On January 7, 2026, Wolfe Research upgraded TPG’s rating from Market Perform to Outperform and raised its 12-month target to $80, reflecting confidence in the firm’s growing fee-earning base and strategic initiatives. The research note cited TPG’s expanding credit capabilities and differentiated asset mix as key drivers, projecting a 20% total return potential. Wolfe highlighted TPG’s fee related earnings growth of 25% year-over-year through 2025, driven by strong fundraising momentum across private equity, credit and real assets strategies.

TPG entered into a multi-year investment management agreement with Jackson Financial to deploy at least $12 billion of insurance-focused credit capital, with a commitment that could scale up to $20 billion as program assets grow. As part of the pact, TPG will make a $500 million minority investment in Jackson in exchange for a 6.5% equity stake, aligning interests and unlocking cross-distribution opportunities for annuity and spread-based products. CEO Jon Winkelried stated this collaboration will extend the duration of TPG’s liability-driven capital sources and accelerate its ambition to become a top-tier manager for global insurance clients.

TPG Credit is on track to report roughly $20 billion in capital raised for the full year 2025, marking a 60% increase versus 2024. This fundraising surge reflects strong institutional demand for investment-grade asset-based credit and direct lending strategies. The firm’s growing scale in private credit—now managing nearly $40 billion across flagship funds—has driven fee related earnings up by an estimated 30% in the first nine months of the fiscal year, underpinning TPG’s confidence in sustaining double-digit earnings growth through 2026.