TPG Inc at Goldman Sachs U.S. Financial Services Conference Transcript

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

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : And we've got a new background, too. So there you go. So I wanted to start with a bit of a macro question and just talk about the new administration and what that means for capital markets. TPG is obviously already seen a pretty steady pickup in activity already. But have you seen any increase in just the conversation deal flow really since the election because you guys have already been in a pretty interesting and good trajectory, but how have they changed at all since November -- and what does it mean for capital deployment and monetization activity into '25?

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : Yes. All right. Sounds good. So as you think about the path of monetization and just the activity in the space picking up, let's shift gears and talk about fundraising a little bit. You guys had a very active year in 2024, raising over $21 billion through the first three quarters with lots of momentum heading into next year. I think on the last call, Jack, and you both talked about being in the market with something like 25 strategies, including some of your larger flagship funds as well. As you kind of gear up for that, what kind of conversations are you having with LPs, how is that shaking up? What's the appetite and the sentiment on their side of the ledger? And what does that ultimately mean for your fundraising goals for 2025?

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : Just broadening out. But to your point, it sounds like more bifurcated. So let's zone in a few specific platforms within TPG. Starting with the impact franchise. It's an important growth driver for you guys. TPG is on track to raise, I think, $10 billion between your next Rise Climate Fund and Global Southwest initiative as well. You're off to a good start with new Climate Infra. Also I think you talked about a $2 billion in commitments already. How do you expect the impact for inches to evolve from here, including potential adjacencies, adjacent strategies there, but also timing of your next kind of broader rise impact private equity fund? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 10, 2024 / 6:40PM, TPG.OQ - TPG Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : Yes, exactly. Just given the pace of deployment and activity saying in the space. Curious if you had any thoughts on the timing for the next broader kind of Rise impact private equity fund.

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : Got you. Okay. Staying with this topic for a second, but maybe flipping to potential risks given the current environment. One of the topics that's come up is that the incumbent administration potentially could drive some changes to the inflation Reduction Act. You and many of your peers previously talked about as being a pretty big tailwind to the business. I guess, how could potential changes impact both client demand as well as the investments that are already in the ground and how you're managing through that, understanding that nobody has a crystal ball, but I'm curious how you think about it.

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : Got you. That's helpful. Let's shift gears a little bit. I want to spend a couple of minutes on Angela Gordon and the progress you guys are making there. It sounds like the deal has gone quite well so far. Talk to us a little bit about the opportunities on the revenue synergies into next year, both either on the product creation side or distribution. And then within that, let's just double click into credit. It's been obviously very important part of the story for you guys, a big reason why you decided to do the deal. The management fee growth there has been relatively muted over the last couple of years. So how do you think about a couple of quarters rather? How do you think about that accelerating into next year?

Question: Alexander Blostein - The Goldman Sachs Group, Inc. - Analyst : Got you. All right. Well, we've got a couple of minutes left. And I did want to touch on insurance as one of the important topics we'll try to squeeze that into two minutes here. So an important part of the thesis for you guys when you acquired Angelo Gordon, credit is obviously incremental and very instrumental part, I guess, of the insurance thesis for a lot of folks. Can you update us on the strategy there, especially any potential partnerships you're considering? How important is control in these discussions? And how do you weigh sort of the risk of impact on the stock valuation versus owning a higher control liabilities that could take more than a minute and a half as price.