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Jun 30
TPG Q2 2025 Earnings Report
TPG reported strong fee-based revenues in Q2 2025, with continued recovery in profitability.
Key Takeaways
TPG delivered $495 million in fee-related revenue and returned to net profitability, supported by strong capital raising and growth in AUM.
Fee-Related Revenues (FRR) were $495 million, up 8% from Q2 2024.
Net income of $30 million reversed a $58 million net loss in the prior year quarter.
Capital raised totaled $11.3 billion, the second-highest quarterly figure in TPG’s history.
Total AUM reached $261.3 billion, with Fee-Earning AUM at $146.4 billion.
TPG
TPG
TPG Revenue by Segment
TPG Revenue by Geographic Location
Revenue by Segment
Capital Revenue
CapyFin.comGrowth Revenue
CapyFin.comImpact Revenue
CapyFin.comMarket Solutions Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
Management is optimistic about the second half of 2025, citing strong momentum in capital formation and platform performance.
Positive Outlook
- Strongest credit fundraising quarter in company history.
- Fee-Related Earnings margin remained stable at 44%.
- Total AUM grew 14% year-over-year.
- Capital and Growth platforms continue to perform well.
- Significant dry powder with $62.5 billion in available capital.
Challenges Ahead
- Lower realized investment income impacted DE margin.
- Operating expenses increased to $275 million.
- Performance allocations not yet fully monetized across all segments.
- Realizations modest relative to capital raised.
- Equity-based compensation remained high at $209 million.