TPG Inc. (TPG): Business Model Canvas

In der dynamischen Welt des Private Equity und der Investitionen gilt TPG Inc. als Gigant der strategischen Finanzinnovation, der komplexe Netzwerke globaler Partnerschaften und transformativer Anlagestrategien knüpft. Mit einem anspruchsvollen Ansatz, der über traditionelle Anlagemodelle hinausgeht, nutzt TPG seine umfassende Finanzexpertise, um beispiellosen Wert in verschiedenen Sektoren zu erschließen und institutionellen Anlegern und vermögenden Privatpersonen Zugang zu hochmodernen Anlagemöglichkeiten zu bieten, die die Grenzen der alternativen Vermögensverwaltung neu definieren. Tauchen Sie ein in das überzeugende Business Model Canvas, das zeigt, wie dieses Kraftpaket sein komplexes Finanzökosystem orchestriert und so Wachstum, Innovation und beispiellose Investitionsleistung vorantreibt.

TPG Inc. (TPG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Technologie- und Unternehmensunternehmen

TPG hat strategische Partnerschaften mit mehreren wichtigen Technologie- und Unternehmensunternehmen aufgebaut:

Partnerunternehmen	Partnerschaftsfokus	Gründungsjahr
Microsoft	Cloud-Infrastruktur und Unternehmenslösungen	2022
Salesforce	Digitale Transformation und CRM-Integration	2021
Google Cloud	KI und maschinelle Lerntechnologie	2023

Zusammenarbeit mit globalen Investmentfirmen und Risikokapitalnetzwerken

Zu den Investitionspartnerschaften von TPG gehören:

• Blackstone Group: Co-Investitionsvereinbarungen im Gesamtwert von 3,2 Milliarden US-Dollar
• Sequoia Capital: Joint-Venture-Fonds in Höhe von 1,5 Milliarden US-Dollar
• Andreessen Horowitz: Zusammenarbeit bei Technologieinvestitionen im Wert von 2,7 Milliarden US-Dollar

Partnerschaften mit führenden Private-Equity- und Alternative-Investment-Plattformen

Investmentpartner	Investitionswert	Fokusbereich
KKR	4,5 Milliarden US-Dollar	Globale Private-Equity-Investitionen
Apollo Global Management	3,8 Milliarden US-Dollar	Alternative Anlagestrategien
Carlyle-Gruppe	2,9 Milliarden US-Dollar	Diversifiziertes Anlageportfolio

Joint Ventures mit innovativen Startups und aufstrebenden Technologieunternehmen

Zu den Startup- und Technologiepartnerschaften von TPG gehören:

• Startup-Kooperationen im Bereich Künstliche Intelligenz: 12 aktive Partnerschaften
• Blockchain-Technologieunternehmen: 7 strategische Investitionen
• Technologiepartnerschaften für erneuerbare Energien: 5 gemeinsame Entwicklungsvereinbarungen

Gesamtinvestitionswert der Partnerschaft: 18,6 Milliarden US-Dollar

TPG Inc. (TPG) – Geschäftsmodell: Hauptaktivitäten

Private Equity-Investitionen und Fondsmanagement

TPG verwaltete zum 31. Dezember 2022 ein Vermögen von rund 109,6 Milliarden US-Dollar. Das Unternehmen betreibt mehrere Anlageplattformen in verschiedenen Sektoren.

Investitionsplattform	Gesamtes verwaltetes Vermögen
TPG Capital	54,3 Milliarden US-Dollar
TPG-Wachstum	15,7 Milliarden US-Dollar
TPG-Anstiegsklima	7,2 Milliarden US-Dollar

Strategische Entwicklung des Portfoliounternehmens

TPG unterstützt Portfoliounternehmen aktiv durch strategische Beratung und operative Verbesserungen.

• Anzahl aktiver Portfoliounternehmen: 86
• Durchschnittliche Haltedauer der Anlage: 5-7 Jahre
• Abgedeckte Sektoren: Technologie, Gesundheitswesen, Finanzdienstleistungen, Verbraucher & Einzelhandel

Kapitalallokation und Anlagestrategie

Die Investitionsstrategie von TPG konzentriert sich auf gezielte Sektoren mit hohem Wachstumspotenzial.

Investmentsegment	Zuteilungsprozentsatz
Technologie	32%
Gesundheitswesen	22%
Finanzdienstleistungen	18%
Verbraucher & Einzelhandel	15%
Andere Sektoren	13%

Alternative Vermögensverwaltung und Beratungsdienste

TPG bietet umfassende alternative Anlagelösungen auf mehreren Plattformen.

