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• TPG is like BlackRock for private equity and other alternative investments.
• TPG is like Fidelity or Vanguard, but they manage large funds that invest in and grow private companies for institutional investors.

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• Private Equity Funds: TPG manages funds that invest in and acquire controlling stakes in established private companies across various sectors, aiming to create value through operational improvements and strategic growth.
• Growth Equity Funds: These funds focus on minority investments in high-growth companies, typically later-stage private businesses that require capital for expansion and innovation.
• Impact Investing Funds: TPG offers funds, notably The Rise Fund, that seek to achieve measurable positive social and environmental outcomes alongside competitive financial returns through investments in businesses addressing global challenges.
• Real Estate Funds: The firm manages funds dedicated to investing in and developing a diverse portfolio of real estate assets and real estate-related companies across different property sectors.
• Credit Funds: TPG's credit platform provides flexible debt capital solutions and invests in a range of credit opportunities, including direct lending, distressed debt, and special situations.

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TPG (symbol: TPG) is a leading global alternative asset manager. Its "customers" are the limited partners (LPs) who commit capital to its various investment funds, rather than traditional buyers of products or services.

Due to the proprietary and confidential nature of these relationships, TPG does not publicly disclose the specific names of its individual customer companies or entities, nor their stock symbols.

However, TPG primarily serves a diverse range of institutional investors, alongside high-net-worth individuals. The major categories of customers that invest in TPG's funds include:

• Public and Private Pension Funds: These are large institutional investors, such as state retirement systems, corporate pension plans, and multi-employer plans, that allocate capital to alternative assets to meet their long-term liabilities.
• Sovereign Wealth Funds: Government-owned investment funds established from state reserves, often from commodity surpluses or budget surpluses, which invest globally across various asset classes.
• Endowments and Foundations: Investment funds managed for academic institutions, hospitals, charitable organizations, and other non-profit entities, seeking long-term growth to support their missions.
• Insurance Companies: Large insurers that invest a portion of their policyholders' premiums into alternative assets to enhance returns and diversify their portfolios.
• Family Offices and High-Net-Worth Individuals: Wealthy families and individuals who seek sophisticated investment strategies and access to private markets through TPG's funds.

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KPMG LLP (private company)

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Jon Winkelried, Chief Executive Officer

Background: Jon Winkelried is the Chief Executive Officer of TPG, having joined the firm as Co-CEO in 2015 and becoming sole CEO in 2021. Prior to TPG, he had a distinguished 27-year career at Goldman Sachs, where he served as President and Co-Chief Operating Officer. He also managed his own investment firm, JW Capital Partners, from 2010 to 2013, and was a Strategic Advisor and Partner at Thrive Capital, a venture capital firm, from 2011 to 2015. His career demonstrates a pattern of managing companies and investment activities within the private equity and banking sectors.

Jack Weingart, Chief Financial Officer

Background: Jack Weingart has served as TPG's Chief Financial Officer since the company's inception, and previously as Co-Managing Partner of TPG Capital. From 2006 to 2017, he was the Managing Partner of TPG's Funding Group, overseeing fundraising and capital markets. Before joining TPG in 2006, Mr. Weingart was a Managing Director at Goldman Sachs & Co., where he was responsible for managing the firm's West Coast leveraged finance and financial sponsor business. He has served on the board of directors for several private companies, including J. Crew Group, Inc., Chino Holdings, Inc., and Chobani.

Jim Coulter, Founding Partner, Executive Chair and Director

Background: Jim Coulter is a Co-Founder of TPG, which he started in 1992 with David Bonderman. He served as Co-CEO from 2014 through 2021 alongside Jon Winkelried, before becoming Executive Chair. Coulter was involved in significant leveraged buyout transactions, including the takeover of Continental Airlines in 1993, and has led investments in numerous companies such as America West Airlines, Burger King, and J. Crew. His career is marked by a strong pattern of involvement with private equity-backed companies.

Todd Sisitsky, President and Director

Background: Todd Sisitsky is the President of TPG Inc. and Co-Managing Partner of TPG Capital, TPG's scale private equity business in the U.S. and Europe. He joined TPG in 2003, specializing in healthcare investments, and has been instrumental in deploying over $21 billion across more than 25 companies in this sector. Prior to joining TPG, he held executive roles at Forstmann Little & Company and Oak Hill Capital Partners, demonstrating a consistent focus on private equity and investment management.

Anilu Vazquez-Ubarri, Chief Operating Officer and Director

Background: Anilu Vazquez-Ubarri is a Partner and Chief Operating Officer at TPG, also serving as a member of TPG Inc.'s Board of Directors. She joined TPG in 2018 and previously served as the firm's Chief Human Resources Officer. Before her tenure at TPG, she worked at Goldman Sachs for over a decade, where her last role was Global Head of Talent and Chief Diversity Officer. She also serves as a director on the boards of Greenhouse Software and Upwork, Inc.

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The key risks to TPG Inc. (symbol: TPG) primarily revolve around its core business as an alternative asset manager, including market volatility, pressure on fees, and an evolving regulatory landscape.

