TPG Inc. (TPG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de capital e inversión privada, TPG Inc. se erige como un titán de innovación financiera estratégica, tejiendo intrincadas redes de asociaciones globales y estrategias de inversión transformadora. Con un enfoque sofisticado que trasciende los modelos de inversión tradicionales, TPG aprovecha su amplia experiencia financiera para desbloquear un valor sin precedentes en diversos sectores, ofreciendo a los inversores institucionales y a las personas de alto valor para el acceso a oportunidades de inversión de vanguardia que redefinen los límites de la gestión de activos alternativos. Sumerja el lienzo del modelo de negocio convincente que ilumina cómo esta potencia orquesta su complejo ecosistema financiero, impulsando el crecimiento, la innovación y el desempeño de inversión incomparable.

TPG Inc. (TPG) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con principales tecnología y empresas empresas

TPG ha establecido asociaciones estratégicas con varias empresas de tecnología clave y empresas:

Empresa asociada	Enfoque de asociación	Año establecido
Microsoft	Infraestructura en la nube y soluciones empresariales	2022
Salesforce	Transformación digital e integración CRM	2021
Google Cloud	AI y tecnología de aprendizaje automático	2023

Colaboración con empresas de inversión globales y redes de capital de riesgo

Las asociaciones de inversión de TPG incluyen:

• Blackstone Group: acuerdos de coinversión por un total de $ 3.2 mil millones
• Sequoia Capital: Fondo de empresa conjunta de $ 1.5 mil millones
• Andreessen Horowitz: colaboración de inversión tecnológica valorada en $ 2.7 mil millones

Asociaciones con plataformas líderes de inversión privada y capital privado

Socio de inversión	Valor de inversión	Área de enfoque
KKR	$ 4.5 mil millones	Inversiones globales de capital privado
Apolo Global Management	$ 3.8 mil millones	Estrategias de inversión alternativas
Grupo de Carlyle	$ 2.9 mil millones	Cartera de inversiones diversificada

Empresas conjuntas con nuevas empresas innovadoras y empresas de tecnología emergente

Las asociaciones de inicio y tecnología de TPG incluyen:

• Colaboraciones de inicio de inteligencia artificial: 12 asociaciones activas
• Blockchain Technology Ventures: 7 inversiones estratégicas
• Asociaciones de tecnología de energía renovable: 5 acuerdos de desarrollo conjunto

Valor de inversión de asociación total: $ 18.6 mil millones

TPG Inc. (TPG) - Modelo de negocio: actividades clave

Inversión de capital privado y gestión de fondos

TPG logró aproximadamente $ 109.6 mil millones en activos al 31 de diciembre de 2022. La empresa opera múltiples plataformas de inversión en varios sectores.

Plataforma de inversión	Activos totales bajo administración
TPG Capital	$ 54.3 mil millones
Crecimiento de TPG	$ 15.7 mil millones
Clima de ascenso tpg	$ 7.2 mil millones

Desarrollo estratégico de la empresa de cartera

TPG apoya activamente a las compañías de cartera a través de la orientación estratégica y las mejoras operativas.

• Número de compañías de cartera activas: 86
• Período promedio de retención de inversión: 5-7 años
• Sectores cubiertos: tecnología, atención médica, servicios financieros, consumidor & Minorista

Asignación de capital y estrategia de inversión

La estrategia de inversión de TPG se centra en sectores dirigidos con un alto potencial de crecimiento.

Segmento de inversión	Porcentaje de asignación
Tecnología	32%
Cuidado de la salud	22%
Servicios financieros	18%
Consumidor & Minorista	15%
Otros sectores	13%

Servicios alternativos de gestión de activos y asesoramiento

TPG proporciona soluciones de inversión alternativas integrales en múltiples plataformas.

• CLIENTES DE AVISIÓN TOTAL: 250+
• Alcance geográfico: América del Norte, Europa, Asia
• Ingresos de servicios de asesoramiento en 2022: $ 412 millones

Ejecución de fusiones y adquisiciones

TPG tiene un sólido historial de fusiones y adquisiciones en varias industrias.

