TPG Inc Q3 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Good morning, Jon, Jack. We also have a question on realizations, but aggregate realizations, not PRE. For the first time since you IPO-ed almost four years ago, it is once again raining IPO and M&A announcements. If this continues, can you help us frame the level of realization potential out of your PE and growth capital businesses over the next year? And the reason I'm asking TPG this is the last time we had this backdrop in 2021, TPG was arguably the most active in the industry of monetizing. And it sounds like your commentary today is constructive, but maybe not super bullish.

Question: Kenneth Worthington - JPMorgan Chase & Co - Analyst : Good morning. Thanks for taking the question. We're seeing far more concern about AI disrupting certain parts of the software technology and business services area. Two parts here. One, as you think about your investment portfolio, do you see any risks in the investment as that theme plays out? And then maybe hopefully, more interesting, how do you feel about being on the winning side of this technological shift either through Peppertree or elsewhere in your various business verticals? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 4:00PM, TPG.OQ - Q3 2025 TPG Inc Earnings Call

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Good morning. Thanks for the question. I wanted to spend a minute on credit. It feels like momentum in that business is finally starting to take off. We saw it with fundraising for the last couple of quarters, but it looks like deployment is also starting to catch up. So maybe spend a minute on how you see the growth evolving from here, where the incremental benefits on fundraising are coming from? And I think one of the items you highlighted also launch of new products when it comes to credit into 2026. And I was hoping you could expand on that as well. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 4:00PM, TPG.OQ - Q3 2025 TPG Inc Earnings Call

Question: Brian Bedell - Deutsche Bank AG - Analyst : Great. Thanks. Thanks for taking my question. Maybe just to go back to your comments on fundraising outlook. Great to see the really strong momentum here. I think, Jack, you mentioned '26, you obviously expect to be a robust year similar to '25. Just in terms of the new funds that you're bringing to market, just wanted to -- it seems like '26 should be even stronger than '25. I just wanted to make sure if I understand that correctly. And the reason I'm asking is because I think you've got Asia coming. Real estate, obviously, is a large stem function of Rise IV is coming to the market. You still have capital in the market and then probably continued growth in credit and wealth. So I just wanted to understand if that's the case. And if I could just throw in a question on the deployment and the transition infrastructure fund with Kinetic. Is that continuing to increase that deployment capability in terms of how you're seeing that form for fundraising for the Rise Climate segment of funds?

Question: Michael Cyprys - Morgan Stanley - Analyst : Good morning. Thanks for taking my question. I wanted to ask about M&A. You guys have done a number of inorganic transactions already over the last couple of years. So just curious, as you look at the platform today, what's left to fill in to accelerate one scale or presence? Where might inorganic activity be helpful? I'm just curious what you're seeing on that front. And how do the recent transactions inform your approach as you look forward?

Question: William Katz - TD Cowen - Analyst : Great. Thank you very much for taking the question. I appreciate all the guidance and discussion so far. Maybe just two areas of growth seems still being the wealth and the capital markets areas. So I wondering if you can maybe update us on maybe where you see the incremental spend. And then on the wealth side, in particular, just sort of curious, you mentioned a number of times, new products, new geographies, maybe unpack that a little bit in terms of where you see the greatest opportunity in the near term. Thank you.