on March 15, 2064, unless earlier accelerated, redeemed or repurchased. The Subordinated Notes may be redeemed at the Notes Issuer’s option (i) in whole at any time or in part from time to time on or after March 15, 2029 at a redemption price equal to their principal amount plus any accrued and unpaid interest, (ii) upon occurrence of a Tax Redemption Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 100% of their principal amount plus any accrued and unpaid interest or (iii) in whole, but not in part, at any time prior to March 15, 2029, upon the occurrence of a Rating Agency Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 102% of their principal amount plus any accrued and unpaid interest. The Subordinated Notes contain certain covenants as set forth in the Subordinated Notes’ Indenture and First Supplemental Indenture, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
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The payment of the principal of, premium, if any, and interest on the Subordinated Notes and the payment of any Subordinated Notes guarantee will:
• be subordinate and rank junior in right of payment to all existing and future senior indebtedness, including indebtedness under the Senior Unsecured Revolving Credit Facility;
• rank equally in right of payment with all existing and future parity indebtedness;
• be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and
• be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations (including policyholder liabilities and other payables) of each subsidiary of the Notes Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor.
Secured Notes
Our Secured Notes are issued using on-balance sheet securitization vehicles. The Secured Notes are required to be repaid only from collections on the underlying securitized equity method investments and restricted cash of the securitization vehicles. The Secured Notes are separated into two tranches. Tranche A Secured Notes (the “Series A Secured Notes”) were issued in May 2018 at a fixed rate of 5.33% with an aggregate principal balance of $200.0 million due June 20, 2038, with interest payable semiannually. Tranche B Secured Notes (the “Series B Secured Notes”) were issued in October 2019 at a fixed rate of 4.75% with an aggregate principal balance of $50.0 million due June 20, 2038, with interest payable semiannually. The Secured Notes contain an optional redemption feature giving us the right to call the notes in full or in part, subject to a prepayment penalty if called before May 2023. If the Secured Notes are not redeemed on or prior to June 20, 2028, we will pay additional interest equal to 4.00% per annum.
The Secured Notes contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, default provisions and financial covenants and limitations on certain consolidations, mergers and sales of assets. As of September 30, 2025, we were in compliance with these covenants and conditions.
Subordinated Credit Facility
In August 2014, one of our consolidated subsidiaries entered into two $15.0 million subordinated revolving credit facilities, for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of TPG Operating Group. In August 2025, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2026 to August 2027. The interest rate for borrowings under the Subordinated Credit Facility is calculated at a term Secured Overnight Financing Rate (“SOFR”) rate plus a 0.10% per annum adjustment and 2.25%.
During the nine months ended September 30, 2025, the subsidiary borrowed and made repayments of $55.0 million on the Subordinated Credit Facility, resulting in a zero balance outstanding at September 30, 2025.
364-Day Credit Facility
On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. Borrowings under the 364-Day Credit Facility are subject to one of three interest rates depending on the type of drawdown requested. Alternate Base Rate (“ABR”) loans are denominated in U.S. Dollars and subject to a variable interest rate computed daily as the higher of the Federal Funds Rate plus 0.50% or the one-month Term SOFR plus 1.00%, plus an applicable margin of between 1.00% and 2.00%, depending on the term of the loan. Term Benchmark Loans may be denominated in U.S. Dollars or Euros, and are subject to a fixed interest rate computed as the SOFR rate for a period comparable to the term of the loan in effect two business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. Risk-Free Rate (“RFR”) loans are denominated in Sterling and subject to a fixed interest rate computed daily as the Sterling Overnight Index Average (“SONIA”) in effect five business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the
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term of the loan. The subsidiary is also required to a pay a quarterly facility fee equal to 0.30% per annum of the total facility capacity of $150.0 million, as well as certain customary fees for any issued loans.
The Company entered into an equity commitment letter in connection with the 364-Day Credit Facility, committing to provide capital contributions, if and when required, to the consolidated subsidiary throughout the life of the facility. In April 2025, the consolidated subsidiary amended the 364-Day Credit Facility to increase the aggregate principal amount of the existing commitments to $300.0 million and extend the commitment termination date to April 11, 2026.
During the nine months ended September 30, 2025, the subsidiary borrowed $99.0 million and made repayments of $151.0 million on the 364-Day Credit Facility, resulting in a zero balance outstanding at September 30, 2025.
Our Liquidity Needs
We expect that our primary liquidity needs include cash required to:
• support our working capital needs;
• fund cash operating expenses, including compensation and contingencies, including for clawback obligations or litigation matters;
• service debt obligations, including the payment of obligations at maturity, on interest payment dates or upon redemption, as well as any contingent liabilities that may give rise to future cash payments;
• continue growing our businesses, including seeding new strategies, pursuing strategic investments or acquisitions, funding our capital commitments made to existing and future funds and co-investments, meeting any net capital requirements of our broker-dealer or funding obligations of our capital markets business and otherwise supporting investment vehicles that we sponsor;
• pay amounts that may become due under the Tax Receivable Agreement;
• pay earnouts and contingent cash consideration associated with our acquisitions;
• pay cash dividends in accordance with our dividend policy for our Class A common stock;
• warehouse investments or seed portfolios for the benefit of one or more of our funds or other investment vehicles pending the expected contribution of committed capital by the investors in such vehicles and advance capital to them for other operational needs;
• manage risk retention for CLOs;
• address capital needs of regulated and other subsidiaries, including our broker-dealer;
• settle tax withholding obligations in connection with net share settlements of equity-based awards; and
• exchange Common Units pursuant to the Exchange Agreement or repurchase or redeem other securities issued by us.