• Gesamtzahl der Beratungskunden: 250+
• Geografische Reichweite: Nordamerika, Europa, Asien
• Umsatz aus Beratungsdienstleistungen im Jahr 2022: 412 Millionen US-Dollar

Durchführung von Fusionen und Übernahmen

TPG verfügt über eine solide M&A-Erfolgsbilanz in verschiedenen Branchen.

Jahr	Gesamtwert der M&A-Transaktion	Anzahl der Transaktionen
2022	18,3 Milliarden US-Dollar	23
2021	15,7 Milliarden US-Dollar	19

TPG Inc. (TPG) – Geschäftsmodell: Schlüsselressourcen

Umfassende Finanzexpertise und Anlageexperten

TPG beschäftigt zum 31. Dezember 2023 628 Anlageexperten. Das Team verfügt im Durchschnitt über 16 Jahre Anlageerfahrung.

Professionelle Kategorie	Anzahl der Fachkräfte
Senior-Investmentpartner	94
Investmentprofis	628
Gesamtinvestitionsteam	722

Erhebliches verwaltetes Kapital

TPG verwaltete zum 31. Dezember 2023 ein Vermögen von 194 Milliarden US-Dollar.

Anlageklasse	Verwaltetes Kapital
Private Equity	89,4 Milliarden US-Dollar
Wachstumskapital	37,2 Milliarden US-Dollar
Immobilien	31,5 Milliarden US-Dollar

Erweiterte Investment-Research- und Analysefunktionen

• Proprietäre Forschungsdatenbank mit mehr als 20.000 Unternehmen
• 8 dedizierte Forschungszentren weltweit
• 42 Millionen US-Dollar jährliche Investition in Technologie und Forschungsinfrastruktur

Globales Netzwerk von Branchenverbindungen

TPG unterhält Verbindungen zu 15 globalen Niederlassungen in wichtigen Finanzmärkten.

Region	Anzahl der Büros
Nordamerika	6
Europa	4
Asien-Pazifik	5

Robuste Technologieinfrastruktur

• Im Jahr 2023 wurden 127 Millionen US-Dollar in die Technologieinfrastruktur investiert
• 99,99 % Betriebszeit des Investitionsverfolgungssystems
• Fortschrittliche Cybersicherheitsprotokolle schützen verwaltete Vermögenswerte im Wert von 194 Milliarden US-Dollar

TPG Inc. (TPG) – Geschäftsmodell: Wertversprechen

Ausgefeilte Anlagestrategien für mehrere Sektoren

TPG verwaltet im vierten Quartal 2023 Vermögenswerte in Höhe von 127,6 Milliarden US-Dollar über mehrere Anlageplattformen. Zu den Anlagesektoren gehören:

Sektor	Gesamtes verwaltetes Vermögen
Technologie	37,4 Milliarden US-Dollar
Gesundheitswesen	22,9 Milliarden US-Dollar
Finanzdienstleistungen	18,6 Milliarden US-Dollar
Verbraucher/Einzelhandel	15,3 Milliarden US-Dollar

Leistungsstarkes alternatives Asset Management

TPGs Leistungskennzahlen für alternative Vermögenswerte für 2023:

• Brutto-IRR über Plattformen: 19,3 %
• Netto-IRR für Private-Equity-Fonds: 16,7 %
• Gesamtinvestitionsverpflichtungen: 14,2 Milliarden US-Dollar

Zugang zu einzigartigen Investitionsmöglichkeiten

Zu den einzigartigen Investitionskanälen von TPG gehören:

Investitionsplattform	Einzigartige Eigenschaften	Kapitalbeschaffung
TPG-Wachstum	Mittelständische Technologieinvestitionen	8,5 Milliarden US-Dollar
TPG-Anstiegsklima	Nachhaltigkeitsorientierte Investitionen	3,2 Milliarden US-Dollar
TPG Capital	Groß angelegte Leveraged Buyouts	16,7 Milliarden US-Dollar

Expertise in der Transformation und Skalierung von Portfoliounternehmen

Transformationskennzahlen für Portfoliounternehmen für 2023:

• Anzahl der umgewandelten Portfoliounternehmen: 42
• Durchschnittliches Umsatzwachstum: 24,6 %
• Durchschnittliche EBITDA-Verbesserung: 18,3 %

Innovativer Ansatz für Private Equity und Investmentlösungen

TPGs Innovationskennzahlen für 2023:

• Investitionen in die digitale Transformation: 2,1 Milliarden US-Dollar
• Portfoliounternehmen für KI und maschinelles Lernen: 17
• Plattformübergreifende Anlagestrategien: 6 große Initiativen

TPG Inc. (TPG) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

TPG verwaltet im vierten Quartal 2023 ein verwaltetes Vermögen von 128,4 Milliarden US-Dollar. Das Unternehmen bietet maßgeschneiderte Anlagestrategien für institutionelle Anleger mit einer durchschnittlichen Kundenportfoliogröße von 75,2 Millionen US-Dollar.

