The earnings call highlighted TPG's significant achievements in fundraising, investment performance, and strategic growth initiatives, particularly in climate and infrastructure. However, there were challenges with fee-earning AUM growth and delayed fee activation for new funds. Overall, the positive aspects and strategic progress outweigh the challenges.

Company Guidance

During TPG's fourth-quarter 2024 earnings call, the company provided comprehensive guidance for the upcoming year, highlighting several key financial metrics and strategic priorities. TPG reported GAAP net income of $13 million and after-tax distributable earnings of $261 million, equating to $0.62 per Class A common stock. The firm declared a dividend of $0.53 per share, payable on March 7, 2025. TPG raised $30 billion in 2024, a 54% increase from the previous year, and deployed $33 billion while realizing $23 billion across the firm. For 2025, TPG aims to raise significantly more capital, with plans to expand its client relationships, particularly in private wealth, and to launch a new evergreen private equity vehicle. The company is targeting assets under management (AUM) growth, aspiring to double its current AUM of nearly $250 billion in the coming years. The focus will be on growing core strategies, driving organic innovation, pursuing inorganic acquisitions, enhancing private wealth penetration, and expanding insurance partnerships.

Record Fundraising Achievement

TPG exceeded its fundraising targets by raising $30 billion in 2024, a 54% increase from 2023 on a pro forma basis.

Strong Investment Performance

TPG's private equity portfolio appreciated more than 3% in the fourth quarter and 10% over the last twelve months, with revenue growth of approximately 16% over the last twelve months.

Successful Integration and Growth Post-Acquisition

Successfully integrated the acquisition of Angelo Gordon, realizing revenue synergies and opportunities for business growth as one fully integrated firm.

Strong Deployment and Realization Activities

TPG deployed $33 billion and realized $23 billion across the firm in 2024, with realizations increasing 50% from 2023 on a pro forma basis.

Expansion into Infrastructure and Climate Strategies

Launched the RISE Climate Transition Infrastructure Fund with $2 billion in anchor commitments and expanded the RISE Climate franchise into new asset classes.

Increased Capital Markets Revenue

Reported step-function growth in capital markets revenue in 2024, driven by expanded product expertise and integration of the broker-dealer across platforms.

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TPG (TPG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TPG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 07, 2025	2025 (Q1)	0.53 / -	0.49	―	―	―
Feb 11, 2025	2024 (Q4)	0.52 / 0.62	0.51	21.57% (+0.11)
Nov 04, 2024	2024 (Q3)	0.45 / 0.45	0.56	-19.64% (-0.11)
Aug 06, 2024	2024 (Q2)	0.43 / 0.49	0.26	88.46% (+0.23)
May 08, 2024	2024 (Q1)	0.43 / 0.49	0.24	104.17% (+0.25)
Feb 13, 2024	2023 (Q4)	0.40 / 0.51	0.59	-13.56% (-0.08)
Nov 07, 2023	2023 (Q3)	0.35 / 0.56	0.3	86.67% (+0.26)
Aug 08, 2023	2023 (Q2)	0.32 / 0.26	0.46	-43.48% (-0.20)
May 15, 2023	2023 (Q1)	0.33 / 0.24	0.52	-53.85% (-0.28)
Feb 15, 2023	2022 (Q4)	0.53 / 0.59	0.35	68.57% (+0.24)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TPG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 11, 2025	$61.81	$60.24	-2.54%
Nov 04, 2024	$64.96	$60.88	-6.28%
Aug 06, 2024	$41.96	$41.95	-0.02%
May 08, 2024	$43.54	$42.11	-3.28%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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