TPG Inc. reported a significant increase in assets under management (AUM), reaching $303 billion as of December 31, 2025, a 166.4% increase from $113.6 billion in 2021. This growth includes the impact of the acquisitions of Angelo Gordon and Peppertree Capital Management. The company's revenue also saw a substantial rise, with total revenue for 2025 amounting to $4.67 billion, compared to $3.5 billion in 2024. This increase was driven by higher fees and capital allocation-based income.
The company's expenses also increased, primarily due to higher compensation and benefits, which totaled $3.14 billion in 2025, up from $2.77 billion in 2024. General, administrative, and other expenses also rose to $702.2 million from $583.7 million in the previous year. Despite the increase in expenses, TPG Inc. reported net income attributable to the company of $184.6 million for 2025, a significant increase from $23.5 million in 2024. Basic net income per share of Class A common stock was $0.89, while diluted net income per share was $0.45.
Strategic developments for TPG Inc. included the acquisition of Peppertree Capital Management in July 2025, a firm specializing in digital infrastructure investments. This acquisition further diversified TPG's investment platforms. The company's organizational structure consists of six multi-strategy investment platforms: Capital, Growth, Impact, Credit, Real Estate, and Market Solutions, each with a range of complementary products. As of December 31, 2025, TPG employed over 1,900 people across 16 countries.
Key operational developments included the performance of various investment platforms. The Capital platform had $91 billion in AUM, while the Growth platform had $32 billion. The Impact platform, focused on societal benefits and financial returns, managed $31 billion. The Credit and Real Estate platforms managed $93 billion and $38 billion, respectively. The Market Solutions platform, which leverages the TPG ecosystem, had $17 billion in AUM. The company's capital markets business generated $309.7 million in transaction revenue in 2025, compared to $203.3 million in 2024.
Looking ahead, TPG Inc. will continue to focus on integrating sustainability factors into its investment decision-making processes. The company's future performance is subject to various risks, including dependence on key personnel, competition in the alternative asset management business, and difficult economic and market conditions. The company's ability to pay dividends is subject to the discretion of its board of directors and may be limited by its holding company structure and applicable provisions of Delaware law.
About TPG Inc.
A leading global alternative asset manager, TPG specializes in private equity, credit, real estate, impact investing, and market solutions. It manages diversified funds across sectors and regions, focusing on growth, value creation, and societal impact. With a broad global footprint and a collaborative, innovative culture, TPG offers tailored investment strategies, leveraging extensive industry expertise to deliver attractive risk-adjusted returns for institutional clients and investors.
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