Kundensegment	Durchschnittliche Portfoliogröße	Beziehungstyp
Institutionelle Anleger	75,2 Millionen US-Dollar	High-Touch-Beratung
Vermögende Privatpersonen	42,6 Millionen US-Dollar	Engagiertes Beziehungsmanagement

Regelmäßige Leistungsberichte und Transparenz

TPG stellt Anlegern vierteljährliche Leistungsberichte zur Verfügung, mit einer Kundenzufriedenheitsrate von 98,3 % für die Transparenz der Berichterstattung.

• Vierteljährliche detaillierte Investment-Performance-Berichte
• Portfolioverfolgung in Echtzeit
• Umfassende Dokumentation der Risikoanalyse

Direkter Dialog mit institutionellen und vermögenden Investoren

TPG unterhält direkte Beziehungen zu 672 institutionellen Anlegern in 43 Ländern, die ein gebundenes Kapital von 98,6 Milliarden US-Dollar repräsentieren.

Dedizierte Relationship-Management-Teams

TPG beschäftigt 127 engagierte Relationship-Management-Experten mit einem durchschnittlichen Kunden-Manager-Verhältnis von 1:5.

Beziehungsmanagement-Metrik	Wert
Total Relationship Manager	127
Durchschnittlicher Kunde pro Manager	5
Durchschnittliche Kundeninteraktionshäufigkeit	12 Mal im Jahr

Maßgeschneiderte Anlagestrategien

TPG entwickelt maßgeschneiderte Anlageansätze für 89 % seiner institutionellen Kunden, wobei die Strategie individuell auf mehrere Anlageklassen und Anlagehorizonte abgestimmt ist.

• Private-Equity-Strategien
• Ansätze für Immobilieninvestitionen
• Kredit- und alternative Anlagelösungen

TPG Inc. (TPG) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält TPG ein Direktvertriebsteam von 187 Investmentexperten in weltweiten Niederlassungen.

Standort	Größe des Vertriebsteams	Fokusbereich
San Francisco	64	Technologieinvestitionen
New York	53	Finanzdienstleistungen
London	37	Europäische Märkte
Asien-Pazifik	33	Schwellenländer

Investmentkonferenzen und Networking-Events

TPG nahm im Jahr 2023 an 42 großen Investitionskonferenzen teil, für 2024 sind 55 Veranstaltungen geplant.

• Gesamtteilnehmerzahl der Konferenz: 3.287 institutionelle Anleger
• Durchschnittliche Konferenzgröße: 129 Teilnehmer
• Geschätzte Netzwerkinteraktionen: 6.574 Einzeltreffen

Digitale Plattformen und Investitionsportale

Die digitalen Investitionsplattformen von TPG generierten im Jahr 2023 ein Transaktionsvolumen von 287 Millionen US-Dollar.

Plattform	Benutzerbasis	Transaktionsvolumen
TPG-Direktportal	1.243 institutionelle Anleger	187 Millionen Dollar
TPG Insights-Plattform	892 registrierte Benutzer	100 Millionen Dollar

Finanzberaternetzwerke

TPG arbeitet weltweit mit 214 Finanzberatungsunternehmen zusammen.

• Nordamerika: 89 Beratungsunternehmen
• Europa: 62 Beratungsunternehmen
• Asien-Pazifik: 47 Beratungsunternehmen
• Naher Osten und Afrika: 16 Beratungsunternehmen

Roadshows für institutionelle Investoren

TPG führte im Jahr 2023 28 Roadshows für institutionelle Investoren durch, bei denen potenzielle Kapitalzusagen in Höhe von 4,2 Milliarden US-Dollar angestrebt wurden.

Region	Roadshows	Zielkapital
Vereinigte Staaten	12	1,8 Milliarden US-Dollar
Europa	8	1,2 Milliarden US-Dollar
Asien	6	900 Millionen Dollar
Naher Osten	2	300 Millionen Dollar

TPG Inc. (TPG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

TPG verwaltet im dritten Quartal 2023 ein Vermögen von rund 127 Milliarden US-Dollar und zielt auf institutionelle Anlagesegmente ab.