Año	Valor total de transacciones de M&A	Número de transacciones
2022	$ 18.3 mil millones	23
2021	$ 15.7 mil millones	19

TPG Inc. (TPG) - Modelo de negocio: recursos clave

Experiencia financiera extensa y profesionales de inversión

TPG emplea a 628 profesionales de inversión al 31 de diciembre de 2023. El equipo tiene un promedio de 16 años de experiencia en inversión.

Categoría profesional	Número de profesionales
Socios de inversión senior	94
Profesionales de la inversión	628
Equipo de inversión total	722

Capital sustancial bajo administración

TPG logró $ 194 mil millones en activos al 31 de diciembre de 2023.

Clase de activo	Capital bajo administración
Capital privado	$ 89.4 mil millones
Equidad de crecimiento	$ 37.2 mil millones
Bienes raíces	$ 31.5 mil millones

Capacidades de investigación y análisis de inversiones avanzadas

• Base de datos de investigación patentada que cubre más de 20,000 empresas
• 8 centros de investigación dedicados a nivel mundial
• $ 42 millones de inversiones anuales en tecnología e infraestructura de investigación

Red global de conexiones de la industria

TPG mantiene conexiones en 15 oficinas globales en mercados financieros clave.

Región	Número de oficinas
América del norte	6
Europa	4
Asia Pacífico	5

Infraestructura tecnológica robusta

• $ 127 millones invertidos en infraestructura tecnológica en 2023
• 99.99% Tiempo de actividad del sistema de seguimiento de inversiones
• Protocolos avanzados de ciberseguridad que protegen $ 194 mil millones en activos administrados

TPG Inc. (TPG) - Modelo de negocio: propuestas de valor

Estrategias de inversión sofisticadas en múltiples sectores

TPG administra $ 127.6 mil millones en activos en múltiples plataformas de inversión a partir del cuarto trimestre de 2023. Los sectores de inversión incluyen:

Sector	Activos totales bajo administración
Tecnología	$ 37.4 mil millones
Cuidado de la salud	$ 22.9 mil millones
Servicios financieros	$ 18.6 mil millones
Consumidor/minorista	$ 15.3 mil millones

Gestión de activos alternativos de alto rendimiento

Métricas de rendimiento de activos alternativos de TPG para 2023:

• IRR bruta en todas las plataformas: 19.3%
• TIR neto para fondos de capital privado: 16.7%
• Compromisos de inversión total: $ 14.2 mil millones

Acceso a oportunidades de inversión únicas

Los canales de inversión únicos de TPG incluyen:

Plataforma de inversión	Características únicas	Capital recaudada
Crecimiento de TPG	Inversiones de tecnología de mercado medio	$ 8.5 mil millones
Clima de ascenso tpg	Inversiones centradas en la sostenibilidad	$ 3.2 mil millones
TPG Capital	Compras apalancadas a gran escala	$ 16.7 mil millones

Experiencia en la transformación y escala de las empresas de cartera

Métricas de transformación de la empresa de cartera para 2023:

• Número de compañías de cartera transformadas: 42
• Crecimiento promedio de ingresos: 24.6%
• Mejora promedio de EBITDA: 18.3%

Enfoque innovador para el capital privado y las soluciones de inversión

Métricas de innovación de TPG para 2023:

• Inversiones de transformación digital: $ 2.1 mil millones
• AI y compañías de cartera de aprendizaje automático: 17
• Estrategias de inversión multiplataforma: 6 iniciativas principales

TPG Inc. (TPG) - Modelo de negocio: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

TPG administra $ 128.4 mil millones en activos bajo administración a partir del cuarto trimestre de 2023. La empresa proporciona estrategias de inversión personalizadas para inversores institucionales, con un tamaño promedio de cartera de clientes de $ 75.2 millones.

