Financial PerformanceThe largest source of downside came from the lower than expected net deployment results in the firm’s AG Credit business.
Retail DistributionRisks to the price objective include lack of retail distribution and the macroeconomic backdrop (inflation, higher rates, bear market).
ValuationThe stock has performed well over the past six months, up ~45%, but with shares trading at 18x 2025E EPS, the risk/reward in TPG is relatively fairly balanced.