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Sep 30
TPG Q3 2025 Earnings Report
TPG reported strong results for Q3 2025, with a significant rebound in net income and record capital deployment.
Key Takeaways
TPG delivered solid financial performance in Q3 2025, posting $199 million in net income and over $1.2 billion in revenue. Capital deployment hit record highs, and assets under management increased to $286 billion.
Net income was $199 million in Q3 2025, compared to a loss of $21 million in Q3 2024.
Revenue for the quarter rose to $1.22 billion, driven by both fee-related and capital allocation income.
EPS reached $0.33 basic and $0.20 diluted; after-tax distributable earnings were $214 million.
TPG raised $18.1 billion in capital and invested nearly $15 billion in the quarter.
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TPG Revenue by Geographic Location
Revenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
TPG anticipates continued growth heading into year-end, supported by strong fundraising momentum, diversified investment activity, and platform expansion.
Positive Outlook
- Strong fundraising momentum, with $18.1 billion raised in Q3.
- Record deployment activity at nearly $15 billion for the quarter.
- Fee-earning AUM increased 15% YoY to $163 billion.
- Assets under management climbed to $286 billion, a 20% YoY increase.
- Positive contribution from recent acquisition of TPG Peppertree.
Challenges Ahead
- Higher interest expense impacted non-GAAP earnings.
- Equity-based compensation remains a significant cost driver.
- Volatility in capital allocation-based income may continue.
- Dependency on continued performance fees to sustain earnings.
- Limited clarity on market conditions affecting deployment rates.