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Contractual Obligations
In the ordinary course of business, we enter into contractual arrangements that require future cash payments. The following table sets forth information regarding our anticipated future cash payments under our contractual obligations as of September 30, 2025 (in thousands):

Payments Due by Period
Total 2025 2026 2027 2028 2029 2030 and Thereafter

Debt obligations (1)
$ 1,820,000  $ —  $ —  $ —  $ —  $ —  $ 1,820,000 
Interest on debt obligations (2)
1,936,260  14,394  104,471  106,636  111,646  116,635  1,482,478 
Capital commitments (3)
595,609  595,609  —  —  —  —  — 
Operating lease obligations (4)
909,689  14,506  2,805  85,936  88,398  85,791  632,253 
Repurchase agreements 88,628  1,712  30,106  25,765  31,045  —  — 
Total contractual obligations $ 5,350,186  $ 626,221  $ 137,382  $ 218,337  $ 231,089  $ 202,426  $ 3,934,731 

__________
(1) Debt obligations presented in the table reflect scheduled principal payments related to the Secured Notes, 2034 Senior Notes, 2036 Senior Notes, Subordinated Notes and Senior Unsecured Revolving Credit Facility.
(2) Estimated interest payments on our debt obligations include estimated future interest payments based on the terms of the debt agreements. See Note 8 to the Condensed Consolidated Financial Statements for further discussion of these debt obligations.
(3) Capital commitments represent our obligations to provide general partner capital funding to the TPG funds. These amounts are generally due on demand, and accordingly, have been presented as obligations payable in the “2025” column. We generally utilize proceeds from return of capital distributions and proceeds from our Secured Notes to help fund these commitments.
(4) Net of tenant improvement allowances.
Additional Contingent Obligations
As of September 30, 2025 and December 31, 2024, if all investments held by the TPG funds were liquidated at their current unrealized fair value, there would be clawback of $6.6 million and $5.5 million, respectively, related to Asia V, for which a performance allocation reserve was recorded within other liabilities in the Condensed Consolidated Statements of Financial Condition. During the nine months ended September 30, 2025, the general partners made no payments on the clawback liability. Additionally, if all remaining investments were deemed worthless, a possibility management views as remote, the amount of performance allocations subject to potential clawback as of September 30, 2025 and December 31, 2024 would be $2,436.8 million and $2,140.4 million, respectively.
As of September 30, 2025 and December 31, 2024, we had guarantees outstanding totaling $85.2 million and $137.5 million, respectively, related to a third-party lending program that enables certain of our eligible employees to obtain financing for capital contributions into TPG funds with a maximum potential exposure of $203.7 million and $192.9 million, respectively.
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Dividends
The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of our Executive Committee and Board of Directors.

