TPG Inc. (TPG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de private equity e investimento, a TPG Inc. é um titã de inovação financeira estratégica, tecendo redes complexas de parcerias globais e estratégias de investimento transformador. Com uma abordagem sofisticada que transcende os modelos de investimento tradicionais, a TPG aproveita sua extensa experiência financeira para desbloquear valor sem precedentes em diversos setores, oferecendo aos investidores institucionais e indivíduos de alto patrimônio acesso a oportunidades de investimento de ponta que redefinem os limites da gestão alternativa de ativos. Mergulhe na lona atraente do modelo de negócios que ilumina como essa potência orquestra seu complexo ecossistema financeiro, impulsionando o crescimento, a inovação e o desempenho incomparável do investimento.

TPG Inc. (TPG) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com grandes empresas de tecnologia e empresas

A TPG estabeleceu parcerias estratégicas com várias empresas importantes de tecnologia e empresas:

Empresa parceira	Foco em parceria	Ano estabelecido
Microsoft	Infraestrutura em nuvem e soluções corporativas	2022
Salesforce	Transformação digital e integração de CRM	2021
Google Cloud	Ai e tecnologia de aprendizado de máquina	2023

Colaboração com empresas globais de investimento e redes de capital de risco

As parcerias de investimento da TPG incluem:

• Grupo Blackstone: acordos de co-investimento totalizando US $ 3,2 bilhões
• Sequoia Capital: fundo de joint venture de US $ 1,5 bilhão
• Andreessen Horowitz: Colaboração de investimentos em tecnologia, avaliada em US $ 2,7 bilhões

Parcerias com líderes de private equity e plataformas de investimento alternativas

Parceiro de investimento	Valor de investimento	Área de foco
KKR	US $ 4,5 bilhões	Investimentos globais de private equity
Apollo Global Management	US $ 3,8 bilhões	Estratégias de investimento alternativas
Grupo Carlyle	US $ 2,9 bilhões	Portfólio de investimentos diversificado

Joint ventures com startups inovadoras e empresas de tecnologia emergentes

As parcerias de inicialização e tecnologia da TPG incluem:

• Colaborações de startups de inteligência artificial: 12 parcerias ativas
• Blockchain Technology Ventures: 7 investimentos estratégicos
• Parcerias de tecnologia de energia renovável: 5 acordos de desenvolvimento conjunto

Valor total de investimento em parceria: US $ 18,6 bilhões

TPG Inc. (TPG) - Modelo de negócios: Atividades -chave

Investimento de private equity e gestão de fundos

O TPG conseguiu aproximadamente US $ 109,6 bilhões em ativos em 31 de dezembro de 2022. A empresa opera várias plataformas de investimento em vários setores.

Plataforma de investimento	Total de ativos sob gestão
TPG Capital	US $ 54,3 bilhões
Crescimento do TPG	US $ 15,7 bilhões
TPG Rise Climate	US $ 7,2 bilhões

Desenvolvimento estratégico da empresa de portfólio

O TPG apoia ativamente as empresas de portfólio por meio de orientação estratégica e melhorias operacionais.

• Número de empresas de portfólio ativo: 86
• Período médio de investimento: 5-7 anos
• Setores cobertos: tecnologia, saúde, serviços financeiros, consumidor & Varejo

Alocação de capital e estratégia de investimento

A estratégia de investimento da TPG se concentra em setores direcionados com alto potencial de crescimento.

Segmento de investimento	Porcentagem de alocação
Tecnologia	32%
Assistência médica	22%
Serviços financeiros	18%
Consumidor & Varejo	15%
Outros setores	13%

Gestão de ativos alternativos e serviços de consultoria

O TPG fornece soluções abrangentes de investimento alternativas em várias plataformas.

• TOTAL CONSULTADO CLIENTES: 250+
• Alcance geográfico: América do Norte, Europa, Ásia
• Receita de Serviços de Consultoria em 2022: US $ 412 milhões

Fusões e execução de aquisições

O TPG tem um histórico robusto de fusões e aquisições em vários setores.

