TPG closed 2025 with unprecedented fundraising and investment activity, raising more than $51 billion across its funds and deploying $52 billion into portfolio companies and credit instruments. This marks the highest annual totals in the firm’s history and reflects strong investor demand for its private equity, credit and real estate strategies. With total assets under management rising to over $300 billion by year-end, TPG’s global franchise demonstrated broad-based momentum across North America, Europe and Asia.

In the fourth quarter, TPG reported earnings per share of $0.71, topping consensus projections by 11%. Revenue for the period rose year-over-year by more than 8%, driven by realized gains on fund exits and fee income from continued fundraising. This compares with EPS of $0.62 in the same quarter a year earlier, underscoring both operating leverage in fee-bearing assets and realized value creation in portfolio exits during a volatile market environment.

As of December 31, 2025, TPG held approximately $72 billion of uncalled capital commitments (‘dry powder’), providing significant capacity to pursue new investments and follow-on financings. The firm’s debt-to-equity ratio remained near 2.2, in line with long-term targets, while free cash flow generation funded a quarterly dividend of $0.61 per Class A share. Management highlighted that this balanced approach—coupling disciplined deployment with shareholder distributions—positions TPG to capitalize on dislocations and sustain value creation.