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Jun 30, 2025
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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