Ano	Valor total de transação de fusões e aquisições	Número de transações
2022	US $ 18,3 bilhões	23
2021	US $ 15,7 bilhões	19

TPG Inc. (TPG) - Modelo de negócios: Recursos -chave

Profissionais de experiência financeira e de investimento extensos

A TPG emprega 628 profissionais de investimento em 31 de dezembro de 2023. A equipe tem uma média de 16 anos de experiência em investimento.

Categoria profissional	Número de profissionais
Parceiros de investimento sênior	94
Profissionais de investimento	628
Equipe total de investimentos	722

Capital substancial sob gestão

A TPG conseguiu US $ 194 bilhões em ativos em 31 de dezembro de 2023.

Classe de ativos	Capital sob gestão
Private equity	US $ 89,4 bilhões
Equidade de crescimento	US $ 37,2 bilhões
Imobiliária	US $ 31,5 bilhões

Recursos avançados de pesquisa e análise de investimento

• Banco de dados de pesquisa proprietária, cobrindo mais de 20.000 empresas
• 8 centros de pesquisa dedicados globalmente
• Investimento anual de US $ 42 milhões em infraestrutura de tecnologia e pesquisa

Rede global de conexões da indústria

O TPG mantém conexões em 15 escritórios globais nos principais mercados financeiros.

Região	Número de escritórios
América do Norte	6
Europa	4
Ásia -Pacífico	5

Infraestrutura de tecnologia robusta

• US $ 127 milhões investidos em infraestrutura de tecnologia em 2023
• 99,99% de tempo de rastreamento de investimentos tempo de atividade
• Protocolos avançados de segurança cibernética, protegendo US $ 194 bilhões em ativos gerenciados

TPG Inc. (TPG) - Modelo de negócios: proposições de valor

Estratégias de investimento sofisticadas em vários setores

O TPG gerencia US $ 127,6 bilhões em ativos em várias plataformas de investimento a partir do quarto trimestre 2023. Os setores de investimento incluem:

Setor	Total de ativos sob gestão
Tecnologia	US $ 37,4 bilhões
Assistência médica	US $ 22,9 bilhões
Serviços financeiros	US $ 18,6 bilhões
Consumidor/varejo	US $ 15,3 bilhões

Gerenciamento de ativos alternativos de alto desempenho

Métricas de desempenho de ativos alternativas do TPG para 2023:

• TIR bruto entre plataformas: 19,3%
• IRR líquido para fundos de private equity: 16,7%
• Compromissos totais de investimento: US $ 14,2 bilhões

Acesso a oportunidades de investimento exclusivas

Os canais de investimento exclusivos da TPG incluem:

Plataforma de investimento	Características únicas	Capital levantado
Crescimento do TPG	Investimentos em tecnologia do mercado intermediário	US $ 8,5 bilhões
TPG Rise Climate	Investimentos focados em sustentabilidade	US $ 3,2 bilhões
TPG Capital	Comprças alavancadas em larga escala	US $ 16,7 bilhões

Experiência em empresas de portfólio de transformação e escala

Métricas de transformação da empresa de portfólio para 2023:

• Número de empresas de portfólio transformadas: 42
• Crescimento médio da receita: 24,6%
• Melhoria média do EBITDA: 18,3%

Abordagem inovadora para soluções de private equity e investimento

As métricas de inovação da TPG para 2023:

• Investimentos de transformação digital: US $ 2,1 bilhões
• Empresas de portfólio de IA e aprendizado de máquina: 17
• Estratégias de investimento entre plataformas: 6 principais iniciativas

TPG Inc. (TPG) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

O TPG gerencia US $ 128,4 bilhões em ativos sob gerenciamento a partir do quarto trimestre 2023. A empresa fornece estratégias de investimento personalizadas para investidores institucionais, com um tamanho médio de portfólio de clientes de US $ 75,2 milhões.