Date Declared Record Date Payment Date Dividend per Class A Common Share
May 8, 2024 May 20, 2024 June 3, 2024 $ 0.41
August 6, 2024 August 16, 2024 August 30, 2024 0.42
November 4, 2024 November 14, 2024 December 2, 2024 0.38
February 11, 2025 February 21, 2025 March 7, 2025 0.53
Total 2024 Dividend Year (through Q4 2024)
$ 1.74

May 7, 2025 May 19, 2025 June 2, 2025 $ 0.41
August 6, 2025 August 18, 2025 September 2, 2025 0.59
November 4, 2025 November 14, 2025 December 1, 2025 0.45
Total 2025 Dividend Year (through Q3 2025) $ 1.45

Tax Receivable Agreement
The future exchanges by owners of Common Units for cash from a substantially concurrent public offering, reorganization or private sale (based on the price per share of the Class A common stock on the day before the pricing of such public offering or private sale) or, at our election, for shares of our Class A common stock on a one-for-one basis (or, in certain cases, for shares of nonvoting Class A common stock) are expected to produce or otherwise deliver to us favorable tax attributes that can reduce our taxable income. We (and our wholly-owned subsidiaries) are a party to a tax receivable agreement, under which generally we (or our wholly-owned subsidiaries) are required to pay the beneficiaries of the Tax Receivable Agreement 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that we actually realize or, in certain circumstances, are deemed to realize as a result of the Covered Tax Items. We generally retain the benefit of the remaining 15% of the applicable tax savings. The payment obligations under the Tax Receivable Agreement are obligations of TPG Inc. (or our wholly-owned subsidiaries), and we expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial.
Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the nine months ended September 30, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration as follows:

Exchange Date Class A Common Stock Issued

2024 Exchanges (a)

February 27, 2024 17,704,987
May 21, 2024 1,998,593
August 19, 2024 1,042,119
November 15, 2024 5,155,425

2025 Exchanges (a)

February 24, 2025 9,786,354
May 21, 2025 21,000,000
August 19, 2025 5,153,040

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__________
(a)     The issuance of the shares of Class A common stock to such holders of Common Units was registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024.
These exchanges resulted in an increase in the tax basis of our investment in the TPG Operating Group and are subject to the Tax Receivable Agreement. During the nine months ended September 30, 2025, we recognized an additional liability associated with the Tax Receivable Agreement in the amount of $476.1 million in connection with the Exchange Agreement. As of September 30, 2025 and December 31, 2024, Tax Receivable Agreement liability, which is included in due to affiliates in the Condensed Consolidated Statements of Financial Condition, was $483.5 million and $308.9 million, respectively.
Net Cash Flows
The following table presents a summary of our cash flows for the periods presented:

Nine Months Ended September 30,
2025 2024

($ in thousands)
Net cash provided by operating activities $ 1,076,098  $ 720,220 
Net cash used in investing activities (254,634) (43,002)
Net cash used in financing activities (549,069) (177,769)
Net change in cash, cash equivalents and restricted cash 272,395  499,449 
Cash, cash equivalents and restricted cash, beginning of period 821,192  678,371 
Cash, cash equivalents and restricted cash, end of period $ 1,093,587  $ 1,177,820 

