Oct 29, 2026 earnings call — Fundraising and capital deployment momentum
TPG raised more than $15 billion in the quarter, bringing year-to-date capital raised to nearly $42 billion.
Revenue $0.6B (est $0.6B) · EPS $0.65 (est $0.62)
Key quotes
"We've successfully scaled and diversified our franchise. And despite a challenging macro backdrop, our pace of growth has accelerated. Over the last 5 years, we've more than tripled our AUM and doubled our capital formation on an annual basis."
"Finally, we generated $6.6 billion of realizations during the quarter, bringing our year-to-date total to more than $20 billion."
"Beyond 2027, as Jon highlighted, we continue to expect accelerated growth, including doubling our credit AUM to $200 billion by the end of 2029."
Analyst Q&A 12
fundraising outlook and transaction fees
Q (Benjamin Budish · Barclays): He asked how to size the fundraising momentum into Q4 and the run rate from the current pipeline, and also asked about transaction fee expectations.
A: Management said they expect to raise more than $55 billion this year from broad-based momentum across strategies and listed several flagship and newer campaigns that should close or continue to raise. They said transaction fees are hard to predict and generally follow deployment, and noted the firm was pleased with $55 million of transaction fees in Q3.
"We expect to raise more than $55 billion for this year, given our strong momentum, which is really broad-based across our strategies, backed by strong investment performance and our long-standing client relationships." — Axel Philippe Andre (CFO)
confidence in realizations
Q (Glenn Schorr · Evercore): He asked what drives their confidence that realizations will accelerate and asked to explain the net accrued performance balance movements by vintage.
A: Management said the net accrued performance balance increased for newer vintages and decreased for 2020 and earlier, which they view as a sign they are executing monetizations. They also said they have a strong, high-quality realization pipeline, recent large realization totals, and several signed deals waiting to close that support their confidence.
"I think we're pretty happy with and feel pretty good about the quality and breadth of the realization pipeline." — Jon Winkelried (CEO)
real estate and credit fundraising detail
Q (Alexander Blostein · Goldman Sachs): He asked for more detail on the TREP V real estate fundraising size and timing, and on drivers for doubling the credit business to $200 billion by 2029.
A: Management said TREP V had one of their strongest starts with about $5 billion at first close and that large institutions are shifting into partnership models with GPs, supporting follow-through. On credit, they said fundraising has accelerated as more investors know their platform, they are expanding into ADL, asset-based finance, infrastructure finance and bespoke Credit Solutions, and they see sizable growth opportunities across those channels.
"I would say also, increasingly, one of the other interesting things is that there are a lot of very large institutional pools of capital in the world that have changed their strategy in real estate." — Jon Winkelried (CEO)
impact of pulling fundraising into 2026
Q (Brennan Hawken · BMO): He asked whether pulling fundraising forward into 2026 means 2027 will be harder to grow on that base.
A: Management said the firm's business is more diversified now, moving their annual fundraising cadence higher and spreading capital formation across many campaigns, making any one fund a smaller percent of the total. They said they will not give a 2027 number now and are focused on executing the current cycle.
"we're now sort of -- we've now kind of moved up to systemically being in like the, let's call it, like the $45 billion to maybe $60 billion-ish kind of annual fundraising cadence" — Jon Winkelried (CEO)
wealth products and scaling T-POP
Q (Michael Brown · UBS): He asked how newer wealth products like Evergreen and T-POP can broaden the opportunity, whether wealth fundraising can accelerate, and if they need to hire more to support growth.
A: Management said T-POP and related strategies are scaling, with recent flows of about $200 million per month and continued pickup since Q3. They plan to expand distribution, launch new credit and REIT products next year, expect continued acceleration in wealth, and are actively adding senior hires across national accounts, product and distribution.
"I would expect T-POP and related strategies to continue to scale." — Jack Weingart (CEO)
FRE margin outlook for 2027
Q (Kenneth Worthington · JPMorgan): He asked how to think about FRE margin in 2027 given catch-up fees lifted 2026 margins and ongoing investments in wealth.
