TPG Inc. (TPG): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le monde dynamique du capital-investissement et de l'investissement, TPG Inc. est un titan de l'innovation financière stratégique, tissant des réseaux complexes de partenariats mondiaux et de stratégies d'investissement transformatrices. Avec une approche sophistiquée qui transcende les modèles d'investissement traditionnels, TPG tire parti de sa vaste expertise financière pour débloquer une valeur sans précédent dans divers secteurs, offrant aux investisseurs institutionnels et aux individus à forte valeur à haute teneur en matière d'investissement qui redéfinissent les limites de la gestion alternative des actifs. Plongez dans la toile de modèle commercial convaincante qui éclaire la façon dont cette centrale orchestre son écosystème financier complexe, stimulant la croissance, l'innovation et les performances d'investissement inégalées.

TPG Inc. (TPG) - Modèle commercial: partenariats clés

Alliances stratégiques avec les grandes technologies et les entreprises

TPG a établi des partenariats stratégiques avec plusieurs technologies et entreprises clés:

Entreprise partenaire	Focus de partenariat	Année établie
Microsoft	Infrastructure cloud et solutions d'entreprise	2022
Salesforce	Transformation numérique et intégration CRM	2021
Google Cloud	IA et technologie d'apprentissage automatique	2023

Collaboration avec les sociétés d'investissement mondiales et les réseaux de capital-risque

Les partenariats d'investissement de TPG comprennent:

• Groupe Blackstone: accords de co-investissement totalisant 3,2 milliards de dollars
• Sequoia Capital: Fonds de coentreprise de 1,5 milliard de dollars
• Andreessen Horowitz: collaboration sur les investissements technologiques d'une valeur de 2,7 milliards de dollars

Partenariats avec les principales plateformes de capital-investissement et alternatives

Partenaire d'investissement	Valeur d'investissement	Domaine de mise au point
Kkr	4,5 milliards de dollars	Investissements mondiaux de capital-investissement
Gestion mondiale Apollo	3,8 milliards de dollars	Stratégies d'investissement alternatives
Groupe de carlyle	2,9 milliards de dollars	Portefeuille d'investissement diversifié

Coentreprises avec des startups innovantes et des entreprises technologiques émergentes

Les partenariats de démarrage et de technologie de TPG comprennent:

• Collaborations de démarrage de l'intelligence artificielle: 12 partenariats actifs
• Blockchain Technology Ventures: 7 investissements stratégiques
• Partenariats sur les technologies des énergies renouvelables: 5 accords de développement conjoints

Valeur d'investissement total de partenariat: 18,6 milliards de dollars

TPG Inc. (TPG) - Modèle d'entreprise: activités clés

Investissement en capital-investissement et gestion des fonds

TPG a géré environ 109,6 milliards de dollars d'actifs au 31 décembre 2022. L'entreprise exploite plusieurs plateformes d'investissement dans divers secteurs.

Plate-forme d'investissement	Total des actifs sous gestion
TPG Capital	54,3 milliards de dollars
Croissance du TPG	15,7 milliards de dollars
TPG Rise Climate	7,2 milliards de dollars

Entreprise de portefeuille Développement stratégique

TPG soutient activement les sociétés de portefeuille grâce à des conseils stratégiques et des améliorations opérationnelles.

• Nombre de sociétés de portefeuille actives: 86
• Période d'investissement moyen: 5-7 ans
• Secteurs couverts: technologie, soins de santé, services financiers, consommateur & Vente au détail

Attribution de l'allocation des capitaux et de l'investissement

La stratégie d'investissement de TPG se concentre sur des secteurs ciblés avec un potentiel de croissance élevé.

Segment d'investissement	Pourcentage d'allocation
Technologie	32%
Soins de santé	22%
Services financiers	18%
Consommateur & Vente au détail	15%
Autres secteurs	13%

Services alternatifs de gestion des actifs et de conseils

TPG fournit des solutions d'investissement alternatives complètes sur plusieurs plateformes.

