Financial Data and Key Metrics Changes - TPG reported GAAP net income of $13 million and after-tax distributable earnings of $261 million, equating to $0.62 per share of Class A common stock, marking a 27% increase year-over-year [7][45] - The company declared a dividend of $0.53 per share of Class A common stock, payable on March 7, 2025 [7] - Total assets under management (AUM) reached $246 billion, an 11% increase year-over-year, driven by $30 billion in capital raised and $19 billion in value creation [46] - After-tax distributable earnings for the full year totaled $837 million, a 43% increase compared to the previous year [45] Business Line Data and Key Metrics Changes - Private equity and infrastructure fundraising grew year-over-year, raising $14 billion in 2024 [18] - Credit strategies raised over $12 billion in 2024, exceeding the $10 billion target [52] - The capital markets revenue saw significant growth, driven by the integration of the broker-dealer across platforms [26] Market Data and Key Metrics Changes - The company deployed $33 billion in capital for the full year 2024, with $10 billion deployed in the fourth quarter alone [28] - Realizations totaled $23 billion for the year, a 50% increase from 2023 [36] - The private equity portfolio appreciated more than 3% in the fourth quarter and 10% over the last twelve months [49] Company Strategy and Development Direction - TPG aims to double its AUM to $500 billion over the next several years, focusing on organic growth, innovation, and potential inorganic opportunities [39][84] - The company is expanding its client relationships and distribution channels, particularly in private wealth [16][80] - TPG is actively evaluating inorganic opportunities to enhance scale and diversification, particularly in infrastructure and digital assets [17][78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about significant capital raising in 2025, expecting to exceed 2024 levels [15][53] - The company anticipates growth in management fees driven by credit deployment and fundraising for climate and transition infrastructure funds [64] - Management highlighted the importance of maintaining a balance sheet-light model while exploring partnerships and growth opportunities [91][96] Other Important Information - TPG successfully integrated Angelo Gordon, realizing revenue synergies and business-building opportunities [12][58] - The company launched several new funds, including a climate transition infrastructure strategy and a dedicated mid-cap strategy focused on Asia [21][24] - TPG's capital markets business is expected to be a significant contributor to revenue growth over time [26] Q&A Session Summary Question: TPG's annual partners meeting and insurance opportunities - Management discussed five core growth drivers for doubling AUM, including growing core strategies, organic innovation, inorganic additions, wealth penetration, and insurance partnerships [72][84] Question: Importance of balance sheet light model in insurance opportunities - Management emphasized the importance of finding the right partner while maintaining a balance sheet-light model, focusing on quality growth [91][96] Question: Doubling AUM timeframe and organic vs. inorganic growth - Management indicated that doubling AUM could occur in several years, with a mix of organic and inorganic growth strategies contributing to this goal [106][108] Question: Impact of partnership with Intersect Power and RISE Climate - Management highlighted the significance of the partnership with Google and Intersect Power, indicating strong activity in the climate impact sector [130][132]

TPG Reports Fourth Quarter and Full Year 2024 Financial Results Year Ended December 31, 2024 TPG Reports Fourth Quarter and Full Year 2024 Results San Francisco and Fort Worth, Texas – February 11, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited fourth quarter and full year 2024 results. TPG issued a full detailed presentation of its fourth quarter and full year ended December 31, 2024 results, which can be viewed through the Investor Relations secti ...

