TPG Expects To Beat Its $50 Billion Fundraising Target After Raising $15 Billion In The Quarter
The alternative asset manager's fee-related earnings rose 43% to $321 million, and its quarterly dividend fell to $0.55 a share.
TPG, the alternative asset manager, said Thursday it expects to exceed its $50 billion fundraising target for the year, with $15 billion raised in the third quarter and nearly $42 billion so far in 2026. Net income rose to $264 million from $199 million a year earlier, according to its results.
Fundraising and a $86 billion war chest
CEO Jon Winkelried said the firm's investment performance and client relationships support the forecast to top $50 billion. He also cited what he called a record $86 billion of dry powder, meaning capital committed by investors but not yet invested.
Capital raised in the quarter was $15.2 billion, against $18.1 billion in the third quarter of 2025, the earnings presentation shows. Year to date, it raised $41.6 billion, up from $35.3 billion. Credit led the quarter at $5.8 billion.
Assets under management reached $345.7 billion, up 21% from a year earlier.
Fee earnings climb 43%
Fee-related earnings, which measure profit from management fees and other recurring revenue, rose 43% to $321 million from $225 million. The margin on that business widened to 50% from 44%, which the company attributed to management fees and its capital markets business.
Catch-up management fees, paid for earlier periods when new investors joined funds, totaled $62 million, against $4 million a year earlier. Management fees were $573 million, up from $461 million.
Net income attributable to TPG Inc. rose to $100 million from $67 million. After-tax distributable earnings, the measure that drives the dividend, rose 24% to $265 million. Total revenue was little changed at $1.22 billion, as capital allocation-based income fell to $508 million from $627 million.
A smaller dividend
TPG declared a quarterly dividend of $0.55 per Class A share, payable November 23 to holders of record on November 9. The second-quarter dividend was $0.59. After-tax distributable earnings were $0.65 per share, down from $0.69 in the second quarter.
TPG, which invests in private equity, credit, real estate and other strategies, held its earnings call at 11:00 a.m. ET Thursday.
The company's debt obligations stood at $2.3 billion at quarter end, with $1.9 billion of available liquidity.
Sources
- 8-K Filing — TPG Inc. (TPG) — SEC EDGAR
- Exhibit tpg3q26pressrelease.htm — TPG Inc. 8-K exhibit — SEC EDGAR
- Exhibit tpg3q26earningsrelease.htm — TPG Inc. 8-K exhibit — SEC EDGAR
- TPG Asia VII raises US$4.6b – exceeds target — The Edge Malaysia
- TPG pursues $5 billion acquisition of British data centre group Ark, FT reports - CNA — channelnewsasia.com
- TPG Reports Third Quarter 2026 Results — businesswire.com