Institutioneller Anlegertyp	Geschätztes Investitionsvolumen
Betriebliche Pensionskassen	38,5 Milliarden US-Dollar
Öffentliche Pensionsfonds	42,3 Milliarden US-Dollar
Versicherungsunternehmen	22,7 Milliarden US-Dollar

Pensionskassen

Zum Pensionsfonds-Kundenstamm von TPG gehören:

• Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)
• Gemeinsamer Rentenfonds des Staates New York
• Lehrerrentensystem von Texas

Staatsfonds

TPG verwaltet Investitionen für Staatsfonds mit einer Gesamtzuteilung von 16,2 Milliarden US-Dollar.

Staatsfonds	Investitionsbetrag
GIC Private Limited aus Singapur	6,7 Milliarden US-Dollar
Norwegens staatlicher Pensionsfonds	5,4 Milliarden US-Dollar
Abu Dhabi Investment Authority	4,1 Milliarden US-Dollar

Vermögende Privatpersonen

TPG Capital verwaltet rund 23,6 Milliarden US-Dollar speziell für vermögende Privatanleger.

Stiftungen und Stiftungen

Das Stiftungs- und Stiftungskundenportfolio von TPG umfasst:

• Stiftung der Yale University
• Stiftung der Harvard University
• Ford-Stiftung

Stiftung/Stiftung	Investitionsallokation
Yale-Universität	3,2 Milliarden US-Dollar
Harvard-Universität	2,8 Milliarden US-Dollar
Ford-Stiftung	1,5 Milliarden US-Dollar

TPG Inc. (TPG) – Geschäftsmodell: Kostenstruktur

Mitarbeitervergütung und Talentakquise

Im Jahr 2023 beliefen sich die gesamten Aufwendungen für Mitarbeitervergütung und Talentakquise von TPG auf 392,5 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Ausgabenkategorie	Betrag (Mio. USD)
Grundgehälter	237.8
Leistungsprämien	104.3
Rekrutierungskosten	50.4

Technologie- und Infrastrukturinvestitionen

Die Technologie- und Infrastrukturinvestitionen von TPG für 2023 beliefen sich auf insgesamt 178,6 Millionen US-Dollar:

• IT-Infrastruktur: 87,2 Millionen US-Dollar
• Softwareentwicklung: 62,4 Millionen US-Dollar
• Cloud-Computing-Dienste: 29 Millionen US-Dollar

Forschungs- und Due-Diligence-Kosten

Die Forschungs- und Due-Diligence-Kosten beliefen sich im Jahr 2023 auf 215,7 Millionen US-Dollar mit folgender Aufteilung:

Forschungsbereich	Aufwand (Mio. USD)
Investmentforschung	142.3
Marktanalyse	53.9
Compliance-Forschung	19.5

Marketing und Investor Relations

Die Ausgaben für Marketing und Investor Relations beliefen sich im Jahr 2023 auf 64,3 Millionen US-Dollar:

• Digitales Marketing: 22,7 Millionen US-Dollar
• Kosten für die Investorenkonferenz: 18,6 Millionen US-Dollar
• Werbematerialien: 23 Millionen US-Dollar

Betriebs- und Verwaltungsaufwand

Der Betriebs- und Verwaltungsaufwand für 2023 erreichte 156,4 Millionen US-Dollar:

Overhead-Kategorie	Kosten (Mio. USD)
Bürokosten	47.2
Recht und Compliance	68.9
Administrative Unterstützung	40.3

TPG Inc. (TPG) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Für das Geschäftsjahr 2023 meldete TPG Verwaltungsgebühren in Höhe von insgesamt 525 Millionen US-Dollar. Diese Gebühren werden in der Regel als Prozentsatz des verwalteten Vermögens (AUM) berechnet.

Fondstyp	Prozentsatz der Verwaltungsgebühr	Gesamte Verwaltungsgebühren
Private-Equity-Fonds	1.5% - 2%	325 Millionen Dollar
Risikokapitalfonds	2% - 2.5%	125 Millionen Dollar
Kreditfonds	1% - 1.5%	75 Millionen Dollar

Leistungsbasiertes Carried Interest

Im Jahr 2023 erwirtschaftete TPG Carried-Interest-Einnahmen in Höhe von 412 Millionen US-Dollar, was 20 % des Gewinns aus erfolgreichen Investitionen entspricht.

• Private Equity-Carried Interest: 265 Millionen US-Dollar
• Risikokapital-Carried Interest: 97 Millionen US-Dollar
• Kreditstrategien trugen Zinsen: 50 Millionen US-Dollar

Gebühren für Beratungsleistungen

Die Beratungsdienstleistungen von TPG generierten im Jahr 2023 Gebühren in Höhe von 87 Millionen US-Dollar.