Group 1 - TPG Inc. reported quarterly earnings of $0.62 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and showing an increase from $0.51 per share a year ago, representing an earnings surprise of 19.23% [1] - The company posted revenues of $461.41 million for the quarter ended December 2024, which was a slight miss compared to the Zacks Consensus Estimate by 0.49%, and a decrease from $464.73 million year-over-year [2] - TPG Inc. has surpassed consensus EPS estimates three times over the last four quarters, while also topping consensus revenue estimates three times in the same period [2] Group 2 - The stock has underperformed the market, losing about 0.7% since the beginning of the year, while the S&P 500 has gained 3.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $483.79 million, and for the current fiscal year, it is $2.50 on revenues of $2.09 billion [7] - The Zacks Industry Rank for Financial - Investment Management is currently in the bottom 23% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - TPG reported total revenues of $1,076.4 million for Q4 2024, an increase from $983.1 million in Q4 2023, representing a growth of 9.5%[11] - Net income for Q4 2024 was $11.1 million, a decrease from $42.4 million in Q4 2023, reflecting a decline of 73.9%[12] - Fee-Related Revenues (FRR) for Q4 2024 were $461 million, down 1% from $465 million in Q4 2023[13] - Fee-Related Earnings (FRE) decreased by 16% from $226 million in Q4 2023 to $190 million in Q4 2024, with a FRE margin of 41%[16] - After-tax Distributable Earnings (DE) increased from $206 million in Q4 2023 to $261 million in Q4 2024, a growth of 26.7%[20] - TPG's operating profit margin was 1.0% for Q4 2024, down from 4.3% in Q4 2023[11] - Total revenues for Q1 2024 were $824,071, a decrease of 16.2% compared to Q4 2023's $983,137[80] - Net income attributable to TPG Inc. for Q1 2024 was $15,519, compared to a net loss of $13,977 in Q2 2024[80] - After-tax Distributable Earnings for Q1 2024 were $180,625, compared to $205,647 in Q4 2023, reflecting a decrease of 12.2%[81] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $246 billion, up 11% year-over-year[13] - Assets Under Management (AUM) rose 11% year-over-year to $245.9 billion in 4Q'24, driven by capital raised of $4.7 billion in Rise Climate II[41] - Performance Eligible AUM totaled $209.3 billion, representing 85% of total AUM at the end of 4Q'24[50] - Performance Generating AUM was $163.4 billion, accounting for 66% of total AUM at the end of 4Q'24[50] - AUM Subject to Fee Earning Growth was $28 billion, estimated to generate approximately $167 million in annual revenue[47] - FAUM (Funds Under Management) decreased to $37,075 million as of December 31, 2024, down from $37,941 million at the beginning of the period, representing a decline of approximately 2.3%[53] Capital and Investments - Capital raised remained stable at $8.8 billion for both Q4 2023 and Q4 2024[13] - Approximately $32.9 billion was invested during the last twelve months, with $57.6 billion available for deployment at the end of Q4 2024[55] - Total capital invested for fiscal year 2024 was $32,944 million, down from $22,217 million in fiscal year 2023, indicating a significant increase of 48%[57] - The company raised $5,513 million in fee-earning capital for the fiscal year 2024, a decrease of 39.5% compared to $9,047 million in fiscal year 2023[56] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.53 per share, payable on March 7, 2025[3] - FRE attributable to TPG Inc. was $0.51 per share for 4Q'24 and $2.09 per share for FY'24[68] - Declared dividend of $0.53 per share for 4Q'24, totaling $1.74 per share for FY'24[68] - The company plans to maintain a dividend policy of at least 85% of earnings attributable to the TPG Operating Group, subject to board discretion[85] Performance Metrics - Realized performance allocations, net were $105 million in 4Q'24, primarily driven by the TF platform and Growth IV in the Growth platform[25] - For FY'24, realized performance allocations, net totaled $195 million, mainly from TI in the Capital platform and Rise Climate I in the Impact platform[25] - 4Q'24 net accrued performance for the Capital platform was 3.6%, while the Growth platform achieved 3.9%[26] - Total equity-based compensation related to TPG Inc. Ordinary Service Awards was $28 million, with an unrecognized compensation expense of $238.4 million at the end of 4Q'24[69] Acquisitions and Strategic Initiatives - The acquisition of Angelo Gordon is expected to enhance TPG's growth and operational capabilities moving forward[7] - The acquisition of Angelo Gordon is expected to enhance the company's asset management capabilities and expand its market presence[87] Financial Structure and Metrics - Total GAAP Assets as of Q4 2023 were $9,369,672, with a projected increase to $10,535,109 by Q4 2024[84] - Total participating shares outstanding include Class A shares and TPG Operating Group Common Units, reflecting the equity structure of the company[109] - Cash and cash equivalents reached $0.8 billion at the end of 4Q'24, following net proceeds from subordinated notes offerings[34]