• Clients consultatifs totaux: 250+
• Reach géographique: Amérique du Nord, Europe, Asie
• Revenus de services consultatifs en 2022: 412 millions de dollars

Exécution des fusions et acquisitions

TPG a un bilan de fusions et acquisitions robuste dans diverses industries.

Année	Valeur de transaction totale de fusions et acquisitions	Nombre de transactions
2022	18,3 milliards de dollars	23
2021	15,7 milliards de dollars	19

TPG Inc. (TPG) - Modèle d'entreprise: Ressources clés

Expertise financière étendue et professionnels de l'investissement

TPG emploie 628 professionnels de l'investissement au 31 décembre 2023. L'équipe a en moyenne 16 ans d'expérience en investissement.

Catégorie professionnelle	Nombre de professionnels
Partenaires d'investissement senior	94
Professionnels de l'investissement	628
Équipe d'investissement totale	722

Capital substantiel sous gestion

TPG a géré 194 milliards de dollars d'actifs au 31 décembre 2023.

Classe d'actifs	Capital Under Management
Capital-investissement	89,4 milliards de dollars
Capitaux propres de croissance	37,2 milliards de dollars
Immobilier	31,5 milliards de dollars

Capacités avancées de recherche et analyse d'investissement

• Base de données de recherche propriétaire couvrant plus de 20 000 entreprises
• 8 centres de recherche dédiés dans le monde entier
• 42 millions de dollars d'investissement annuel dans la technologie et les infrastructures de recherche

Réseau mondial de connexions de l'industrie

TPG maintient les connexions entre 15 bureaux mondiaux sur les principaux marchés financiers.

Région	Nombre de bureaux
Amérique du Nord	6
Europe	4
Asie-Pacifique	5

Infrastructure technologique robuste

• 127 millions de dollars investis dans l'infrastructure technologique en 2023
• 99,99% du système de suivi des investissements.
• Protocoles avancés de cybersécurité protégeant 194 milliards de dollars d'actifs gérés

TPG Inc. (TPG) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement sophistiquées dans plusieurs secteurs

TPG gère 127,6 milliards de dollars d'actifs sur plusieurs plates-formes d'investissement au T2 2023. Les secteurs d'investissement comprennent:

Secteur	Total des actifs sous gestion
Technologie	37,4 milliards de dollars
Soins de santé	22,9 milliards de dollars
Services financiers	18,6 milliards de dollars
Consommateur / commerce de détail	15,3 milliards de dollars

Gestion des actifs alternatifs haute performance

Les mesures alternatives de performance des actifs de TPG pour 2023:

• IRR brut sur les plateformes: 19,3%
• TRI net pour les fonds de capital-investissement: 16,7%
• Engagements totaux d'investissement: 14,2 milliards de dollars

Accès à des opportunités d'investissement uniques

Les canaux d'investissement uniques de TPG comprennent:

Plate-forme d'investissement	Caractéristiques uniques	Capital levé
Croissance du TPG	Investissements technologiques à mi-parcours	8,5 milliards de dollars
TPG Rise Climate	Investissements axés sur la durabilité	3,2 milliards de dollars
TPG Capital	Rachats à grande échelle	16,7 milliards de dollars

Expertise dans la transformation et la mise à l'échelle des sociétés de portefeuille

Métriques de transformation des sociétés de portefeuille pour 2023:

• Nombre de sociétés de portefeuille transformées: 42
• Croissance moyenne des revenus: 24,6%
• Amélioration moyenne de l'EBITDA: 18,3%

Approche innovante des solutions de capital-investissement et d'investissement

Les mesures d'innovation de TPG pour 2023:

• Investissements de transformation numérique: 2,1 milliards de dollars
• AI et Machine Learning Portfolio Companies: 17
• Stratégies d'investissement multiplateforme: 6 initiatives majeures

TPG Inc. (TPG) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

TPG gère 128,4 milliards de dollars d'actifs sous gestion au quatrième trimestre 2023. L'entreprise propose des stratégies d'investissement personnalisées pour les investisseurs institutionnels, avec une taille de portefeuille de clients moyen de 75,2 millions de dollars.