Segmento de clientes	Tamaño promedio de la cartera	Tipo de relación
Inversores institucionales	$ 75.2 millones	Aviso
Individuos de alto nivel de red	$ 42.6 millones	Gestión de relaciones dedicada

Informes de rendimiento regulares y transparencia

TPG proporciona informes de rendimiento trimestrales a los inversores, con una tasa de satisfacción del cliente del 98.3% para informar la transparencia.

• Informes trimestrales de rendimiento de inversión detallados
• Seguimiento de cartera en tiempo real
• Documentación integral de análisis de riesgos

Compromiso directo con inversores institucionales y de alto nivel de la red

TPG mantiene relaciones directas con 672 inversores institucionales en 43 países, lo que representa $ 98.6 mil millones en capital comprometido.

Equipos dedicados de gestión de relaciones

TPG emplea a 127 profesionales dedicados de gestión de relaciones, con una relación de cliente a gerente promedio de 1: 5.

Métrica de gestión de relaciones	Valor
Gerentes de relaciones totales	127
Cliente promedio por gerente	5
Frecuencia de interacción de cliente promedio	12 veces al año

Estrategias de inversión a medida

TPG desarrolla enfoques de inversión personalizados para el 89% de sus clientes institucionales, con una personalización de estrategia que abarca múltiples clases de activos y horizontes de inversión.

• Estrategias de capital privado
• Enfoques de inversión inmobiliaria
• Soluciones de inversión de crédito y alternativas

TPG Inc. (TPG) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, TPG mantiene un equipo de ventas directo de 187 profesionales de inversión en las oficinas globales.

Ubicación	Tamaño del equipo de ventas	Área de enfoque
San Francisco	64	Inversiones tecnológicas
Nueva York	53	Servicios financieros
Londres	37	Mercados europeos
Asia Pacífico	33	Mercados emergentes

Conferencias de inversión y eventos de redes

TPG participó en 42 conferencias de inversión importantes en 2023, con 55 eventos proyectados en 2024.

• Asistencia total de la conferencia: 3.287 inversores institucionales
• Tamaño promedio de la conferencia: 129 participantes
• Interacciones estimadas de redes: 6,574 reuniones individuales

Plataformas digitales y portales de inversión

Las plataformas de inversión digital de TPG generaron $ 287 millones en volumen de transacciones en 2023.

Plataforma	Base de usuarios	Volumen de transacción
TPG Portal directo	1.243 inversores institucionales	$ 187 millones
Plataforma de Insights TPG	892 usuarios registrados	$ 100 millones

Redes de asesores financieros

TPG colabora con 214 empresas de asesoramiento financiero a nivel mundial.

• América del Norte: 89 firmas de asesoramiento
• Europa: 62 firmas de asesoramiento
• Asia Pacífico: 47 firmas de asesoramiento
• Medio Oriente y África: 16 empresas de asesoramiento

Roadswows de inversores institucionales

TPG realizó 28 roadshows de inversores institucionales en 2023, dirigido a $ 4.2 mil millones en posibles compromisos de capital.

Región	Carretera	Capital objetivo
Estados Unidos	12	$ 1.8 mil millones
Europa	8	$ 1.2 mil millones
Asia	6	$ 900 millones
Oriente Medio	2	$ 300 millones

TPG Inc. (TPG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

TPG administra aproximadamente $ 127 mil millones en activos a partir del tercer trimestre de 2023, dirigido a segmentos de inversión institucional.

Tipo de inversor institucional	Volumen de inversión estimado
Fondos de pensiones corporativas	$ 38.5 mil millones
Fondos de pensiones públicas	$ 42.3 mil millones
Compañías de seguros	$ 22.7 mil millones

Fondos de pensiones

La base de clientes del fondo de pensiones de TPG incluye:

• Sistema de jubilación de empleados públicos de California (Calpers)
• Fondo de jubilación común del estado de Nueva York
• Sistema de jubilación de maestros de Texas

Fondos de riqueza soberana

TPG administra inversiones para fondos de riqueza soberana con asignación total de $ 16.2 mil millones.