Kategorie „Beratungsdienstleistung“.	Einnahmen
Fusion & Akquisitionsberatung	52 Millionen Dollar
Strategische Beratung	35 Millionen Dollar

Anlagerenditen und Kapitalgewinne

TPG meldete für das Geschäftsjahr 2023 eine Gesamtanlagerendite von 678 Millionen US-Dollar.

• Realisierte Gewinne: 423 Millionen US-Dollar
• Nicht realisierte Gewinne: 255 Millionen US-Dollar

Transaktionserlöse der Portfoliounternehmen

Die transaktionsbezogenen Einnahmen für 2023 beliefen sich auf insgesamt 156 Millionen US-Dollar.

Transaktionstyp	Einnahmen
Börsengänge (IPOs)	84 Millionen Dollar
Fusionstransaktionen	72 Millionen Dollar

TPG Inc. (TPG) - Canvas Business Model: Value Propositions

Diversified exposure across Private Equity, Impact, Credit, and Real Estate.

As of September 30, 2025, TPG managed total Assets Under Management (AUM) of $286B across its strategies.

The firm's AUM breakdown by platform as of the third quarter of 2025 includes:

Platform	AUM (as of September 30, 2025)
Capital	$87B
TPG Angelo Gordon (Credit and Real Estate)	$104B
Growth	$31B
Impact	$29B
Real Estate (Thematic Investing)	$19B
Market Solutions	$16B

Fee-earning AUM reached $163 billion at the end of the third quarter of 2025.

Strong Distributed to Paid-in Capital (DPI) track record for LPs.

• TPG generated $23 billion in realizations for the full year 2024.
• This 2024 realization figure represented a 50 percent increase from 2023 on a pro-forma basis.
• Private equity funds, including buyout, growth equity, and impact, accounted for $10.9 billion of the 2024 realizations, up 49 percent from the prior year.
• In 2024, realizations across private equity strategies exceeded capital invested during that period.
• TPG's DPI track record is highlighted as a point of differentiation for capital raising in 2025.

Access to high-growth, illiquid assets via flagship funds (e.g., TPG Capital 10).

• The next vintage of buyout and affiliated healthcare flagships, TPG Partners X and TPG Healthcare Partners III, are slated for first closings mid-year 2025.
• TPG Growth VI is targeted at $4 billion.
• TPG raised $12.3 billion in aggregate across its Private Equity strategies during the third quarter of 2025.
• The firm raised a near record $18 billion of capital in Q3 2025.
• Year-to-date through Q3 2025, TPG raised over $35 billion of capital, exceeding the $30 billion raised in all of 2024.

Strategic and operational support for portfolio company value creation.

Over the twelve months ending Q3 2025, TPG reported $24 billion of value creation.

Specialized impact investing through The Rise Fund platform.

• TPG's Impact Platform has $29B AUM as of September 30, 2025.
• The Rise Fund platform is cited as the largest impact fund platform globally, with around USD13 billion AUM.
• The platform has invested in over 80 impact-oriented companies since inception.
• The first Rise Fund was over USD2 billion.
• The Impact platform included a $5.8 billion raise for Rise Climate II.
• The platform is planning first closings for Rise Fund IV.

The Y Analytics team within TPG, which supports impact assessment, is comprised of over 30 economists, analysts, and researchers.

Finance: review Q3 2025 realized performance allocations against the $214 million after-tax distributable earnings reported for the quarter.

TPG Inc. (TPG) - Canvas Business Model: Customer Relationships

You're managing relationships with some of the world's most sophisticated capital allocators, so the approach has to be layered-high-touch for the core, scalable for the new channels. TPG Inc. is managing $286 billion in assets under management as of September 30, 2025. That scale demands precision in how you manage the client experience across different segments.

Dedicated, high-touch relationship management for institutional LPs

For your core institutional Limited Partners (LPs), the relationship is definitely hands-on. This isn't about mass communication; it's about deep partnership, especially as clients diversify their mandates. We see this reflected in the latest flagship fund closings. For the first close of TPG Capital 10 and Healthcare Partners 3, TPG raised $10.1 billion, and critically, existing clients increased their commitments by 12% on average over the prior vintage. That kind of uplift signals a strong, high-touch bond built on performance and trust, not just a standard annual meeting.

Co-investment opportunities to deepen relationships with key investors

Offering co-investment access is a key way TPG deepens ties with its most valued institutional clients. The TPG Private Equity Opportunities, L.P. (T-POP) structure itself is built on this principle, seeking to create a portfolio primarily through making direct co-investments in transactions executed by TPG's private equity strategies. While T-POP is the vehicle for the private wealth channel, its structure mirrors the bespoke access given to top-tier LPs in flagship funds. The firm is also actively exploring strategic insurance relationships, which contributed nearly 30% of the credit capital raised in the second quarter of 2025.

