TPG (NASDAQ:TPG) used a presentation at Bank of America’s 34th Annual U.S. Financial Services Conference to highlight what Chief Investment Officer Jack Weingart described as a “breakout year” for the alternative asset manager, pointing to sharply higher fundraising, strong deployment activity, and continued expansion beyond its historical private equity base.
Earnings recap and accelerated reporting timeline
Weingart said the firm moved up the timing of its fourth-quarter 2025 earnings release, which was originally planned for the following Monday. He attributed the decision to investor questions tied to market concerns about software exposure and reactions in TPG’s stock. Because the company was in a quiet period, Weingart said management opted to accelerate the announcement to proactively address those questions.
“Breakout year” metrics: fundraising, deployment, and fee-related earnings
Weingart said TPG raised approximately $51 billion of capital in 2025, up from $30 billion the prior year, which he characterized as about a 70% increase. He added that TPG deployed “a little more than $50 billion” during the year.
He also cited growth in fee-related metrics, stating that fee-related revenue (FRR) grew to $2.1 billion and fee-related earnings (FRE) rose to about $950 million for the year. Weingart noted that at the time the firm went public in 2022, its last-twelve-month FRE was “a little more than $300 million,” and he said momentum accelerated through the year, with the fourth quarter the strongest and a record period in several respects.
Shifting mix: from private equity-heavy to a more diversified platform
Weingart described a significant change in TPG’s asset mix since going public. At the time of the IPO, he said roughly 80% of AUM was in private equity; today, he said private equity represents about 50% of AUM. He emphasized this was achieved through growth in other asset classes rather than shrinking the private equity business.
He framed TPG’s growth strategy as both “vertical” (scaling existing businesses) and “horizontal” (expanding into new asset classes organically and inorganically). As examples of expansion, Weingart pointed to growth in GP-led secondaries, hybrid solutions with the Angelo Gordon team, investment-grade asset-backed finance, and building a different part of the direct lending market than what Twin Brook has historically targeted. He also highlighted “channel growth,” including increased focus on insurance clients and the private wealth business.
2026 priorities and updated targets: fundraising and margin expansion
Weingart said TPG’s strategic priorities include completing fundraising campaigns already in market, scaling newer businesses, expanding in private wealth and insurance channels, and considering inorganic opportunities where appropriate. He said key campaigns include the flagship buyout fund TPG Capital X and Healthcare Partners III, with more work remaining to complete those fundraises.
On targets, Weingart said management does not view last year’s $51 billion fundraising total as a cyclical peak. Despite some demand being “pulled forward” into the TPG Capital campaign, he said TPG expects another robust year, with fundraising again “in excess of $50 billion.” He also said TPG plans to be in market with about 35 products this year versus about 25 products last year, reflecting greater diversification and less reliance on a few large campaigns. He noted that in 2025, credit fundraising exceeded $20 billion.
On profitability, Weingart said TPG has expanded its FRE margin by roughly 800 basis points since the IPO and expects further operating leverage even while investing in growth initiatives. He said the FRE margin was 45% last year and is expected to be about 47% this year.
When asked about potentially underappreciated fundraising segments, Weingart pointed to real estate as an area that may represent a larger contributor in 2026. He said TPG expects to be in market with at least four different real estate funds during the year and described the firm’s real estate track record as “very, very strong,” adding that early LP dialogue has been supportive.
Realizations, Jackson partnership, and private wealth momentum
On realizations, Weingart said TPG has been “very systematic” and has averaged roughly $25 billion per year over the past five years. He said realizations spiked in 2021, when the firm was a “significant net seller” amid high multiples, including selling every software company in a mature private equity fund by the end of 2021. He said a stabilizing market could lead to a pickup this year versus last year, but he suggested the increase may be less dramatic because of the firm’s consistency in prior years, adding that LPs frequently cite TPG as a consistent generator of DPI.
Weingart also discussed TPG’s insurance strategy and its partnership with Jackson Financial. He said it is TPG’s first “structured partnership” in insurance, but not its first push, noting that the acquisition of Angelo Gordon expanded capabilities more relevant to insurers, including direct lending, asset-backed credit, credit solutions, and CLOs. He said TPG’s preference has been to remain “balance sheet-light” and not acquire an insurance company outright.
On the Jackson arrangement, Weingart said the investment management agreement begins at $12 billion, can scale over time, and has potential to expand to $20 billion. He said TPG is investing $500 million in Jackson equity to help capitalize a new vehicle, and described the agreement as providing long-duration visibility into guaranteed fee-earning AUM, with an initial focus on direct lending and investment-grade asset-backed finance.
In private wealth, Weingart—who said he also serves as CEO of TPOP—described the product as a fully funded vehicle designed to give individual investors access across TPG’s private equity platform. He said TPG seeded a portfolio on its balance sheet before accepting inflows in June of last year and, by the end of January, had raised about $1.5 billion with a relatively limited initial distribution footprint. He said the firm plans to add additional distribution partnerships, with several lined up and a focus toward international distribution. Weingart also said future private wealth products under consideration include a multi-strategy private credit interval fund and a non-traded REIT.
Finally, on credit quality, Weingart emphasized Twin Brook’s focus on the lower middle market, describing entry leverage typically in the 3.5x to 4x range versus higher leverage levels in larger-company direct lending. He said Twin Brook is seeing very low “pick rates” and that the firm’s position as revolver lender provides early signals for active risk management.
About TPG (NASDAQ:TPG)
TPG Inc (NASDAQ: TPG) is a global alternative asset management firm that invests across a range of strategies including private equity, growth equity, real assets, credit and hedge funds. Founded in 1992 as Texas Pacific Group, the firm has expanded its product set to serve a broad set of institutional and individual investors through commingled funds, separately managed accounts and other customized investment vehicles.
TPG operates investment platforms that target buyouts, growth-stage companies, real estate and credit opportunities, and it has developed dedicated thematic and impact vehicles such as the TPG Rise Fund to pursue social and environmental outcomes alongside financial returns.