Segmento de clientes	Tamanho médio do portfólio	Tipo de relacionamento
Investidores institucionais	US $ 75,2 milhões	Consultoria de alto toque
Indivíduos de alta rede	US $ 42,6 milhões	Gerenciamento de relacionamento dedicado

Relatórios de desempenho regulares e transparência

O TPG fornece relatórios trimestrais de desempenho aos investidores, com uma taxa de satisfação do cliente de 98,3% para relatar a transparência.

• Relatórios de desempenho de investimento detalhados trimestrais
• Rastreamento de portfólio em tempo real
• Documentação abrangente de análise de risco

Engajamento direto com investidores institucionais e de alta rede

O TPG mantém relações diretas com 672 investidores institucionais em 43 países, representando US $ 98,6 bilhões em capital comprometido.

Equipes de gerenciamento de relacionamento dedicadas

A TPG emprega 127 profissionais de gerenciamento de relacionamento dedicados, com uma proporção média de cliente / gerente de 1: 5.

Métrica de Gerenciamento de Relacionamento	Valor
Gerentes totais de relacionamento	127
Cliente médio por gerente	5
Frequência média de interação do cliente	12 vezes por ano

Estratégias de investimento personalizado

O TPG desenvolve abordagens de investimento personalizado para 89% de seus clientes institucionais, com a personalização da estratégia abrangendo várias classes de ativos e horizontes de investimento.

• Estratégias de private equity
• Abordagens de investimento imobiliário
• Soluções de crédito e investimento alternativo

TPG Inc. (TPG) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, o TPG mantém uma equipe de vendas direta de 187 profissionais de investimento em escritórios globais.

Localização	Tamanho da equipe de vendas	Área de foco
São Francisco	64	Investimentos em tecnologia
Nova Iorque	53	Serviços financeiros
Londres	37	Mercados europeus
Ásia -Pacífico	33	Mercados emergentes

Conferências de investimento e eventos de rede

O TPG participou de 42 grandes conferências de investimento em 2023, com 55 eventos projetados em 2024.

• Attenção total da conferência: 3.287 investidores institucionais
• Tamanho médio da conferência: 129 participantes
• Interações de rede estimadas: 6.574 reuniões individuais

Plataformas digitais e portais de investimento

As plataformas de investimento digital da TPG geraram US $ 287 milhões em volume de transações em 2023.

Plataforma	Base de usuários	Volume de transação
TPG Portal direto	1.243 investidores institucionais	US $ 187 milhões
Plataforma TPG Insights	892 usuários registrados	US $ 100 milhões

Redes de consultores financeiros

O TPG colabora com 214 empresas de consultoria financeira em todo o mundo.

• América do Norte: 89 empresas consultivas
• Europa: 62 empresas consultivas
• Ásia -Pacífico: 47 empresas consultivas
• Oriente Médio e África: 16 empresas consultivas

Roadshows de investidores institucionais

A TPG conduziu 28 roadshows de investidores institucionais em 2023, visando US $ 4,2 bilhões em possíveis compromissos de capital.

Região	Roadshows	Capital -alvo
Estados Unidos	12	US $ 1,8 bilhão
Europa	8	US $ 1,2 bilhão
Ásia	6	US $ 900 milhões
Médio Oriente	2	US $ 300 milhões

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

Investidores institucionais

O TPG gerencia aproximadamente US $ 127 bilhões em ativos a partir do terceiro trimestre de 2023, visando segmentos de investimento institucional.

Tipo de investidor institucional	Volume estimado de investimento
Fundos de pensão corporativa	US $ 38,5 bilhões
Fundos de pensão pública	US $ 42,3 bilhões
Companhias de seguros	US $ 22,7 bilhões

Fundos de pensão

A base de clientes de fundos de pensão do TPG inclui:

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)
• Fundo de Aposentadoria Comum do Estado de Nova York
• Sistema de aposentadoria de professores do Texas

Fundos soberanos de riqueza

A TPG gerencia investimentos para fundos soberanos de riqueza com alocação total de US $ 16,2 bilhões.

