TPG Inc - Ordinary Shares - Class A

Strong quarter + margin delivery (and some help from timing): Q2 GAAP net income attributable to TPG Inc. was $93m; after-tax distributable earnings (ATDE) $280m ($0.69/share). Fee-related revenue rose 27% YoY to $628m, helped by management fees up 15% YoY and a second-highest-ever quarter for transaction & monitoring fees. Fee-related earnings (FRE) rose 43% YoY to $350m (reported $315m in Q2) for 50% FRE margin—with management saying this was elevated due to the transaction/monitoring fee “pull-forward”.

Near-term outlook: transaction fees likely step down; FRE margin guidance remains solid: Management expects transaction & monitoring fees to step down in Q3 (because some closes were pulled forward from Q3). Despite that, TPG expects ~47% FRE margin for full-year 2026 with expansion over time driven by scale + operating leverage.

Capital raising/capital deployment momentum (big opportunity): Raised $16b in Q2; >$26b YTD; management reaffirms confidence to raise >$50b in 2026 (robust pipeline despite market headwinds). By strategy: Private equity $8b in Q2 (+39% YoY); Market Solutions $1b first close for its 11th Peppertree fund (expect fund size +25%); Credit $5.6b in Q2 including $2.5b from the Jackson partnership (total $4.5b since Feb). Deployment also strong: invested ~$14b in Q2 (+33% YoY); $62b over last 12 months (record).