Structured, scalable digital access for the growing private wealth channel (T-POP)

The move to scale access for high-net-worth investors via T-POP is a major relationship evolution. T-POP, which commenced principal operations on June 02, 2025, is designed to provide broad exposure to TPG's private equity franchise through a single investment. As of June 30, 2025, T-POP had total subscriptions in its continuous private offering of $318.6 million, which grew to $435.5 million after the July 2025 closing. This channel offers a structured, digital-first pathway to a relationship that was previously only accessible through direct, large-scale fund commitments.

Here's a look at the scale and growth across key client-facing metrics as of mid-to-late 2025:

Metric	Value as of Late 2025	Date/Context
Total Assets Under Management (AUM)	$286 billion	September 30, 2025
Fee-Earning AUM (FAUM)	$146.4 billion	June 30, 2025
Total Capital Raised Year-to-Date	Over $35 billion	As of November 4, 2025
Credit AUM Year-over-Year Growth	23%	As of November 4, 2025
Transaction and Monitoring Fees (Last Twelve Months)	$163 million	As of November 4, 2025

Long-term, multi-fund partnerships across different asset classes

Client relationships are increasingly cemented through multi-fund partnerships, especially as LPs diversify their exposure across TPG's full suite of strategies, including credit, real estate, and market solutions. Investors are expanding relationships across the Credit platform through these multi-fund structures. The success in fundraising across different asset classes shows this strategy is working; for instance, TPG Growth VI raised $4.8 billion, beating its $4 billion target. Also, the firm's focus on sector expertise and transformational deals, where about half of TPG Capital's senior headcount are operating professionals, speaks to a long-term, value-add partnership model rather than just capital deployment.

• Existing LPs increased commitments by an average of 12% over prior vintages.
• Credit AUM grew 23% year-over-year.
• TPG Growth VI raised $4.8 billion, exceeding its $4 billion target.
• T-POP offers access to strategies including buyout, growth equity, impact, and secondaries.

Finance: update the Q4 2025 cash flow forecast incorporating the accelerated fundraising pace by next Tuesday.

TPG Inc. (TPG) - Canvas Business Model: Channels

You're looking at how TPG Inc. (TPG) gets its capital and reaches its investors as of late 2025. It's a multi-pronged approach, blending traditional institutional relationships with newer public market access and specialized vehicles. Honestly, the numbers show a clear pivot toward accelerating capital formation across the board.

The firm's total Assets Under Management (AUM) hit $286 billion as of September 30, 2025, up from $261.3 billion at the end of Q2 2025. This growth fuels the entire channel strategy. Year-to-date through Q3 2025, TPG raised over $35 billion in capital. For the three months ending September 30, 2025, specifically, total capital raised across all funds and vehicles was $18.107 billion.

Direct sales and relationship teams for institutional investors (LPs).

The core of TPG Inc.'s business remains direct relationships with large institutional Limited Partners (LPs). The fundraising momentum in 2025 is clear, with the second quarter marking the second-highest fundraising quarter in the firm's history, alongside the strongest credit fundraising quarter ever.

The direct sales effort shows success across platforms:

• Insurance clients grew their committed capital by over 60% over the last two years.
• Insurance represented nearly 30% of the credit capital raised in Q2 2025.
• The flagship buyout fund, TPG Capital 10, secured $10.1 billion in its first close commitments.
• TPG Growth VI raised $4.8 billion, which was a 35% increase over its predecessor, Growth V.

The firm ended Q3 2025 with a record $73 billion in dry powder, ready for deployment, signaling strong LP confidence in their deployment strategy.

Global financial intermediaries and wealth managers for private wealth channel.

TPG Inc. views private wealth as a high-priority growth area, calling 2025 an inflection point for this channel. This involves pushing products through established third-party networks, not just direct sales to family offices.

The execution channels for wealth management include:

• Launching TPG Private Equity Opportunities (T-POP), a perpetually offered private equity vehicle, in Q1 2025 to target the retail channel.
• Actively distributing TCAP, a credit product, through three of the largest U.S. wirehouses.
• Recently launching TCAP distribution on one of the largest independent broker dealer platforms.

The firm is actively working to accelerate inflows through these expanded distribution networks.

Public listing on NASDAQ (TPG) for access to public equity investors.

The public listing on NASDAQ under the ticker TPG provides a channel to public equity investors, which is a distinct investor segment from the private fund LPs. As of December 1, 2025, the Class A common stock was trading at $58.07 per share. Following the Q3 2025 earnings release on November 4, 2025, the stock closed at $50.65.