Segment de clientèle	Taille moyenne du portefeuille	Type de relation
Investisseurs institutionnels	75,2 millions de dollars	Advisory à tacles élevé
Individus à haute nette	42,6 millions de dollars	Gestion des relations dédiées

Rapports et transparence des performances régulières

TPG fournit des rapports de performance trimestriels aux investisseurs, avec un taux de satisfaction du client de 98,3% pour la déclaration de transparence.

• Rapports de performance d'investissement détaillés trimestriels
• Suivi du portefeuille en temps réel
• Documentation complète d'analyse des risques

Engagement direct avec les investisseurs institutionnels et à haute nette

TPG entretient des relations directes avec 672 investisseurs institutionnels dans 43 pays, ce qui représente 98,6 milliards de dollars de capitaux engagés.

Équipes de gestion des relations dédiées

TPG emploie 127 professionnels de la gestion des relations dédiés, avec un ratio client / manager moyen de 1: 5.

Métrique de gestion des relations	Valeur
Total des gestionnaires de relations	127
Client moyen par gestionnaire	5
Fréquence moyenne d'interaction du client	12 fois par an

Stratégies d'investissement sur mesure

TPG développe des approches d'investissement personnalisées pour 89% de ses clients institutionnels, la personnalisation de la stratégie couvrant plusieurs classes d'actifs et des horizons d'investissement.

• Stratégies de capital-investissement
• Approches d'investissement immobilier
• Crédit et solutions d'investissement alternatives

TPG Inc. (TPG) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, TPG maintient une équipe de vente directe de 187 professionnels de l'investissement dans les bureaux mondiaux.

Emplacement	Taille de l'équipe de vente	Domaine de mise au point
San Francisco	64	Investissements technologiques
New York	53	Services financiers
Londres	37	Marchés européens
Asie-Pacifique	33	Marchés émergents

Conférences d'investissement et événements de réseautage

TPG a participé à 42 conférences d'investissement majeures en 2023, avec 55 événements prévus en 2024.

• Total de la conférence Assistance: 3 287 investisseurs institutionnels
• Taille moyenne de la conférence: 129 participants
• Interactions de réseautage estimées: 6 574 réunions individuelles

Plates-formes numériques et portails d'investissement

Les plateformes d'investissement numériques de TPG ont généré 287 millions de dollars en volume de transactions en 2023.

Plate-forme	Base d'utilisateurs	Volume de transaction
Portail direct TPG	1 243 investisseurs institutionnels	187 millions de dollars
Plateforme TPG Insights	892 utilisateurs enregistrés	100 millions de dollars

Réseaux de conseillers financiers

TPG collabore avec 214 cabinets de conseil financier dans le monde.

• Amérique du Nord: 89 cabinets de conseil
• Europe: 62 cabinets consultatifs
• Asie-Pacifique: 47 cabinets de conseil
• Moyen-Orient et Afrique: 16 sociétés de conseil

Bouc-bassins d'investisseurs institutionnels

TPG a effectué 28 roadshows d'investisseurs institutionnels en 2023, ciblant 4,2 milliards de dollars d'engagements en capital potentiels.

Région	Tas de routes	Capital cible
États-Unis	12	1,8 milliard de dollars
Europe	8	1,2 milliard de dollars
Asie	6	900 millions de dollars
Moyen-Orient	2	300 millions de dollars

TPG Inc. (TPG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

TPG gère environ 127 milliards de dollars d'actifs au troisième trimestre 2023, ciblant les segments d'investissement institutionnels.

Type d'investisseur institutionnel	Volume d'investissement estimé
Fonds de retraite d'entreprise	38,5 milliards de dollars
Fonds de pension publique	42,3 milliards de dollars
Compagnies d'assurance	22,7 milliards de dollars

Fonds de pension

La clientèle de la Fonds de retraite de TPG comprend:

• Système de retraite des employés publics de Californie (CALPERS)
• Fonds de retraite commun de l'État de New York
• Système de retraite des enseignants du Texas

Fonds de richesse souverain

TPG gère les investissements pour les fonds souverains avec une allocation totale de 16,2 milliards de dollars.

