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 - Goldman Sachs Group Inc - Analyst : So let's start with 2026 and just thinking about some of the priorities for you guys. Since becoming a public company really just a few years ago, TPG has really evolved quite a bit, both organically and inorganically. As you look out, what does the business look like over the next three years? And what are some of the main priorities and guideposts really for you and your team in '26 to get you to where the vision is a few years from now?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. Great. Well, look, as you said, lots going on. So I was hoping to zone in on a couple of fundraising themes because you guys have been in the market over the course of this year. To your point raising capital across predominantly your larger private equity strategies, and that's obviously been an area where there's probably been relatively more concerns when it comes to what does the future private markets sort of look like here. But also, you feel free to expand that a little bit more broadly, right? When you're out on the road, you're meeting with LPs, what are some of the bigger themes that investors are trying to lean into in terms of their asset allocation trends? And how are you positioning TPG to execute against these themes?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. Look, the comments you just made about real estate are certainly encouraging. We heard it from a couple of people as well. And yes, I mean, that is the part of the market that's been really dormant for the last almost three years. So it will be great to see. As you're thinking about that opportunity for TPG, and I totally hear you on actually avoiding a lot of the problem areas within real estate, which should be helpful for the fundraise. How are you thinking about sizing the next flagship real estate funds, especially taking into account some of the feedback you're kind of starting to hear from the LPs. Could we be in a similar situation as private equity, where some of the LPs will just allocate more with you guys and there is a room to sort of grow same-store sales and therefore, get these funds to be a larger size despite some of the tightness in the market still? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:00PM, TPG.OQ - TPG Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. No, that's great to see a diversification there as well for short. All right. Let's put it back to private equity for a couple of minutes. The industry broadly obviously struggled with DPI. We've heard about that at length for the last couple of years. TPG will clearly stand out there. And you've mentioned that a couple of times, both in terms of the IRRs and DPI metric across the private equity portfolio. Talk to us a little bit about the health of the investment portfolio today, across capital, Asia, growth and perhaps impact as well. There are definitely question marks around parts of the growth of your sectors and AI-related disruption that, that could create. Does that hit any -- check any other boxes for you guys? Is that a concern at all? And then leading into or really piggybacking on that, talk to us about monetization outlook as well because, presumably healthy portfolio companies are a little bit more ready to be exited as well.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. More of that bifurcation and the dispersion of returns that we talked about earlier. That makes sense. Okay. Let's pivot to credit for a couple of minutes. It's been a really great story for you guys in terms of fundraising. I remember when you announced Angelo Gordon, one of the things you said in the beginning, like, look, we're going to be able to make a lot of introductions to our LP base to their investment capabilities to really accelerate that. And it's really nice to see that come through over the last kind of 12 to 18 months. It took a little bit longer for that to actually show up in the results because deployment of that sort of dry powder was taking a bit longer. But it finally feels like we're here. So if I look at your results in the last couple of quarters, pretty meaningful pickup in that deployment picture as well. So talk a little bit about both fundraising credit and opportunities to deploy over the next 12 to 18 months?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : That's right. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:00PM, TPG.OQ - TPG Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : That's great. You mentioned insurance. I'm going to jump around a little bit. And I think it's interesting that for TPG, I think on the last call, you talked about 25% to 30% of credit fundraising came from the insurance channel. And to me, the observation is it's about actually the same as what you find with a lot of the alt managers that have a captive insurance relationship, whether it's Apollo, Care Health and some of the others in the world, right? So you guys are kind of doing that without having the explicit ownership of the insurance liabilities. I know you get asked on every earnings call. When are you going to buy an insurance company? And obviously, you guys have not done that. You were pretty thoughtful about the approach you've taken to that whole ecosystem. How important is it to ultimately own or have some sort of economic relationship with an insurance company, given that you guys seem to be doing just fine, raising capital the way you are? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:00PM, TPG.OQ - TPG Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. Great. Look, another important channel for the whole space, obviously, has been the wealth market. By our numbers, that space is growing at like 30%, 40% management fees a year. Super critical to you guys, very important for the space as well. You guys are off to a really good start there with TPOP, your private equity vehicle. I think it's a little bit over $1 billion raised in the first seven months or so. TCAP, you mentioned as well, getting traction nicely. Maybe give us a bit of a mark-to-market and kind of how widely these products are offered today. I think you guys were kind of patient and thoughtful about rolling it out not to the entire world, but kind of go and graduate from a capacity perspective. And ultimately, what do you envision the product lineup for TPG and wealth look like over the next few years?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. Well, and especially at this point in the market cycle, it was great, hopefully. So that helps. Yeah. Great. Well, look, we can keep having this conversation, unfortunately we're out of time. So Jon, thank you so much. Great insights.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Always great having you here. Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 6:00PM, TPG.OQ - TPG Inc at Goldman Sachs U.S. Financial Services Conference