TPG Calls 2025 a “Breakout Year” at BofA Conference, Targets Another $50B+ Fundraising Year

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• TPG is investing $500 million in Jackson equity to help capitalize a new vehicle

  80% confidence

• Twin Brook's entry leverage is typically in the 3.5x to 4x range versus higher leverage levels in larger-company direct lending

  80% confidence

• The Jackson investment management agreement begins at $12 billion, can scale over time, and has potential to expand to $20 billion

  80% confidence

• TPG's real estate track record is very, very strong, and early LP dialogue has been supportive

  80% confidence

• At the time of IPO, roughly 80% of AUM was in private equity; today, private equity represents about 50% of AUM

  80% confidence

• TPG expects another robust fundraising year in 2026, with fundraising again in excess of $50 billion

  80% confidence

• TPG plans to be in market with about 35 products in 2026 versus about 25 products in 2025

  80% confidence

• TPG has expanded its FRE margin by roughly 800 basis points since the IPO, from around 37% to 45% in 2025, with target of about 47% in 2026

  80% confidence

• TPG expects to be in market with at least four different real estate funds during 2026

  80% confidence

• TPG has averaged roughly $25 billion per year in realizations over the past five years

  80% confidence

• 2025 was a 'breakout year' for TPG

  80% confidence

• TPG raised approximately $51 billion of capital in 2025, up from $30 billion the prior year, about a 70% increase

  80% confidence

• LPs frequently cite TPG as a consistent generator of DPI

  80% confidence

• TPG deployed a little more than $50 billion during 2025

  80% confidence

• TPG was a significant net seller in 2021, selling every software company in a mature private equity fund by the end of 2021

  80% confidence

• By end of January 2025, TPOP had raised about $1.5 billion with a relatively limited initial distribution footprint

  80% confidence

• About 11% of total AUM is in software, with approximately 2% in credit and about 18% of private equity AUM in software companies

  80% confidence

• Credit fundraising exceeded $20 billion in 2025

  80% confidence

• At IPO, last-twelve-month FRE was a little more than $300 million

  80% confidence

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