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4/ Shipping improvements more efficiently.We are setting up deployment of the FaceID server on Cloud Run with continuous integration and deployment so updates can move into production more quickly and reliably. ...

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $15 million and after-tax distributable earnings of $268 million, or $0.69 per share of Class A common stock, reflecting a 30% year-over-year increase in after-tax distributable earnings [4][29]. - Total assets under management (AUM) increased by 14% year-over-year to $261 billion, driven by $36 billion of capital raised and $21 billion of value creation [27]. - Fee-earning AUM rose by 7% year-over-year to $146 billion as of June 30, 2025 [27]. Business Line Data and Key Metrics Changes - Fundraising grew nearly 80% year-over-year to $11.3 billion, with $5.4 billion coming from the credit platform, marking the second highest fundraising quarter in TPG's history [6][32]. - Deployment increased by 36% year-over-year to over $10 billion, with significant investments in various sectors including technology and sustainable agriculture [15][17]. - Realizations totaled $6.5 billion during the quarter, with notable exits from several companies [21][22]. Market Data and Key Metrics Changes - The company experienced strong early support for its second GP Solutions Fund, which is expected to be significantly larger than its predecessor [10]. - Insurance contributed nearly 30% of the credit capital raised in the second quarter, indicating a growing focus on this market segment [13]. - The company is actively expanding its investor base outside of North America, particularly in the Middle East, Asia, and Latin America [9]. Company Strategy and Development Direction - TPG is focused on scaling its credit businesses and preparing for the launch of new private equity funds, with a strong emphasis on innovation and product development [26]. - The company aims to deepen relationships with existing clients while establishing new partnerships, particularly in the insurance sector [14][55]. - TPG is entering the back half of the year with significant strength across its platforms, expecting to continue delivering outstanding results for clients and shareholders [25]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the private equity asset class as a return driver for institutional accounts, despite broader market challenges [44]. - The company anticipates a breakout year in 2025 for credit fundraising, driven by strong demand and a robust pipeline [13][32]. - Management highlighted the importance of maintaining a focus on fee-related earnings growth while exploring strategic partnerships in the insurance sector [54]. Other Important Information - TPG completed the acquisition of PepperTree, which is expected to enhance its digital infrastructure strategy [6]. - The company ended the quarter with record dry powder of $63 billion, representing 43% of fee-earning AUM [20]. - TPG's real estate portfolio appreciated approximately 3% in the second quarter and 14% over the last twelve months, indicating strong performance in this segment [31]. Q&A Session Summary Question: Insights on Private Equity Cycle - Management noted that TPG's performance differs from broader market trends, with strong growth in private equity driven by effective fund management and intentional portfolio composition [44][46]. Question: Insurance Strategy - Management emphasized the importance of maintaining FRE centricity and being cautious about assuming liabilities in insurance transactions, focusing on partnerships to enhance distribution capabilities [52][54]. Question: Fund Size Expectations - Management indicated that the first close of $9 billion reflects strong re-ups from existing LPs, with expectations for continued growth in fund sizes [60][63]. Question: Deployment Opportunities - Management expressed optimism about deployment opportunities across various business lines, anticipating an acceleration in the second half of the year [68][70]. Question: Capital Markets Growth - Management highlighted the ongoing build-out of capital markets capabilities, which are expected to grow in correlation with the firm's overall growth and transactional activity [76][80]. Question: Retail Opportunity and TPOP Expansion - Management discussed plans to broaden distribution for TPOP and the development of new products across various asset classes, including credit and real estate [84][87].