The following is a summary of the TPG Inc. (TPG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TPG Inc. reported GAAP net income of $16 million and after-tax distributable earnings of $181 million or $0.49 per share of Class A common stock.

• The company declared a dividend of $0.41 per share of Class A common stock and saw a 70% YoY growth in fee-related revenue to $451 million, primarily due to the acquisition of Angelo Gordon.

• TPG's portfolio had a revenue growth of 19% over the last 12 months, and the credit portfolio appreciated 3% in Q1 2024 and 15% YoY.

• The real estate portfolio appreciated around 4% in Q1 and 1% YoY.

• TPG raised $4.7 billion during Q1, around $2.1 billion of which was for TPG AG credit.

Business Progress:

• TPG had significant momentum in early 2024, growing into areas such as GP-led secondaries and real estate credit, and increasing its employee base by over 60%.

• The firm is investing heavily in Asia and India, with 40% of capital deployed in Asia in the past five years going towards India.

• The company took Viking Cruises public in a $1.8 billion offering, the largest U.S. IPO this year.

• TPG is focused on expanding into the retail investors market with the launch of semi-liquid funds, starting with private equity.

• TPG plans to grow the total private equity and infrastructure capital raised in 2024 and expects fundraising for TPG AG credit to exceed $10 billion, more than double the capital raised last year.

• TPG is scaling their existing businesses and investing in several growth initiatives to build shareholder value over time.

• Future plans also include expanding the capability of capital markets across sectors like climate and climate infrastructure and ramping up the distribution of private wealth strategies.

More details: TPG Inc IR

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