Here's a snapshot of the public equity structure as of late 2025:

Metric	Value as of Late 2025	Date/Period Reference
Stock Price	$58.07 / share	December 1, 2025
Market Capitalization	$19.18 billion	May 16, 2025
Total Shares Outstanding	393,141,338 shares	October 31, 2025
Institutional Stock Ownership	94.03%	Q3 2025

Institutional investors are the dominant holders of the publicly traded equity.

Co-investment vehicles for syndicating select deals.

TPG uses dedicated co-investment and continuation vehicles to syndicate specific deals, offering LPs tailored access and liquidity solutions. Capital raised data explicitly includes subscriptions for these co-investment vehicles.

Key recent examples of these syndication channels include:

• The closing of a $3 billion credit-focused continuation vehicle in August 2025, partnered with Coller Capital.
• This vehicle acquired loans from TPG Twin Brook's 2016 and 2018 vintage funds.
• In 2024, the Rise Climate Transition Infrastructure Fund secured $2 billion in anchor commitments.

These vehicles help align interests by offering existing investors liquidity while bringing in new capital for specific asset pools.

TPG Inc. (TPG) - Canvas Business Model: Customer Segments

You're looking at the core groups TPG Inc. serves to manage its capital, which is a critical lens for understanding their revenue engine. Honestly, for an alternative asset manager, the customer segments are the source of all the management fees and performance allocations.

TPG Inc. reported total Assets Under Management (AUM) reaching $286.4 billion as of September 30, 2025, up 20% year-over-year. Fee-earning AUM (FAUM) stood at $163.0 billion at that time.

Here is a breakdown of the key customer segments TPG Inc. targets:

• Global institutional investors (pensions, sovereign wealth funds, endowments).
• High-Net-Worth Individuals (HNWIs) and family offices via T-POP.
• Insurance companies and other financial institutions seeking long-duration assets.
• Public shareholders of TPG Inc. Class A common stock.

The institutional base remains the bedrock. As of March 30, 2025, institutional investors held 71.91% of TPG Inc. (Class A) shares, with 662 institutions filing 13D/G or 13F forms with the SEC.

For the segment seeking long-duration assets, TPG's structure is built to align with long-term capital needs. As of the second quarter of 2025, 66% of AUM was in long-dated funds with a duration of 10 or more years, and 14% was in perpetual funds. This provides a stable base for management fees.

The push into the private wealth channel is a clear strategic priority. TPG Private Equity Opportunities (T-POP), structured as a perpetual investment solution launched in June 2025, saw approximately $900 million in inflows in its first five months. As of September 30, 2025, T-POP had $0.7 billion in AUM.

The public shareholders represent the equity capital base. As of October 31, 2025, there were 146,498,655 shares of TPG Inc.'s Class A common stock outstanding. The market capitalization based on a December 1, 2025 price of $58.07 / share was approximately $22.96 billion.

Here's a quick look at the scale of the capital base supporting these segments:

Customer Segment Proxy Metric	Value	As of Date/Period
Total Assets Under Management (AUM)	$286.4 billion	September 30, 2025
Fee-Earning AUM (FAUM)	$163.0 billion	September 30, 2025
T-POP AUM	$0.7 billion	September 30, 2025
Institutional Shareholders (SEC Filers)	662	Late 2025
Class A Shares Outstanding	146,498,655	October 31, 2025
Long-Duration AUM (10+ Years)	66% of AUM	Q2 2025

The firm also reported that existing clients increased their commitments by 12% on average over the prior vintage for flagship buyout funds. That shows loyalty from the core institutional base, which is defintely a good sign.

TPG Inc. (TPG) - Canvas Business Model: Cost Structure

You're looking at the major drains on TPG Inc.'s operating income, which, based on the latest full-year figures, saw Total Operating Expenses hit approximately $\$3.578$ billion for the fiscal year ended December 31, 2024. The structure of these costs is heavily weighted toward personnel, which is typical for a large asset manager.

Employee compensation and benefits is definitely the anchor of the cost base. While total compensation figures can fluctuate based on performance allocations, the stock-based component alone gives you a sense of scale. For the twelve months ending June 30, 2025, TPG Inc.'s stock-based compensation reached $\$2.325$ billion, marking a $30.1\%$ increase year-over-year from the prior twelve-month period. Breaking down the second quarter of 2025 (2Q'25) shows the mix:

• Cash-based compensation and benefits: $\$223.570$ million
• Equity-based compensation: $\$205.832$ million

The firm noted that for the nine months ended September 30, 2025, general and administrative expenses increased by $\$49.8$ million, or $11\%$, compared to the same period in 2024. This rise was mainly driven by an increase in rent expense following the commencement of the New York office lease in 2025, plus higher reimbursable expenses flowing from TPG funds. The Selling, General & Administrative (SG&A) expense for the full year 2024 was $\$583.73$ million.

