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TPG (TPG) investor relations material
TPG Bank of America Financial Services Conference 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Key earnings and performance highlights
Achieved a breakout year with $51 billion in capital raised, a 70% increase from the prior year, and deployed over $50 billion in investments.
FRE grew to $950 million, with Q4 being the strongest quarter and a record for the firm.
FRE margin expanded to 45% last year, with a target of 47% for the current year.
Real estate business expected to be a major new fundraising driver, with at least four funds in the market this year.
Consistent realization track record, averaging $25 billion annually over five years, with expectations for a pickup if market conditions stabilize.
Growth strategy and diversification
AUM composition shifted from 80% private equity at IPO to about 50% now, reflecting rapid growth in credit, real estate, and infrastructure.
Growth is increasingly diversified, with less reliance on flagship funds and more on new asset classes and products.
Horizontal (new asset classes) and vertical (expanding existing businesses) growth pursued both organically and inorganically.
Channel growth includes expanding insurance and private wealth businesses.
Strategic priorities for 2026 focus on scaling existing businesses, completing current fundraises, and expanding distribution partnerships.
Fundraising and product innovation
Expecting another robust fundraising year, targeting over $50 billion, with more products in the market (35 vs. 25 last year).
Real estate and credit are key areas of fundraising growth, with strong LP support for new real estate funds.
Continued focus on fund-over-fund growth and launching new products, including private credit and real estate vehicles for private wealth clients.
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