Fundo soberano de riqueza	Valor do investimento
O GIC Private Limited de Cingapura	US $ 6,7 bilhões
Fundo de Pensões Governamentais da Noruega	US $ 5,4 bilhões
Autoridade de Investimento de Abu Dhabi	US $ 4,1 bilhões

Indivíduos de alta rede

TPG Capital Gerencia aproximadamente US $ 23,6 bilhões direcionados especificamente para investidores individuais de alta rede.

Doações e fundações

O portfólio de clientes da TPG da TPG inclui:

• ENCONTRADA DO YALE da Universidade
• Doações da Universidade de Harvard
• Fundação Ford

Doação/fundação	Alocação de investimento
Universidade de Yale	US $ 3,2 bilhões
Universidade de Harvard	US $ 2,8 bilhões
Fundação Ford	US $ 1,5 bilhão

TPG Inc. (TPG) - Modelo de negócios: estrutura de custos

Compensação de funcionários e aquisição de talentos

Em 2023, as despesas totais de remuneração e aquisição de talentos da TPG foram de US $ 392,5 milhões. O colapso inclui:

Categoria de despesa	Valor ($ m)
Salários da base	237.8
Bônus de desempenho	104.3
Custos de recrutamento	50.4

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura da TPG para 2023 totalizaram US $ 178,6 milhões:

• Infraestrutura de TI: US $ 87,2 milhões
• Desenvolvimento de software: US $ 62,4 milhões
• Serviços de computação em nuvem: US $ 29 milhões

Pesquisa e despesas de due diligence

Os custos de pesquisa e due diligence para 2023 foram de US $ 215,7 milhões, com a seguinte alocação:

Área de pesquisa	Despesa ($ m)
Pesquisa de investimento	142.3
Análise de mercado	53.9
Pesquisa de conformidade	19.5

Relações de marketing e investidores

As despesas de marketing e relações com investidores para 2023 totalizaram US $ 64,3 milhões:

• Marketing Digital: US $ 22,7 milhões
• Despesas da Conferência de Investidores: US $ 18,6 milhões
• Materiais promocionais: US $ 23 milhões

Overhead operacional e administrativo

A sobrecarga operacional e administrativa para 2023 atingiu US $ 156,4 milhões:

Categoria de sobrecarga	Custo ($ m)
Despesas do escritório	47.2
Legal e conformidade	68.9
Suporte administrativo	40.3

TPG Inc. (TPG) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

Para o ano fiscal de 2023, o TPG registrou taxas totais de gerenciamento de US $ 525 milhões. Essas taxas são normalmente calculadas como uma porcentagem de ativos sob gestão (AUM).

Tipo de fundo	Porcentagem de taxa de gerenciamento	Taxas de gerenciamento totais
Fundos de private equity	1.5% - 2%	US $ 325 milhões
Fundos de capital de risco	2% - 2.5%	US $ 125 milhões
Fundos de crédito	1% - 1.5%	US $ 75 milhões

Baseado em desempenho carregou juros

Em 2023, a TPG gerou US $ 412 milhões em receita de juros, representando 20% dos lucros de investimentos bem -sucedidos.

• Private equity transportou juros: US $ 265 milhões
• Capital de risco com juros: US $ 97 milhões
• Estratégias de crédito com juros transportados: US $ 50 milhões

Taxas de serviço de consultoria

Os serviços de consultoria da TPG geraram US $ 87 milhões em taxas durante 2023.

Categoria de serviço de consultoria	Receita
Fusão & Aviso de aquisição	US $ 52 milhões
Consultoria estratégica	US $ 35 milhões

Retornos de investimento e ganhos de capital

A TPG registrou retornos totais de investimento de US $ 678 milhões para o ano fiscal de 2023.

• Ganhos realizados: US $ 423 milhões
• Ganhos não realizados: US $ 255 milhões

Receita de transações da empresa de portfólio

As receitas relacionadas à transação em 2023 totalizaram US $ 156 milhões.

Tipo de transação	Receita
Ofertas públicas iniciais (IPOs)	US $ 84 milhões
Transações de fusão	US $ 72 milhões

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.