TPG Inc at Barclays Global Financial Services Conference Transcript

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

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Maybe just to jump in some background on TPG. The company was founded in 1992, but it was one of the more recent IPOs and one of the alternatives asset managers. So maybe for those less familiar with the story, can you give a brief overview of the company? What differentiates TPG from a strategic and cultural standpoint?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Maybe I'll touch one more high-level question before we dig into some of the businesses. Maybe just to set the stage, talk a little bit about what you're seeing in the current market environment. On the August call, you said it seems like we're in a period of new higher volatility, more imminent rate cuts, heightened geopolitical risk. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2024 / 4:00PM, TPG.OQ - TPG Inc at Barclays Global Financial Services Conference How is this going to impact the economy, the business, the companies into which you invested realization outlook, I mean there's a lot there, but the high level of what's happening in the world question?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Jumping to private equity a little bit, maybe another high-level question. How are LPs thinking about private DCs given more mature allocations. And when you're thinking about where we are versus the last few years and have lower levels of DPI impacted the ability to raise here?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : And given -- speaking about liquidity exits monetization, just given the industry-specific focus areas you have around technology, healthcare, are there any nuances investors seem to be aware of as we're thinking through modeling what the next year looks like? And anything in particular for TPG to keep in mind.

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Monetization.

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Great. So on TPG umbrella, your Impact strategy is one of the newest I think it's about seven years old. Can you high level talk a bit about what your goals are for this business? And then maybe us given the changes in sentiment around ESG, at least on the public side, how is investor appetite evolved over the last few years? And how does the LP base compare to like the legacy base across capital and growth?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : And maybe one of the high-level side that equity question then we'll move in to credit and Angelo Gordon. How do you think about new opportunities in organic growth? It seems like a lot of your growth comes from horizontal expansion rather than fund over fund growth have a lot of new strategies, tech adjacencies and healthcare partners. So what do you see as the benefits of this approach? And how do you think about organic growth in private equity at a high level?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : That's a great segue to the next questions on Angelo Gordon. So maybe you talked about the opportunities there. Maybe remind us of the strategic rationale and perhaps you were leading there anyway. But what do you see as the benefits to the business? How is the integration going? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2024 / 4:00PM, TPG.OQ - TPG Inc at Barclays Global Financial Services Conference

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Great. One of the areas of overlap or limited overlaps and talked about what the LP base. In terms of the synergies that have been identified with the acquisition, I think that was one of the bigger ones. What are you seeing in terms of cross-selling efforts playing out -- it's a pretty consistent theme we've heard about the GP consolidation among LPs. So it seems like it's an opportunity for you, but what are you seeing since the acquisition is closed?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : I want to ask you a little bit about the deployment environment for private credit. But maybe just given the time we have roll into one and ask you the same on the real estate side, given Angelo Gordon did also mean scale your real estate business. So I would love to hear your thoughts on both, but private credit different -- but your near-term outlook on deployment for the two different

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Great. Well, let me squeeze in one question here on the private wealth channel. One of the other biggest topics for the alternatives asset managers. So I think you guys have talked about launching a semi-liquid private equity vehicle next year. How do you think about differentiating -- differentiation here given it's becoming a bit more crowded? And what are your longer-term ambitions with products?

Question: Benjamin Budish - Barclays Capital Inc - Analyst : Great. Well, we're out of time there, but Todd, what a pleasure. Thanks so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2024 / 4:00PM, TPG.OQ - TPG Inc at Barclays Global Financial Services Conference