TPG Inc.

TPG Inc. — A Global Alternative Asset Management Powerhouse

The Private Equity Firm Behind Eli Lilly’s Praxair Acquisition Is Way More Than A Hedge Fund TPG Inc. is one of the largest alternative asset managers in the world. The Texas-based private equity firm, which had $303 billion in assets under management as of December 31, 2025, was founded in 1992 by David Bonderman, James Coulter, and William S. Price III. The private equity firm started out as a high-leverage buyout private equity firm, a legacy of its early days as the Bass Family Office, an investment office serving the Bass family of Fort Worth, Texas. Today, TPG Inc. is a global, diversified, publicly traded alternative asset manager that has transitioned from its original private equity roots into a unique hybrid firm. The company, which went public in January 2022, has seen AUM increase 166% over the last year as it continues to see strong fundraising and the acquisition of other funds and teams including Angelo Gordon in 2023 and Peppertree Capital Management in 2025. Today, the firm has over 1,900 employees and 700+ investment and operations personnel at 30 offices in 33 countries. They have a diverse portfolio of over 400 companies, 300 real estate properties and 6,400 credit positions. TPG is a unicorn in size among private equity and alternative asset managers. Few, if any firms, match the scale of assets managed or diversity of assets and operations that exist at the firm today.

Investment Platform & Strategy

Collectively, our six multi-strategy platforms offer investment opportunities across the risk-return spectrum from senior, debt recapitalizations to large, control buyouts and the preservation of value. Innovation, technology and operating scale are core components of our growth, disruption and risk-off strategies. *Platform sizes subject to change* Our flagship business, TPG Capital, invests $91 billion of capital in companies undergoing transformation with the potential for growth and outsized returns. Investing globally, our deals often involve control of a business, and can span industries including: healthcare, technology, consumer and industrials. TPG Growth focuses on growth equity and middle market opportunities investing in companies which we believe will become leaders in their industries and have strong growth trajectories. Our team invests in later stage, but still early, growth companies before they become capital intensive and require massive investments to continue growth trajectories. Additionally, we also make traditional, middle market buyouts. The model also includes TPG Growth's global impact investing platform – The Rise Fund and TPG Rise Fund has made a global name for itself for having the world’s largest institutional impact investing platform – a space TPG effectively created a monopoly for institutional capital in 2016 by pioneering the TPG Impact fund (which later morphed into the “Rise Fund”) dedicated to addressing some of the world’s most pressing issues in Education, Healthcare, Financial Inclusion, Future of Work and Environment/Clean Energy and Waste through targeted investment in businesses working to address these needs globally with scalable, impact-driven models in place. The global debt markets, together with our structured finance team offer an opportunity to invest $93 billion of capital with direct lending vehicle – Twin Brook Capital Partners; an additional $55 billion of opportunistic credit; and approximately $38 billion of structured credit transactions each with a focus on delivering strong returns while preserving capital for ourselves and our institutional partners. Our Global Real Estate platform invests in a range of real estate transactions in various asset classes across the globe including the primary and secondary markets. Our dedicated market solutions team helps leverage our resources, expertise and relationships across various categories to deliver meaningful solutions to investors, sponsors and corporations around the world via a range of products, such as public market funds, general partner secondary platforms, GIPS verified outcomes-based reporting and joint ventures focused on delivering superior risk-adjusted returns to limited partners through innovative deal making, investment structuring, optimized asset management, risk mitigation, proprietary trading, alpha augmenting alternative lending, arbitrage driven special opportunity credit and alternative debt vehicles positioned strategically at various levels within the capital structure to maximize value preservation, debt and equity gains for our limited partners.