1. Exposure to Market Fluctuations and Investment Risks: TPG's financial health is significantly exposed to market fluctuations and investment risks inherent in the asset management industry. A sustained downturn in asset valuations would directly reduce performance allocations, thereby impacting distributable earnings and cash flow. Global economic downturns and geopolitical risks can also adversely affect investment valuations and investor sentiment, impacting TPG's funds' performance and overall financial health.
2. Uncertainties Over Management Fees and Competitive Pressure: The firm faces considerable uncertainty regarding the profitability of its management fees. Clients are increasingly seeking customized terms, which may lead TPG to offer management fee discounts. Such agreements could result in a material decrease in the company's profitability. TPG also operates in a highly competitive alternative asset management industry, necessitating continuous innovation and differentiated products to attract and retain clients, or risk losing market share and experiencing further pressure on fee structures.
3. Regulatory Compliance and ESG Scrutiny: TPG operates within a highly regulated environment, demanding strict compliance with various laws and regulations. The potential for increased regulatory scrutiny and complex legal proceedings poses ongoing challenges, which could result in additional compliance costs and operational constraints. Specifically, regulatory headwinds related to environmental, social, and governance (ESG) investing are identified as a major risk factor, due to a lack of consistent standards and potential inconsistencies between fund investments and investor ESG expectations. The company also faces risks associated with climate change, including climate-related business trends and the impact of climate and ESG-related legislation, funding, regulation, and deregulation.

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• The increasing sophistication and direct investing capabilities of Limited Partners (LPs), who are building larger internal teams to source and execute private market deals or co-invest directly alongside General Partners. This trend reduces the capital available for traditional commingled funds and puts downward pressure on management fees and carried interest.
• The rise of technology-driven platforms and democratized access solutions for private markets, enabling wealth managers and high-net-worth individuals to invest. While an opportunity, these platforms could also lead to disintermediation, increased fee pressure, and empower new, more agile competitors by creating alternative fundraising and distribution channels.

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TPG, a global alternative asset management firm, participates in several large addressable markets through its diverse investment strategies. The estimated market sizes for its main products and services are outlined below:

• Private Equity: The global private equity market was approximately $5.3 trillion in assets under management (AUM) in 2023, with projections to reach $6 trillion by the end of 2024. Within this, North America accounted for $3.4 trillion in AUM in 2023, Europe for $1.1 trillion, and Asia-Pacific for $611 billion.
• Impact Investing: The worldwide impact investing market is estimated at $1.571 trillion USD in AUM as of 2024 and is expected to grow to $2.08 trillion by 2030.
• Credit Investing (Private Credit and Structured Finance):
  • The global private credit market reached $3 trillion in AUM in 2024 and is estimated to grow to approximately $5 trillion by 2029.
  • A significant component, direct lending, has an estimated market size in North America of around $1.5 trillion in 2024, projected to reach nearly $2 trillion by the end of the decade. The European direct lending market is estimated between $500 billion and $1 trillion, and Developed Asia Pacific is around $28 billion.
  • The global structured finance market was valued at $1 trillion at the end of 2023.
• Real Estate Investing: The global private real estate assets under management (AUM) were $1.61 trillion in 2023 and are forecasted to reach $2.66 trillion by 2029. TPG's real estate investment platforms focus on properties primarily in the United States and Europe.

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TPG Inc. (NASDAQ: TPG) is a global alternative asset management firm that expects to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Increased Capital Raising and New Fund Launches: TPG anticipates a significant increase in capital raised in 2025, with plans to introduce 25 new products across its platforms. This includes the expected first closes for TPG Capital X and Healthcare Partners III. The firm is also preparing to launch its semi-liquid private equity vehicle, TPG Private Equity Opportunities (TPOP), and continues to make progress in fundraising for its climate private equity strategies.
2. Growth in Assets Under Management (AUM) and Fee-Related Revenue: The expansion of TPG's total and fee-earning assets under management is a direct driver of revenue growth. The company has recently reported substantial increases in AUM and anticipates accelerated management fee growth in 2025, driven by existing products and new strategic initiatives.
3. Expansion of Credit Platform and Strategic Partnerships: TPG is focused on growing its multi-strategy credit platform, with increased capital formation, insurance partnerships, and upcoming product rollouts identified as key contributors to future credit AUM growth. The firm successfully exceeded its 2024 target for credit strategies, raising over $12 billion.
4. Strategic Acquisitions and Targeted Investments: Recent strategic acquisitions, such as Peppertree Capital Management, are expected to enhance TPG's market solutions platform and contribute to revenue growth. The firm continues to make significant investments in sectors like digital infrastructure and climate transition infrastructure, aligning with its strategy to identify and invest in companies with strong growth potential across various industries.
5. Penetration of the High Net Worth (HNW) Market: TPG is actively developing new products and strengthening its distribution channels to increase its presence in the high net worth individual market. This initiative aims to provide eligible individual investors with access to institutional-quality private equity, real estate, and credit opportunities.

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Share Issuance

• TPG Inc. completed its initial public offering (IPO) on January 13, 2022, issuing 28,310,194 shares of Class A common stock at $29.50 per share, raising approximately $835 million.
• An additional 5,589,806 shares were sold by an existing strategic investor during the IPO.
• Approximately 40% of the net proceeds received by TPG Inc. from its issued shares were used to purchase partnership interests from other strategic investors, with the remainder allocated for general corporate purposes, including facilitating business growth or expanding into new lines of business.

Inbound Investments

• In May 2025, TPG established a significant strategic partnership with the potential to bring over $4 billion of new capital, aimed at accelerating scale and innovation across its investment strategies.

Outbound Investments

• TPG acquired a majority stake in Sodali & Co in April 2022.
• In May 2023, TPG agreed to acquire alternative investment firm Angelo Gordon in a cash and stock deal valued at $2.7 billion.
• In July 2023, TPG, in partnership with Francisco Partners, agreed to acquire New Relic in an all-cash deal valued at $6.5 billion.
• In May 2025, TPG, through its TPG Capital platform, acquired a majority interest in AvidXchange in partnership with Corpay, in a transaction valuing AvidXchange at $2.2 billion.
• The firm deployed nearly $15 billion in the third quarter of 2025, representing a more than 70% increase year-over-year, with investment activity diversified across its various platforms.