TPG Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 5 February 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Key takeaways

Record capital raised and deployed: The company reported new records for the year, with more than $51 billion raised and $52 billion deployed in 2025. Source
Assets under management above $300 billion: Total assets under management were $303 billion, up from $286 billion in the prior quarter's release. Source
Dry powder of $72 billion: Management cited $72 billion of dry powder as the firm began 2026, together with increased scale and diversification. Source
Quarterly dividend raised to $0.61: The company declared a quarterly dividend of $0.61 per share of Class A common stock, compared with $0.45 in the prior quarter's release. Source
Momentum entering 2026: Management said the firm started 2026 with significant momentum and is continuing to deliver sustained growth and differentiated value for clients and shareholders. Source

“2025 was an outstanding year for TPG, marked by exceptional execution across our global franchise.”
Jon Winkelried, Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Quarterly dividend per share Source	quarterly dividend payable March 5, 2026	$0.61 per share of Class A common stock	Raised from $0.45

What changed from last quarter

Guidance raised: Quarterly dividend per share increased from $0.45 to $0.61 of Class A common stock. Source

Results and growth drivers

Record capital raised and deployed: The company reported new records for the year, with more than $51 billion raised and $52 billion deployed in 2025. Source
Value creation across most platforms: Management cited double-digit value creation across nearly all platforms, alongside continued scaling of the business. Source

Fundraising and deployment

Third-quarter capital raise and first close: In the third quarter the company said it raised more than $18 billion, including a first close of its private equity funds and credit fundraising.
Third-quarter deployment up over 70%: The company reported nearly $15 billion deployed in the third quarter, up more than 70% year-over-year, with investment well diversified across the firm.

“We started 2026 with significant momentum and our increased scale and diversification, coupled with $72 billion in dry powder, position us well”
Jon Winkelried, Chief Executive Officer

Assets under management and dry powder

Assets under management above $300 billion: Total assets under management were $303 billion, up from $286 billion in the prior quarter's release. Source
Dry powder of $72 billion: Management cited $72 billion of dry powder as the firm began 2026, together with increased scale and diversification. Source
Broad strategy mix across platforms: The company said it invests across a broadly diversified set of strategies covering private equity, impact, credit, real estate and market solutions. Source

Dividend and shareholder returns

Quarterly dividend raised to $0.61: The company declared a quarterly dividend of $0.61 per share of Class A common stock, compared with $0.45 in the prior quarter's release. Source
Payment and record dates: Holders of record at the close of business on February 19, 2026 are entitled to the dividend, which is payable on March 5, 2026. Source
Dividend declared on Class A shares: The dividend applies to Class A common stock, and the company announced it together with its fourth quarter and full year results. Source

Management view of the year and 2026

Management called 2025 outstanding: Chief Executive Officer Jon Winkelried described 2025 as an outstanding year, citing exceptional execution across the global franchise. Source
Momentum entering 2026: Management said the firm started 2026 with significant momentum and is continuing to deliver sustained growth and differentiated value for clients and shareholders. Source
Accelerated growth goal restated: In the third quarter release management said scale and diversification positioned the firm to deliver accelerated growth. The fourth quarter release uses sustained growth wording.

Investor communications and dates

Call held February 5, 2026: The company hosted a conference call and live webcast on the day of the release at 12:00 pm ET. Source
Webcast replay posted on website: A replay of the webcast was to be made available on the Events page of the investor relations section of the company website. Source
Presentation available on investor site: A detailed presentation of the results is available through the investor relations section of the company website. Source

Coming up, as management said on 5 February 2026

Dividend payment on March 5: The $0.61 per share quarterly dividend is payable on March 5, 2026 to holders of record on February 19, 2026. Source

Figures management reported

Figure	Reported
Capital raised (full year 2025) Source	more than $51 billion
Capital deployed (full year 2025) Source	$52 billion
Dry powder Source	$72 billion
Assets under management Source	$303 billion

Earlier plans management reported on

Not stated: In the third quarter release management said scale and diversification positioned the firm to deliver accelerated growth. The fourth quarter release refers to sustained growth instead; no status is given.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

TPG Reports Fourth Quarter and Full Year 2025 Results

San Francisco and Fort Worth, Texas - February 5, 2026 - TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, today reported its unaudited results for the fourth quarter and full year ended December 31, 2025. A detailed presentation is available through the Investor Relations section of TPG’s website at shareholders.tpg.com.

"2025 was an outstanding year for TPG, marked by exceptional execution across our global franchise. We achieved new records, with more than $51 billion raised and $52 billion deployed, and these results - combined with the continued scaling of our business and double-digit value creation across nearly all our platforms - have driven our total AUM to more than $300 billion,” said Jon Winkelried, Chief Executive Officer. “We started 2026 with significant momentum and our increased scale and diversification, coupled with $72 billion in dry powder, position us well to navigate the evolving market landscape, while continuing to deliver sustained growth and differentiated value for our clients and shareholders."

Dividend

TPG has declared a quarterly dividend of $0.61 per share of Class A common stock to holders of record at the close of business on February 19, 2026, payable on March 5, 2026.

Conference Call

TPG will host a conference call and live webcast today at 12:00 pm ET. It may be accessed by dialing (800) 245-3047 (US toll-free) or (203) 518-9765 (international), using the conference ID TPGQ425. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of TPG’s website at shareholders.tpg.com. A webcast replay will be made available on the Events page in the Investor Relations section of TPG’s website.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $303 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

Forward Looking Statements; No Offers

This document may contain “forward-looking” statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, estimated operational metrics, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding expected growth, future capital expenditures, fund performance, dividends and dividend policy, and debt service obligations.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to recognize the anticipated benefits, or unexpected costs related to the integration, of acquired companies; our ability to manage growth and execute our business plan; and regional, national or global political, economic, business, competitive, market and regulatory conditions and uncertainties, among various other risks discussed in the Company’s SEC filings.

For the reasons described above, we caution you against relying on any forward-looking statements, which should be read in conjunction with the other cautionary statements included elsewhere in this document and risk factors discussed from time to time in the Company’s filings with the SEC, which can be found at the SEC’s website at http://www.sec.gov. Any forward-looking statement in this document speaks only as of the date of this document. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement after the date of this document, whether as a result of new information, future developments or otherwise, except as may be required by law. No recipient should, therefore, rely on these forward-looking statements as representing the views of the Company or its management as of any date subsequent to the date of the document.

This document does not constitute an offer of any TPG fund.

Contacts
Shareholders · Gary Stein and Evanny Huang · shareholders@tpg.com
Media · Luke Barrett and Julia Sottosanti · media@tpg.com