TPG Expects to Top $50 Billion Fundraising Goal as Fee-Related Earnings Jump 43%

TPG said Thursday it expects to beat its $50 billion fundraising target for 2026 after raising $15 billion in the third quarter, as fee-related earnings jumped 43% and assets under management climbed to $346 billion.

The alternative asset manager has raised nearly $42 billion so far this year, CEO Jon Winkelried said in the earnings release TPG filed with an 8-K on Thursday. He added that the firm has a record $86 billion of dry powder. TPG declared a quarterly dividend of 55 cents a share of Class A common stock, payable Nov. 23 to holders of record on Nov. 9.

Fees drive the quarter

Fee-related revenues rose 25% to $638 million, driven mainly by management fees, which increased to $572.9 million from $461.3 million a year earlier. Catch-up management fees totaled $62 million in the quarter, compared with $4 million a year earlier, according to the release.

Fee-related earnings increased 43% to $321 million from $225 million, and the fee-related earnings margin widened to 50% from 44%, which TPG attributed to management fees and its capital markets business. Transaction, monitoring and other fees rose to $54.7 million from $40.7 million.

After-tax distributable earnings rose 24% to $265 million, or 65 cents a share, from $214 million, or 53 cents a share, primarily driven by fee-related earnings growth. Realized performance allocations were much smaller, at $7 million compared with $30 million a year earlier.

On a GAAP basis, net income attributable to TPG Inc. was $100 million, or 41 cents a diluted share, compared with $67 million, or 20 cents a share. Total revenues were roughly flat at $1.22 billion as capital allocation-based income fell.

Assets keep growing

"Given the quality of our investment performance and the depth of our relationships, we expect to exceed our fundraising target of $50 billion this year," Winkelried said in the release.

Total assets under management rose 21% from a year earlier to $345.7 billion, helped by $57.8 billion of capital raised over the past 12 months, including $24.8 billion in the Credit platform. Fee-earning assets under management grew 16% to $189.5 billion. TPG invested $11.5 billion of capital in the quarter and realized $6.6 billion.

Net accrued performance allocations rose to about $1.5 billion from $1.37 billion at the end of the second quarter. The firm's Capital platform posted investment appreciation of 3.5% for the quarter, and Growth posted 2.7%.

Balance sheet

At the end of the quarter, TPG reported net debt of $2.2 billion and $1.75 billion of undrawn capacity on its senior unsecured revolving credit facility, for available liquidity of $1.9 billion. About 68% of its assets under management sat in long-dated funds with a duration of 10 or more years, and $58.3 billion was in perpetual funds.

By the numbers

• $321 million: fee-related earnings, up 43%
• 50%: fee-related earnings margin, up from 44%
• $265 million: after-tax distributable earnings, up 24%
• $346 billion: total assets under management, up 21%
• $0.55: quarterly dividend per Class A share

Sources

1. TPG Form 8-K with third-quarter 2026 earnings press release and presentation (Exhibits 99.1 and 99.2), filed Oct. 29, 2026 (accession 0001880661-26-000054)

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