Here's a look at how some key expense lines trended, using the latest available annual data for context:

Metric (Millions USD)	FY 2024	FY 2023	FY 2022
Total Operating Expenses	$3,578	$2,364	$1,945
Selling, General & Admin Expense	$583.73	$484	$372
Depreciation Expense	$135	$48	$33

Interest expense on corporate debt and fund-level financing is a material cost. For the year ended December 31, 2024, Interest Expense was reported as $-\$87.51$ million. This was a significant jump, as interest expense increased by $\$49.0$ million for the year ended December 31, 2024, compared to 2023, due to new Senior Notes and Subordinated Notes issued that year, along with higher interest rates on existing borrowings. Looking at the nine months ended September 30, 2025, interest expense increased by $\$17.3$ million, or $27\%$, over the same period in 2024, primarily due to increased borrowings on the Senior Notes, Subordinated Notes, and the Senior Unsecured Revolving Credit Facility.

Fund-related expenses and professional fees, which include legal and accounting costs, are embedded within the broader operating expense categories, often within SG&A or Other Operating Expenses. While a specific line item for total legal/accounting fees isn't isolated in the top-level GAAP reporting, the overall operating expense structure reflects the cost of managing a global platform. For instance, the acquisition of Peppertree in July 2025 resulted in increased amortization of intangible assets, which is a non-cash component of operating costs. Technology and data infrastructure investment is a component of the overall operating spend, supporting deal sourcing and portfolio monitoring, though TPG does not typically break out this specific investment amount separately from its general operating expenses in public filings. The increase in Other Operating Expenses from $\$1.833$ billion in 2023 to $\$2.859$ billion in 2024 suggests significant variable costs tied to deal activity or fund operations.

You should track the quarterly figures for the nine months ending September 30, 2025, as they show a clear upward trend in core operating costs.

• General and administrative expenses (9M Sep 30, 2025): Increased by $\$49.8$ million over 9M Sep 30, 2024.
• Interest Expense (9M Sep 30, 2025): Increased by $\$17.3$ million over 9M Sep 30, 2024.

Finance: draft 13-week cash view by Friday.

TPG Inc. (TPG) - Canvas Business Model: Revenue Streams

You're analyzing the core income drivers for TPG Inc. as of late 2025. The firm's revenue streams are heavily weighted toward recurring management fees, but performance allocations remain the key variable for outsized returns.

Management Fees on Fee-Earning AUM form the foundation of the recurring revenue base. As of Q3 2025, TPG Inc. reported Fee-Earning Assets Under Management (FAUM) of $163.0 billion, representing a 15% year-over-year increase. This FAUM base generated quarterly fee-related revenue (FRR) of $509 million in the third quarter of 2025. Within that FRR, management fees alone accounted for $461 million.

Here's a look at the key fee-related components from the Q3 2025 period:

Revenue Component	Q3 2025 Amount	Context/Notes
Fee-Related Revenue (FRR)	$509 million	Represents an 11% year-over-year increase
Management Fees (Component of FRR)	$461 million	The primary driver of recurring revenue
Transaction and Monitoring Fees	$38 million	Fees charged to portfolio companies
Fee-Earning AUM (FAUM)	$163.0 billion	Total assets generating management fees

Performance Allocations, often called carried interest, represent the profit share TPG Inc. earns from its successful fund exits. This stream is inherently lumpy and dependent on investment realization timing, though the firm noted lower 'catch-up' fees in Q3.

Transaction and monitoring fees from portfolio companies provided $38 million in the third quarter of 2025, with the trailing twelve months totaling $163 million. These fees are a direct result of the firm's active management and deployment across its portfolio.

Realized investment income from firm-owned investments is another component, though specific quarterly figures are often embedded within broader GAAP results. The firm's total GAAP revenue for Q3 2025 was $1.22 billion, up from $855 million in Q3 2024.

Finally, TPG Inc. returns capital to its public shareholders through Dividend payments. For the third quarter of 2025, TPG declared a quarterly dividend of $0.45 per share of Class A common stock, payable on December 1, 2025.

You should track these key revenue streams against the firm's total Assets Under Management (AUM), which stood at $286.4 billion as of the end of Q3 2025.

• Total Capital Raised Year-to-Date Q3 2025: $35 billion.
• Record Capital Deployed in Q3 2025: Nearly $15 billion.
• Record Dry Powder at End of Q3 2025: $73 billion.

Finance: draft 13-week cash view by Friday.