Core Viewpoint - TPG Inc. is anticipated to report a year-over-year increase in earnings despite a slight decline in revenues for the quarter ended December 2024, with the actual results being crucial for stock price movement [1][2]. Earnings Expectations - The consensus estimate for TPG's quarterly earnings is $0.52 per share, reflecting a year-over-year increase of 2%, while revenues are projected to be $463.68 million, a decrease of 0.2% from the previous year [3]. - The consensus EPS estimate has been revised down by 1.12% over the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4][10]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that TPG has a negative Earnings ESP of -0.32%, suggesting that analysts have become less optimistic about the company's earnings [10][11]. - TPG currently holds a Zacks Rank of 3 (Hold), making it challenging to predict a beat on the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, TPG met the expected earnings of $0.45 per share, resulting in no surprise [12]. - Over the past four quarters, TPG has surpassed consensus EPS estimates three times [13]. Industry Comparison - In the Zacks Financial - Investment Management industry, Blue Owl Capital Inc. is expected to report earnings of $0.21 per share for the same quarter, representing a year-over-year increase of 16.7%, with revenues projected to rise by 24.4% to $614.74 million [17]. - Blue Owl Capital's consensus EPS estimate has been revised down by 2.5% in the last 30 days, and it also has a negative Earnings ESP of -0.82%, indicating a similar cautious outlook as TPG [18].

Group 1 - TPG is in advanced talks to acquire Crown Castle's fiber business for $8 billion [1] - Private equity firms have been actively investing in fiber and digital infrastructure companies to support expansion efforts [2] - The deal for the fiber and wireless assets is expected to be announced in the coming weeks, but no final decision has been made [4] Group 2 - The potential sale would allow Crown Castle to concentrate on its core towers business, which includes over 40,000 towers in the U.S. as of September 30, 2024 [5] - Crown Castle's shares have declined by 6% in the past six months, while the industry has grown by 1.7% [6]

Group 1: Company Overview - David Bonderman co-founded TPG, an alternative asset management firm with a current market value of $24.3 billion and a workforce of over 1,800 across 28 global offices [1] - TPG has investments in various sectors, including technology, health care, real estate, and consumer industries [1] Group 2: Bonderman's Career and Contributions - Bonderman was a private equity pioneer and legal scholar, known for his significant contributions to the investment world and conservation efforts [2] - He transitioned from a legal career, where he litigated racial discrimination cases, to investment management through his connection with Robert Bass [4] - Bonderman and his partner Jim Coulter founded TPG after successfully turning a $66 million investment in Continental Airlines into a tenfold profit [6] Group 3: Board Memberships and Influence - Throughout his career, Bonderman served on the boards of over 80 corporate firms, including General Motors, Ryanair, and Kite Pharmaceutical [7] - He was also involved with various conservation organizations, such as the Wilderness Society and World Wildlife Fund [7] Group 4: Legacy in Sports - Bonderman was the founding owner of the Seattle Kraken, the NHL's 32nd expansion franchise, and was recognized for his visionary leadership in bringing the team to Seattle [8]

DALLAS, Sept. 30, 2024 /PRNewswire/ -- AT&T (NYSE:T) ("the Company") reached an agreement to sell its remaining stake in DIRECTV to TPG. Under the agreement, the Company will sell its entire 70% stake in a non-contingent transaction subject only to customary closing conditions. Over the past three years, the Company achieved financial outcomes consistent with its expectations that underpinned its decision to retain a 70% financial interest in DIRECTV. Reported cash distributions at, and since, the closing o ...

Summary: Transaction Value: $64.2 million Locations: Illinois, Iowa, Maine, Michigan, and Wisconsin Lease Term: 15-year initial term with two 10-year options to renew Use of Proceeds: Debt reduction and other corporate purposes MILWAUKEE and NEW YORK, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), or the "Company", North America's premier manufacturer and upfitter of commercial work truck attachments and equipment, today announced the successful completion of a sale-leaseback transa ...

Walter Bibikow/DigitalVision via Getty Images The 26% rally over the last 1 year of TPG RE Finance Trust's (NYSE:TRTX) commons to $8.50 needs to be contextualized against a book value of $11.40 per share as of the end of its fiscal 2024 second quarter. The mortgage REIT owns debt collateralized by US real estate, with a heavy focus on multifamily properties. Total loan commitments stood at $3.3 billion at the end of its second quarter with 52.5% allocated to multifamily and an 18.4%% allocation to office pr ...