• Assets Under Management: $303 billion as of December 31, 2025, with $170.1 billion in fee-paying AUM
• AUM Growth: 166% increase from $113.6 billion to $303 billion between 2021 and 2025, including 23% year-over-year growth
• Dry Powder: $72.4 billion in uncalled capital available for deployment across strategies
• Capital Activity (FY 2025): $51.5 billion raised and $51.9 billion deployed during the year
• Financial Performance: $2.1 billion in fee-related revenue, $953 million in fee-related earnings (45% FRE margin) for FY 2025, expanding to 52% FRE margin in Q4 2025
• Global Reach: 30+ offices across the Americas, Europe, Asia Pacific, and the Middle East, with investments in 33 countries
• Impact Investing Pioneer: Created The Rise Fund in 2016 and TPG Rise Climate in 2021; raised $7.3 billion for Rise Climate's inaugural fund and $1.25 billion for the Global South Initiative
• Private Wealth Growth: 66% year-over-year growth in private wealth fundraising in 2025, with products including T-POP, TREF, and MITT

Track Record & Notable Investments

TPG’s history has been defined by a series of special situations transactions that have not only helped form the firm, but have also played an outsize role in shaping the private equity industry. The first deal that the firm did, a $66 million investment in the restructured Continental Airlines, made bankruptcy investing relevant for the first time and returned 10 times of capital, a first for most private equity professionals and a testament to the power of operational improvements following corporate distress. The $1.5 billion acquisition of Burger King with Bain Capital and Goldman Sachs in 2002, the successful initial public offering of the company in 2006, the $11.3 billion acquisition of SunGard Data Systems with KKR and Blackstone in 2005, the latter the largest LBO since RJR Nabisco, are just a few examples of how the firm has consistently demonstrated its ability to accomplish large capital transactions in key markets. More recently, TPG bought a 30% stake in the DirecTV business from AT&T in 2021 as part of the spin of its Warner Media unit into a new media company. In 2023, the firm acquired Angelo Gordon in what arguably proved to be the most important transaction for the firm in its modern era. The deal, which combined the credit and real estate businesses of Angelo Gordon with TPG’s own credit and real estate platform added $73 billion of assets under management and catapulted TPG into a position of credit markets alpha leader. Today, the firm has investments in a variety of interesting companies including Airbnb, Spotify, ServiceTitan, Crunch Fitness, Fender, Creative Planning and Sabre Industries, among many others. TPG was also one of the earliest investors in Uber. As its portfolio and platforms have grown and evolved, the firm has consistently shown its ability to find interesting situations that are often defined by structural change occurring within a given industry, and has then used its significant capital base to help underpin investments in areas that it believes will benefit from participating in what it deems to be secular trends.

Market Position & Competitive Differentiation

Table of Contents and Images not included in this excerpt. TPG sits uniquely in the global alternative asset manager’s elite. With a ranking of 5 on the PEI 300 for private equity fundraising, 2nd on the Impact 50, and 3rd on the PERE 100 for real estate in 2024, the company is one of the top-five alternative asset managers in multiple asset classes. In contrast to the other “Super 5” private equity firms—Blackstone, KKR, Apollo, and Carlyle—TPG’s technology-enabled investment strategy, its pioneering institutional work in impact investing, and its relatively recent but extremely rapid evolution from a private equity-focused investment firm into a diversified platform of businesses set it apart. The Angelo Gordon acquisition in 2019 brought credibility and scale to TPG’s credit business—a segment that today represents the firm’s largest asset under management, or AUM, with $93 billion of assets invested. TPG’s family office background also lies at the core of its fast-growing private wealth business. The firm’s 66% increase in annual fundraising from 2024 to 2025—more than five times the 11% rate experienced by peers—is a sign that the company is making rapid progress in democratizing access to institutional alternative assets for high net worth and ultra high net worth individuals. The firm has $72.4 billion in dry powder in its investment programs, an average fee related earnings margin of 45%—a statistic that is expected to climb to the mid-50s, and a corporate culture that management describes with the phrase “affinity for disruption and innovation.” With these trends in place, the alternative asset manager co-founded by David Bonderman—a man who the firm lost in December 2024—may continue for years to come as one of the most significant alternative asset managers of its time.