Research · Sep 3, 2026
TPG 2025-26: $51B Capital Raised (+71%), $52B Deployed, FRE Margin 47%
TPG Inc. FY25 record year: revenue $4.67B (+78%); op income $685M (vs -$25M FY24, structural inflection); NI $185M (+686%); EPS $1.21 (vs $0.06). FCF $1.0B (+99%). Capital raised record $51B (+71% YoY); deployed record $52B (Q4 alone $19B); generated $23B realizations. 5 cross-platform multi-fund strategic partnerships. Insurance capital raised +50% YoY; Jackson Financial strategic partnership announced. Private wealth fundraising +66% YoY; T-POP $1.5B total inflows through January; TCAP $4.5B AUM year-end. Acquired Peppertree; launched Tika + hybrid solutions + sports + Advantage Direct Lending — $7B+ commitments. Credit raised record $21B (+67%); Asset-Based Finance Q4 $2B deployed; Middle Market Direct Lending $3.7B FY25 originations; software ~2% of credit AUM. Private Equity raised $28B + invested $21B; software 18% of PE AUM; Rise + Rise Climate active with power + utility services investments. Real Estate deployed $6B + platform appreciated 9%; Thematic Advantage Core-Plus acquired Quarterra majority. FY26 framework: capital raising expected >$50B; FRE margin ~47% (+200bp from 45% FY25); PRE $50M Q1 expected from current pipeline; realizations consistent or accelerating pace.