A: Management said Q3 FRE margin benefited from $62 million of catch-up fees; normalizing, margin would be about 47%, and they updated full-year guidance to approximately 48%. They said they believe long-term FRE margin can expand into the 50s with revenue growth, operating leverage, and AI productivity, but timing is not exact and they will continue measured investment.
"Given our strong margin performance year-to-date, we are updating our guidance for the full year, like I said, to approximately 48%, which would represent nearly 300 basis points of improvement relative to 2025." — Axel Philippe Andre (CFO)
digital infrastructure positioning
Q (Steven Chubak · Wolfe): He asked how the firm is positioned for digital infrastructure and where they will lean or avoid, given legacy exposures and Climate TI strategy input.
A: Management said they approach infrastructure across the firm's multi-strategy capabilities, citing Peppertree, Climate and real estate data center exposure, and see growing demand for critical digital infrastructure. They said they will be opportunistic, focus on areas with favorable risk/reward, and expect some financing strains to create future opportunities.
"I think we feel like this is an environment where there's going to be a number of really interesting opportunities." — Jon Winkelried (CEO)
insurance partnerships and credit growth
Q (Devin Ryan · Citizens Bank): He asked whether the Jackson partnership is opening talks with other insurers and if third-party insurance can become a distinct growth business tied to the $200 billion credit goal.
A: Management said the Jackson relationship has been very strong, growing engagement across the firm and expanding access to IG ABF and Twin Brook capabilities, which is helping attract other insurance partners globally. They said their insurance business has more than doubled since the Angelo Gordon acquisition and will be an important part of reaching the $200 billion credit target.
"First of all, the Jackson relationship has been an incredibly strong partnership." — Jon Winkelried (CEO)
deployment pacing for climate and related funds
Q (Brian Bedell · Deutsche Bank): He asked about deployment pacing for the recently raised cash funds, Rise Climate II and Global South, and whether that will affect transaction fees or other capital markets upside.
A: Management said the deployment opportunity is meaningful across the ecosystem including credit, and that AI-related deployment will be a larger portion going forward; they asked Jim to comment on Climate. Management added that the Climate funds closing are already about 25% deployed into utility services, green data centers, wind and data center equipment businesses.
"The funds we're closing are already about 25% deployed." — James Coulter (FOUNDER)
low performance fees this quarter
Q (Arnaud Giblat · BNP): He asked why performance fees were near absent despite strong realizations, positive value creation and build, and whether performance fees should pick up in Q4 and 2027.
A: Management said Q3 had $6.6 billion of realizations but proceeds were largely used to return basis and cover unrealized losses, mainly in TPG Capital VIII, due to market volatility in some software names. They noted portfolio fundamentals are strong and they continue to expect realized performance allocations to pick up in Q4 and into 2027.
"Outside of these specific companies, the portfolio fundamentals remain very strong with both outpacing the broader market." — Axel Philippe Andre (CFO)
higher rates and private equity value creation
Q (Bart Dziarski · RBC): He asked if higher rates change value creation plans in private equity and whether they will preserve their historical performance advantage.
A: Management said their private equity strategy is growth-oriented, driven mostly by top-line and earnings improvements rather than leverage arbitrage, and that they have optimized balance sheets over the past 24 months to reduce refinancing risk. They said leverage levels and interest coverage are generally at the lower end versus peers, so they are not highly concerned about rates' impact on their strategy.
"Our business on the private equity side is a growth-oriented business where we're generally driving top line and earnings growth in our companies trying to inflect growth," — Jon Winkelried (CEO)
AI/data center concentration and credit protections
Q (Michael Cyprys · Morgan Stanley): He asked about concentration risk in AI infrastructure exposure, what risks they worry about in certain financed structures, and opportunities for the credit platform to participate.
A: Management said they are selective, prefer in-place leased assets with cash flow, and have very little development risk in their portfolio; they focus on second-order, distributed opportunities around data centers. They said they watch development risk and heavy financing dependency, and they are structuring deals with protections and expect repricing or distressed opportunities where they can step in.
"I think that what we have tended to look for is in-place assets that are generating -- are leased and generating cash flow." — Jon Winkelried (CEO)