Private markets firm TPG has agreed to buy a majority stake in Sabre Industries from Blackstone , the companies said on Friday, in a deal two people familiar with the matter said valued the power infr... ...

Fee-related earnings (FRE) were $326 million in the quarter and $953 million for the full year, up 25% from 2024. The fourth-quarter FRE margin reached a record 52% , while full-year FRE margin was 45% , representing a 340-basis-point expansion year-over-year.Transaction and monitoring fees were a major contributor to the quarter’s results. Weingart said fourth-quarter transaction and monitoring fees more than tripled year-over-year to $122 million , bringing full-year 2025 transaction and monitoring fees t ...

The private markets firm's chief executive said he sees opportunity in market turmoil. ...

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - After-tax distributable earnings increased 17% year-over-year to $304 million, marking the highest level since becoming a public company [35] - Total AUM increased 23% year-over-year to $303 billion, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The credit platform raised a record $21 billion during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - The company experienced double-digit value creation across nearly all platforms in 2025, with private equity strategies appreciating 11% over the last twelve months [37] - The credit platform also appreciated 11% over the last twelve months, maintaining strong credit quality with non-accruals just over 1% [38] - The real estate portfolios appreciated more than 9% for the year, driven by robust value creation in data center holdings and other sectors [39] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business, with a strategic partnership with Jackson Financial expected to close soon [12][42] - TPG plans to begin fundraising for several new funds in 2026, including TPG Real Estate's next fund and various Asia-focused funds [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to sustain growth and deliver differentiated value for stakeholders, citing a strong performance in 2025 as a foundation for future success [47] - The company anticipates another robust year of capital formation in 2026, expecting aggregate capital raising to exceed $50 billion [41] - Management highlighted the importance of maintaining strong relationships with borrowers and sponsors to ensure credit quality and performance [50][54] Other Important Information - TPG's new and emerging strategies attracted over $7 billion of commitments in 2025, indicating effective identification and scaling of high-potential opportunities [16] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM, positioning it well for future investments [35] Q&A Session Summary Question: Concerns about direct lending performance sustainability - Management acknowledged the market's skepticism regarding direct lending performance but emphasized the unique characteristics of their lower middle market focus, which differs from upper middle market dynamics [50][51] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [65][66] Question: Outlook for net deployment in credit business - Management highlighted the significant growth in the credit business and the expected upward trend in deployment opportunities due to increased capital formation and synergies from the Angelo Gordon acquisition [76][77]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4][35] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - The company finished 2025 with $303 billion of total AUM, up 23% from 2024, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - In credit, TPG raised a record $21 billion of credit capital during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM [35] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28][29] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business [12][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to sustain growth and deliver differentiated value for stakeholders, expecting 2026 to be another robust year of capital formation with aggregate capital raising expected to exceed $50 billion [40][41] - The company highlighted the importance of avoiding capital loss and managing exposures in the lending markets, particularly in the lower middle market [56] Other Important Information - TPG announced a long-term strategic partnership with Jackson Financial, which is expected to provide predictable fee revenue and enhance credit capabilities [12] - The company launched several new products in 2025, including Tika, a growth equity strategy, and Advantage Direct Lending, a new core middle market direct lending strategy [15] Q&A Session Questions and Answers Question: Concerns about direct lending performance sustainability - Management emphasized the differences between lower middle market lending and upper middle market lending, highlighting their unique position and rigorous monitoring of borrower performance [50][51][54] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [66][67] Question: Outlook for net deployment in credit business - Management discussed the significant growth in credit capital and the synergies from the TPG and Angelo Gordon collaboration, which are expected to enhance deployment opportunities [78]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [3] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [29] - The company finished 2025 with $303 billion of total AUM, up 23% from 2024, driven by $51 billion of capital raised and $24 billion of value creation [34] Business Line Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [6] - The credit platform raised a record $21 billion of credit capital during the year, up 67% from 2024 [16] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [19] Market Data and Key Metrics Changes - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM [34] - The private equity strategies appreciated 3% in the fourth quarter and 11% over the last twelve months [36] - The credit platform also appreciated 3% in the quarter and 11% over the last twelve months [36] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [27] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business [11][41] - TPG plans to begin fundraising for several new funds in real estate and credit, indicating a multiyear period of growth [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of performance and the ability to maintain strong capital formation, expecting 2026 to exceed $50 billion in capital raising [39] - The company highlighted the importance of differentiating its offerings in the market, particularly in the lower middle market, which is less competitive than the upper middle market [50] - Management noted that the strong performance and disciplined investment approach position TPG well to capitalize on attractive investments [9] Other Important Information - TPG's new and emerging strategies attracted over $7 billion of commitments in 2025, underscoring the firm's ability to identify and scale high-potential opportunities [14] - The company reported a record FRE margin of 52% in the fourth quarter and a full-year FRE margin of 45%, reflecting significant capital markets revenue [32] Q&A Session Summary Question: Concerns about sustaining performance in direct lending - Management emphasized the unique dynamics of the lower middle market, where TPG operates as a primary lender with higher coverage ratios and disciplined lending practices [50][51] - They highlighted their rigorous monitoring processes and strong relationships with borrowers, which enhance their ability to value the portfolio accurately [52][54] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by a broadening capital markets business and a significant increase in deployment activity [66] - They expect capital markets to be a long-term growth opportunity, despite some lumpiness in revenue [66] Question: Outlook for net deployment in credit - Management indicated that the credit business has seen substantial growth in capital formation and deployment, particularly in structured credit and new strategies like Advantage Direct Lending [78][79]