Fonds de richesse souverain	Montant d'investissement
GIC Private Limited de Singapour	6,7 milliards de dollars
Fonds de retraite du gouvernement de la Norvège	5,4 milliards de dollars
Abu Dhabi Investment Authority	4,1 milliards de dollars

Individus à haute nette

TPG Capital Gère environ 23,6 milliards de dollars ciblés spécifiquement pour les investisseurs individuels à haute noue.

Dotations et fondations

Le portefeuille du client de dotation et de fondation de TPG comprend:

• Dotation de l'Université de Yale
• Dotation de l'Université Harvard
• Fondation Ford

Dotation / fondation	Allocation des investissements
Université de Yale	3,2 milliards de dollars
Université de Harvard	2,8 milliards de dollars
Fondation Ford	1,5 milliard de dollars

TPG Inc. (TPG) - Modèle d'entreprise: Structure des coûts

Compensation des employés et acquisition de talents

En 2023, les frais totaux de rémunération des employés et d'acquisition de talents de TPG étaient de 392,5 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($ m)
Salaires de base	237.8
Bonus de performance	104.3
Frais de recrutement	50.4

Investissements technologiques et infrastructures

Les investissements technologiques et d'infrastructures de TPG pour 2023 ont totalisé 178,6 millions de dollars:

• Infrastructure informatique: 87,2 millions de dollars
• Développement de logiciels: 62,4 millions de dollars
• Services de cloud computing: 29 millions de dollars

Dépenses de recherche et de diligence raisonnable

Les coûts de recherche et de diligence raisonnable pour 2023 étaient de 215,7 millions de dollars, avec l'allocation suivante:

Domaine de recherche	Dépenses ($ m)
Recherche en investissement	142.3
Analyse de marché	53.9
Recherche de conformité	19.5

MARKETING ET RELATIONS D'INVESTISSEMENT

Les dépenses de marketing et de relations avec les investisseurs pour 2023 s'élevaient à 64,3 millions de dollars:

• Marketing numérique: 22,7 millions de dollars
• Dépenses de la conférence des investisseurs: 18,6 millions de dollars
• Matériel promotionnel: 23 millions de dollars

Frais généraux opérationnels et administratifs

Les frais généraux opérationnels et administratifs pour 2023 ont atteint 156,4 millions de dollars:

Catégorie aérienne	Coût ($ m)
Dépenses de bureau	47.2
Juridique et conformité	68.9
Soutien administratif	40.3

TPG Inc. (TPG) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

Pour l'exercice 2023, TPG a déclaré des frais de gestion totaux de 525 millions de dollars. Ces frais sont généralement calculés en pourcentage d'actifs sous gestion (AUM).

Type de fonds	Pourcentage de frais de gestion	Frais de gestion totaux
Fonds de capital-investissement	1.5% - 2%	325 millions de dollars
Fonds de capital-risque	2% - 2.5%	125 millions de dollars
Fonds de crédit	1% - 1.5%	75 millions de dollars

Intérêt porté sur la performance

En 2023, TPG a généré 412 millions de dollars de revenus intégrés, ce qui représente 20% des bénéfices provenant d'investissements réussis.

• Private Equity a porté des intérêts: 265 millions de dollars
• Capital de capital-risque intégré à l'intérêt: 97 millions de dollars
• Les stratégies de crédit portaient des intérêts: 50 millions de dollars

Frais de service consultatif

Les services consultatifs de TPG ont généré 87 millions de dollars de frais en 2023.

Catégorie de service consultatif	Revenu
Fusionnement & Avis d'acquisition	52 millions de dollars
Conseil stratégique	35 millions de dollars

Rendements des investissements et gains en capital

TPG a déclaré des rendements totaux d'investissement de 678 millions de dollars pour l'exercice 2023.

• Gains réalisés: 423 millions de dollars
• Gains non réalisés: 255 millions de dollars

Revenus de transaction de la société de portefeuille

Les revenus liés aux transactions pour 2023 ont totalisé 156 millions de dollars.

Type de transaction	Revenu
Offres publiques initiales (introductions en bourse)	84 millions de dollars
Transactions de fusion	72 millions de dollars

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.