The earnings call reflects a strong performance and growth trajectory for TPG, marked by significant capital deployment, robust fundraising, and successful integration of Angelo Gordon. However, the call also highlighted some noncore expenses and complexities in translating capital inflows into fee-earning assets.

Company Guidance

During TPG's Third Quarter 2024 Earnings Call, several key metrics and strategic initiatives were highlighted. The firm reported GAAP net income of $9 million and after-tax distributable earnings of $189 million, or $0.45 per share of Class A common stock. A dividend of $0.38 per share was declared, payable on December 2, 2024. TPG deployed nearly $23 billion in capital, realized almost $16 billion, and raised over $21 billion year-to-date. Their total assets under management reached $239 billion, marking a 76% increase year-over-year, with fee-earning AUM up by 80%. The FRE margin exceeded 40% for the year, and they anticipate it will approach the mid-40s by the end of 2025. Additionally, TPG successfully held a final close for their inaugural GP Solutions fund, surpassing its target by 25% with $1.86 billion raised. The firm continues to see robust growth across private equity, real estate, and credit strategies, with plans to launch approximately 25 different products in 2025.

Strong Capital Deployment and Realizations

TPG deployed nearly $23 billion of capital and generated realizations of almost $16 billion through the first three quarters of 2024, showing robust investment activity.

Record Fundraising Efforts

TPG raised more than $21 billion across its strategies in the first three quarters of 2024, with $10.4 billion raised in the third quarter alone.

Significant Growth in Fee-earning Assets Under Management

Fee-earning AUM increased by 80% year-over-year, totaling $239 billion, supported by $30 billion in capital raised and $18 billion in value creation.

Successful Integration of Angelo Gordon

The integration of Angelo Gordon has been seamless, with $11.5 billion invested year-to-date in credit businesses, surpassing the full year 2023 deployment.

Notable Investments and Transactions

TPG announced significant transactions such as the DIRECTV and Dish video distribution business deal, and a EUR 6.7 billion acquisition of Techem, highlighting the firm's deal-making capabilities.

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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
Mar 28, 2022	2021 (Q4)	0.41 / 0.35	8.809	-96.03% (-8.46)	―	―
May 10, 2022	2022 (Q1)	0.47 / 0.52	―	―	―	―
Aug 09, 2022	2022 (Q2)	0.28 / 0.46	―	―	―	―
Nov 09, 2022	2022 (Q3)	0.37 / 0.30	0.94	-68.09% (-0.64)
Feb 15, 2023	2022 (Q4)	0.53 / 0.59	0.35	68.57% (+0.24)
May 15, 2023	2023 (Q1)	0.33 / 0.24	0.52	-53.85% (-0.28)
Aug 08, 2023	2023 (Q2)	0.32 / 0.26	0.46	-43.48% (-0.20)
Nov 07, 2023	2023 (Q3)	0.35 / 0.56	0.3	86.67% (+0.26)
Feb 13, 2024	2023 (Q4)	0.40 / 0.51	0.59	-13.56% (-0.08)
May 08, 2024	2024 (Q1)	0.43 / 0.49	0.24	104.17% (+0.25)

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
Nov 04, 2024	$65.56	$61.43	-6.30%
Aug 06, 2024	$42.35	$42.34	-0.02%
May 08, 2024	$43.94	$42.49	-3.30%
Feb 13, 2024	$43.88	$41.74	-4.88%

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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