Core Viewpoint - TPG Inc. is preparing to release its quarterly earnings on February 5, 2026, with expectations of an EPS of $0.64 and revenue of approximately $547.9 million, which could significantly impact its stock price [1][6] Financial Performance - Analysts predict a year-over-year increase in earnings for the quarter ending December 2025, with a consensus estimate of $0.64 per share [2] - In the previous quarter, TPG reported earnings of $0.53 per share and revenue of $509 million, reflecting a 10.8% increase in revenue compared to the same quarter the previous year [3][6] - TPG achieved a net margin of 2.83% and a return on equity of 25.79% in the previous quarter [3] Valuation Metrics - TPG's price-to-earnings (P/E) ratio is approximately 70.09, indicating high investor confidence [4][6] - The price-to-sales ratio stands at 7.11, and the enterprise value to sales ratio is 7.58, reflecting the company's valuation [4] - The debt-to-equity ratio is 2.18, indicating significant debt usage compared to equity [4][6] Future Outlook - The upcoming earnings call is crucial for understanding TPG's future prospects and management's strategies for maintaining growth and managing financial metrics [5]

TPG Reports Fourth Quarter and Full Year 2025 Results San Francisco and Fort Worth, Texas – February 5, 2026 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, today reported its unaudited results for the fourth quarter and full year ended December 31, 2025. A detailed presentation is available through the Investor Relations section of TPG's website at shareholders.tpg.com. "2025 was an outstanding year for TPG, marked by exceptional execution across our global franchise. We achie ...

TPG Inc. (TPG) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +10.64%. A quarter ago, it was expected that this company would post earnings of $0.55 per share when it actually produced earnings of $0.53, delivering a surprise of -3.64%.Over the last four quarters, the company has sur ...

Financial Performance - Net income for Q4 2025 was $282 million, a significant increase from $11 million in Q4 2024, with net income attributable to TPG Inc. at $77 million compared to $13 million in the same period [22]. - Total revenues for FY 2025 reached $4.67 billion, up from $3.50 billion in FY 2024, reflecting a growth of approximately 33.4% [21]. - The operating profit margin improved to 18.9% in Q4 2025, compared to 1.0% in Q4 2024 [23]. - Total expenses for FY 2025 were $4.09 billion, an increase from $3.58 billion in FY 2024 [21]. - Compensation and benefits expenses rose to $3.14 billion in FY 2025, compared to $2.77 billion in FY 2024 [21]. - Distributable earnings for Q4'25 were $336.2 million, contributing to a total of $1.04 billion for FY'25, showcasing strong cash generation capabilities [134]. - The company experienced a net loss from investment activities of $2.8 million for FY'25, indicating challenges in investment performance despite strong operational results [131]. Capital Management - TPG raised over $51 billion and deployed $52 billion in 2025, driving total assets under management (AUM) to more than $300 billion [5]. - The company has $72 billion in dry powder, positioning it well for future growth and market navigation [5]. - Available Capital at the end of 4Q'25 was $72.4 billion, reflecting a strong liquidity position [25]. - Approximately $51.9 billion was invested over the last twelve months, with $72.4 billion of capital available for deployment at the end of Q4 2025 [89]. - The company intends to pay at least 85% of its Distributable Earnings as dividends, subject to board discretion and business needs [143]. Asset Management - Total Assets Under Management (AUM) reached $303 billion, a 23% increase year-over-year [25]. - Fee-Earning AUM increased 20% from 4Q'24 to $170.1 billion, primarily due to fee-earning capital raised of $22.1 billion [64]. - Performance Eligible AUM totaled $254.3 billion, or 84% of total AUM, at the end of 4Q'25 [81]. - Performance Generating AUM totaled $208.8 billion, or 69% of total AUM, at the end of 4Q'25 [81]. - The potential fee-related revenue opportunity associated with AUM Not Yet Earning Fees and FAUM Subject to Step-Up is estimated at approximately $250 million annually [75]. Revenue Streams - Fee-Related Revenues for FY'25 are anticipated to be $2,109,255, rising from $461,410 in 4Q'24 to $628,476 in 4Q'25 [139]. - Fee-Related Earnings (FRE) rose 72% from $190 million in 4Q'24 to $326 million in 4Q'25, with a FRE margin increase from 41% to 52% [29]. - 4Q'25 Fee-Related Revenues (FRR) increased by 36% to $628 million compared to $461 million in 4Q'24 [25]. - Non-GAAP total revenue for Q4'25 was $1,280 million, compared to $1,193 million in Q3'25, indicating an increase of about 7.3% [98]. Dividends and Shareholder Returns - TPG declared a quarterly dividend of $0.61 per share of Class A common stock, payable on March 5, 2026 [6]. - The declared dividend for Q4'25 was $0.61 per share, with total dividends declared for FY'25 amounting to $2.06 per share [104]. - Total participating shares outstanding decreased from 400,086,112 on September 30, 2025, to 399,575,212 by December 31, 2025 [100]. Investment Performance - The company reported a total of $632.4 million in GAAP performance allocations for the three months ended December 31, 2025, with a realized amount of $238.0 million [95]. - Realizations for the full year 2025 totaled $23.4 billion, compared to $22.9 billion in FY'24, indicating a slight increase in capital returned to investors [91]. - The company reported an operating profit margin defined as U.S. GAAP net income divided by U.S. GAAP total revenue [173]. Corporate Developments - The acquisition of TPG Peppertree, effective July 1, 2025, is expected to enhance the company's market position and expand its asset management capabilities [86]. - The company’s reorganization included a corporate conversion of TPG Partners, LLC to a Delaware corporation named TPG Inc., in conjunction with the IPO [173]. - The reorganization will take effect on November 1, 2023, impacting future profit distributions [174].