The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kenneth Worthington - JPMorgan Chase & Co - Analyst
: I wanted to maybe dig into the build-out of insurance. Can you talk about your view on balance sheet heavy versus balance sheet
light? I think the preference has generally been partnerships and balance sheet light. You called out a number of times you don't
want to be an insurance company. What would you want or need to see in something more balance sheet heavy that might change
your mind in terms of what could be a good fit for TPG.
Is it size? Is it price? Is it all the above? Is there some other nuance on mix that ultimately makes a different structure a good idea for
TPG?
Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst
: Maybe going back to Glenn's question around private equity. Obviously, very impressive on raising numbers with the first close here.
I was hoping you could help us think through how you might sort of think about the ultimate size of these funds now, I think, like
in the past, you talked about 40% to 50% typically comes in, in the first close of the 9 that you raised potentially puts you quite above,
I think, than certainly prior funds, but also maybe what we were thinking before.
And then also, Jack, maybe just kind of walk us through the P&L impact on management fees in the third quarter as you started to
earn management fees and lease funds and perhaps any step-down things we need to consider.
Question: Bill Katz - Cowen and Company LLC - Analyst
: Just you mentioned the sort of flywheel accelerating to the second half of the year and great to see the significant jump in AUM not
yet paying fees, -- how quickly do you think you can sort of deploy that $30 billion? And then the second part of the question is, I
think you mentioned a significantly high level of revenues on that. How much incremental margin might be against that incremental
revenue?
Question: Brian Bedell - Deutsche Bank AG - Analyst
: Great if I can squeeze in a 3-parter on the impact platform.
Question: Brian Bedell - Deutsche Bank AG - Analyst
: At least I'm telling you it's 3 before. All related, but just, I guess, the fundraising pipeline on the impact platform and the 3-quarter
is first RISE, looks like that's 70% invested. So commentary on the next vintage there. Secondly, the climate franchise, Rice Climate
on 80% invested. It looks like on your front tables.
And so if you can wrap together the -- I know there's a bundling of the Global South initiative with the last final close of Rise Climate
2 coming in. So just if you can update us on the timing of the incremental fund raise there. And then just three, just the Tangen
strategies to the impact platform by climate infrastructure, for example, expectations of that into '26.
Question: Kyle Voigt - Keefe Bruyette & Woods Inc - Analyst
: Maybe just a question on the 401(k) opportunity. So now that you're adding more breadth to your semi-liquid product suite, just
wondering how you're thinking about addressing the 401(k) opportunity if that market begins to potentially open up more to private
investments over time?
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