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• GAAP Net Income: $13 million for the fourth quarter of 2024.

• After-Tax Distributable Earnings: $261 million or $0.62 per share of Class A common stock for the fourth quarter of 2024.

• Dividend Declared: $0.53 per share of Class A common stock, payable on March 7, 2025.

• Capital Raised: $30 billion in 2024, a 54% increase from 2023.

• Capital Deployed: $33 billion in 2024, with $10 billion in the fourth quarter.

• Realizations: $23 billion for the full year 2024, with $7 billion in the fourth quarter.

• Fee-Related Revenue (FRR): $461 million in the fourth quarter of 2024.

• Fee-Related Earnings (FRE): $190 million for the fourth quarter and $764 million for the full year 2024.

• FRE Margin: 42% for 2024.

• Total Assets Under Management (AUM): $246 billion at the end of 2024, up 11% year over year.

• Dry Powder: Increased to nearly $58 billion in 2024.

• Performance Allocations: Realized performance allocations of $105 million in the fourth quarter of 2024.

• Private Equity Portfolio Appreciation: More than 3% in the fourth quarter and 10% over the last 12 months.

• Credit Portfolio Appreciation: Over 3% in the fourth quarter and 13% over the last 12 months.

• Real Estate Portfolio Appreciation: 3% in the fourth quarter and 10% over the last 12 months.

• Warning! GuruFocus has detected 3 Warning Sign with TPG.

Release Date: February 11, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• TPG Inc (NASDAQ:TPG) reported strong financial results for the fourth quarter of 2024, with after-tax distributable earnings of $261 million, marking the highest level since becoming a public company.

• The company successfully raised $30 billion in 2024, exceeding its ambitious fundraising targets and representing a 54% increase from 2023.

• TPG Inc (NASDAQ:TPG) achieved significant progress in organic growth and innovation, including raising nearly $2 billion for its inaugural GP-led secondaries fund and launching a transition infrastructure strategy with $2 billion in anchor commitments.

• The firm deployed $33 billion and realized $23 billion across the firm in 2024, demonstrating strong execution in an evolving market backdrop.

• TPG Inc (NASDAQ:TPG) expanded its capital markets revenue significantly in 2024, driven by the integration of its broker-dealer across platforms and strategies, and expects this business to be a significant contributor to revenue growth over time.

Negative Points

• Despite strong investment performance, TPG Inc (NASDAQ:TPG) faced challenges with fee-related earnings (FRE) growth, which is expected to decline modestly in the first quarter of 2025 before expanding throughout the year.

• The company's fee-earning assets under management (FAUM) grew only 3% in 2024, driven by timing-related factors such as step-downs and monetizations exceeding fee-earning capital.

• TPG Inc (NASDAQ:TPG) anticipates a seasonal step-up in compensation and benefits expenses in the first quarter of 2025, driven by employer tax expenses associated with annual RSU vesting.

• The firm faces potential elongation in fundraising timelines due to market disruptions, which could impact the pace of capital raising in 2025.

• TPG Inc (NASDAQ:TPG) continues to navigate integration challenges following its acquisition of Angelo Gordon, with ongoing efforts to maximize the combined business's potential.