Operating Activities
Operating activities provided $1,076.1 million and $720.2 million of cash for the nine months ended September 30, 2025 and 2024, respectively. Key drivers consisted of performance allocation and co-investment proceeds totaling $1,660.8 million and $843.2 million for the nine months ended September 30, 2025 and 2024, respectively. This was partially offset by other changes in operating assets and liabilities for the nine months ended September 30, 2025 and 2024.
Investing Activities
Investing activities used $254.6 million and $43.0 million of cash during the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, cash used in investing activities was primarily related to the acquisition of Peppertree, which we completed in July 2025, and purchases of fixed assets. Cash used in investing activities during the nine months ended September 30, 2024 was primarily related to the payment of cash consideration to the sellers of Angelo Gordon as a result of post close net working capital adjustments and purchases of fixed assets.
Financing Activities
Financing activities used $549.1 million and $177.8 million of cash during the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, cash used by financing activities was primarily related to the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries and withholding taxes paid on net settlement of equity-based awards, partially offset by net proceeds from the issuance of the 2036 Senior Notes in August 2025 and proceeds, net of repayment from the Senior Unsecured Revolving Credit Facility. During the nine months ended September 30, 2024, cash used by financing activities is primarily related to the 2034 Senior Notes and Subordinated Notes offerings, partially offset by repayment of our outstanding borrowings under our Senior Unsecured Revolving Credit Facility and senior unsecured term loan and by the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries.
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Supplemental Guarantor Financial Information
The Subordinated Notes issued by the Notes Issuer are guaranteed on a junior, unsecured basis by the Guarantors, and the Senior Notes issued by the Notes Issuer are guaranteed on a senior, unsecured basis by the Guarantors. As used herein, “Obligor Group” means the Notes Issuer and the Guarantors on a combined basis. The Guarantors fully and unconditionally guarantee payments of principal, premium, if any, and interest (i) on the Subordinated Notes on a subordinated, unsecured basis and (ii) on the Senior Notes on a senior, unsecured basis. See Note 8 of the Condensed Consolidated Financial Statements for further discussion on these debt obligations.
The Obligor Group entities are holding companies in which the primary assets are the ownership interests in certain consolidated subsidiaries. Accordingly, the Obligor Group has no independent means of generating revenue or cash flow, and its ability to service its debt and guarantee obligations depends upon the results of operations and cash flows of its consolidated subsidiaries. As of September 30, 2025 and December 31, 2024, the Obligor Group held investments in its non-guarantor subsidiaries of $3.5 billion and $3.1 billion, respectively, and recognized income from investments in its non-guarantor subsidiaries of $1.0 billion for the nine months ended September 30, 2025. In addition, in connection with any distribution by the consolidated subsidiaries, the Obligor Group would only receive its proportionate share of such distribution.
The following summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the Obligor Group and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP. The tables present summarized financial information of the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group as of September 30, 2025 and December 31, 2024 and for the nine months ended September 30, 2025.

September 30, 2025 December 31, 2024

($ in thousands)
Summarized Obligor Group Assets and Liabilities
Assets, less receivables from non-guarantor subsidiaries $ 941,371  $ 448,271 
Due from related parties, excluding non-guarantor subsidiaries 1,023  3,006 
Due from non-guarantor subsidiaries 136,625  173,709 
Liabilities, less payables to non-guarantor subsidiaries 2,000,575  1,265,061 
Due to related parties, excluding non-guarantor subsidiaries 497,947  318,952 
Due to non-guarantor subsidiaries 20,175  27,119 

Non-controlling interests in Obligor Group Assets and Liabilities (813,203) (669,389)

Nine Months Ended September 30, 2025
($ in thousands)
Summarized Obligor Group Revenues, Net Income (Loss) and Non-Controlling Interests
Revenues from Obligor Group $ — 
Net loss from Obligor Group's revenues and expenses (138,795)
Net loss attributable to non-controlling interests associated with Obligor Group's revenues and expenses (56,287)

Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements, as defined in Regulation S-K.
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Critical Accounting Estimates
There has been no material change to our critical accounting estimates disclosed in our Annual Report. We prepare our Condensed Consolidated Financial Statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities in our financial statements. We regularly assess these estimates; however, actual amounts could differ from those estimates. The impact of changes in estimates is recorded in the period in which they become known. For a description of our accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Condensed Consolidated Financial Statements included elsewhere in this report and for a discussion of our policies and estimates, see “Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operation” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risks primarily relates to our role as investment advisor or general partner to our TPG funds and the impact of movements in the underlying fair value of their investments. There was no material change in our market risks during the three months ended September 30, 2025. For additional information, refer to our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed by us in reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the appropriate time periods, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.
In designing and evaluating our disclosure controls and procedures, management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
We, under the supervision of and with participation of our management, including our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures were effective as of September 30, 2025.
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION

Item 1. Legal Proceedings
From time to time, we are involved in litigation and claims incidental to the conduct of our business. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. See “Item 1A.—Risk Factors—Risks Related to Our Industry—Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. Increased regulatory focus on the alternative asset industry or legislative or regulatory changes could result in additional burdens and expenses on our business” in our Annual Report. We are not currently subject to any pending legal (including judicial, regulatory, administrative or arbitration) proceedings that we expect to have a material impact on our Condensed Consolidated Financial Statements. However, given the inherent unpredictability of these types of proceedings, an adverse outcome in certain matters could have a material effect on TPG’s financial results in any particular period. See Note 12, “Commitments and Contingencies,” to the Condensed Consolidated Financial Statements.