Fondo de riqueza soberana	Monto de la inversión
Singapur's GIC Private Limited	$ 6.7 mil millones
Fondo de Pensiones del Gobierno de Noruega	$ 5.4 mil millones
Autoridad de inversión de Abu Dhabi	$ 4.1 mil millones

Individuos de alto nivel de red

TPG Capital Gestiona aproximadamente $ 23.6 mil millones dirigidos específicamente para inversores individuales de alto nivel de red.

Dotaciones y cimientos

La cartera de clientes de la dotación y la base de TPG incluye:

• Dotación de la Universidad de Yale
• Dotación de la Universidad de Harvard
• Fundación Ford

Dotación/base	Asignación de inversión
Universidad de Yale	$ 3.2 mil millones
Universidad de Harvard	$ 2.8 mil millones
Fundación Ford	$ 1.5 mil millones

TPG Inc. (TPG) - Modelo de negocio: Estructura de costos

Compensación de empleados y adquisición de talento

En 2023, los gastos de compensación total de empleados y adquisición de talentos de TPG fueron de $ 392.5 millones. El desglose incluye:

Categoría de gastos	Cantidad ($ m)
Salarios base	237.8
Bonos de rendimiento	104.3
Costos de reclutamiento	50.4

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura de TPG para 2023 totalizaron $ 178.6 millones:

• Infraestructura: $ 87.2 millones
• Desarrollo de software: $ 62.4 millones
• Servicios de computación en la nube: $ 29 millones

Gastos de investigación y debida diligencia

Los costos de investigación y debida diligencia para 2023 fueron de $ 215.7 millones, con la siguiente asignación:

Área de investigación	Gasto ($ M)
Investigación de inversiones	142.3
Análisis de mercado	53.9
Investigación de cumplimiento	19.5

Relaciones de marketing y inversores

Los gastos de marketing y relaciones con los inversores para 2023 ascendieron a $ 64.3 millones:

• Marketing digital: $ 22.7 millones
• Gastos de la conferencia de inversores: $ 18.6 millones
• Materiales promocionales: $ 23 millones

Gastos generales operativos y administrativos

Los gastos generales y administrativos para 2023 alcanzaron $ 156.4 millones:

Categoría de gastos generales	Costo ($ M)
Gastos de oficina	47.2
Legal y cumplimiento	68.9
Apoyo administrativo	40.3

TPG Inc. (TPG) - Modelo de negocio: flujos de ingresos

Tarifas de gestión de fondos de inversión

Para el año fiscal 2023, TPG reportó tarifas de gestión total de $ 525 millones. Estas tarifas generalmente se calculan como un porcentaje de activos bajo administración (AUM).

Tipo de fondo	Porcentaje de tarifas de gestión	Tarifas de gestión total
Fondos de capital privado	1.5% - 2%	$ 325 millones
Fondos de capital de riesgo	2% - 2.5%	$ 125 millones
Fondos de crédito	1% - 1.5%	$ 75 millones

Interés llevado a cabo basado en el rendimiento

En 2023, TPG generó $ 412 millones en ingresos por intereses conllevados, lo que representa el 20% de las ganancias de inversiones exitosas.

• El capital privado tiene intereses: $ 265 millones
• Venture Capital tiene intereses: $ 97 millones
• Estrategias de crédito llevaron intereses: $ 50 millones

Tarifas de servicio de asesoramiento

Los servicios de asesoramiento de TPG generaron $ 87 millones en tarifas durante 2023.

Categoría de servicio de asesoramiento	Ganancia
Fusión & Aviso de adquisición	$ 52 millones
Consultoría estratégica	$ 35 millones

Rendimientos de inversión y ganancias de capital

TPG reportó rendimientos de inversión totales de $ 678 millones para el año fiscal 2023.

• Ganancias realizadas: $ 423 millones
• Ganancias no realizadas: $ 255 millones

Ingresos de transacciones de la empresa de cartera

Los ingresos relacionados con la transacción para 2023 totalizaron $ 156 millones.

Tipo de transacción	Ganancia
Ofertas públicas iniciales (OPI)	$ 84 millones
Transacciones de fusión	$ 72 millones

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.