Item 1A. Risk Factors
For a discussion of our potential risks and uncertainties, see the information under “Item 1A.––Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent Sales of Unregistered Securities
As previously disclosed in our Current Report on Form 8-K filed with the SEC on May 6, 2025, on May 3, 2025, we entered into a definitive agreement to acquire the Peppertree business in a cash and equity transaction. As noted in the Current Report, in connection with the closing of the Peppertree acquisition, on July 1, 2025, the Peppertree Parties received (i) 5.4 million Common Units, subject to certain adjustments, (ii) 0.3 million RSUs that, subject to the terms and conditions of the RSUs, will settle in shares of our Class A common stock, subject to certain adjustments, (iii) 2.9 million shares of our nonvoting Class A common stock and (iv) rights to an earnout payment of up to $165.4 million in value, subject to the satisfaction of certain fee-related revenue and fundraising targets by Peppertree. The Peppertree Earnout Payment is payable, at our election, subject to certain limitations set forth in the Transaction Agreement, in cash, Common Units (and an equal number of shares of Class B common stock) (the “Peppertree Earnout Equity Payment”). On July 1, 2025, we issued to the Peppertree Parties 5.4 million shares of Class B common stock. The Common Units, the shares of Class B common stock and the shares of nonvoting Class A common stock issued in connection with the Peppertree acquisition were not registered under the Securities Act, and were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act on the basis that the transaction did not involve a public offering.
On July 1, 2025, we filed a prospectus supplement to our shelf registration statement on Form S-3 (File No. 333-277340), which became automatically effective upon filing with the SEC, registering the resale of up to 2,913,939 shares of our Class A common stock delivered to certain equity holders of Peppertree on the Acquisition Date. Subject to the terms of the Amended and Restated Investor Rights Agreement and the Amended and Restated Exchange Agreement, the holders of Common Units are entitled to have their Common Units exchanged for cash from a substantially concurrent primary equity offering or (at our option) shares of Class A common stock.

Item 3. Defaults Upon Senior Securities
Not applicable.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
Not applicable .

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Item 6. Exhibits
The following is a list of all exhibits filed or furnished as part of this report:
Exhibits are included below.
Exhibit No.
Description

3.1*
Restated Certificate of Incorporation of TPG Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on November 13, 2023).

3.2*
Certificate of Amendment of Restated Certificate of Incorporation of TPG Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on June 6, 2024).

3.3*
Amended and Restated Bylaws of TPG Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on June 12, 2023).

4.1 Second Supplemental Indenture, dated as of August 14, 2025, among TPG Operating Group II, L.P., the Guarantors named therein and U.S. Bank Trust Company, National Association, as trustee. (incorporated by reference to Exhibit 4. 2 to the Company ’ s Current Report on Form 8-K , filed on August 14 , 202 5 ).

4.2 Form of 5.375% Senior Notes due 2036 (included in Exhibit 4.2 hereto). (incorporated by reference to Exhibit 4.2 to the Company ’ s Current Report on Form 8-K , filed on August 14, 2025).

10.1*
Seventh Amended and Restated Credit Agreement, dated as of May 1, 2025, among TPG Operating Group II, L.P., acting through its general partner, TPG Holdings II-A, LLC, the co-borrowers party thereto, the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on May 1, 2025).

10.2†
Accession Agreement, dated as of June 13, 2025, among Société Générale, Standard Chartered Bank, TPG Operating Group II, L.P., acting through its general partner, TPG Holdings II-A, LLC, the co-borrowers party thereto, the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent.

10.3**
Independent Director Compensation Policy.

10.4**
Non-Employee Director Deferral Plan.

10.5**
Form of Restricted Stock Unit Grant Agreement and Performance Restricted Stock Unit Grant Agreement.

22.1*
List of Notes Issuer and Guarantor Subsidiaries, Senior and Subordinated Notes (incorporated by reference to Exhibit 22.1 to the Company’s Quarterly Report on Form 10-Q, filed on May 8, 2024).

31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1
Certification of Chief Executive Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.

32.2
Certification of Chief Financial Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.

101.INS Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema Document.

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

________________
* Incorporated by reference
** Management compensatory plan or arrangement
† Certain information contained in this agreement has been omitted because it is not material and is the type that the registrant treats as private or confidential
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 4, 2025

/s/ Jack Weingart

Jack Weingart
Chief Financial Officer (Principal Financial Officer and Authorized Signatory)

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