TPG Inc at Morgan Stanley Financials Conference Summary

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

Question: Michael Cyprys - Morgan Stanley - Analyst : Great. Well, look, you've been President at TPG since its inception and have led the health care investing practice. Can you talk a bit about how your role has evolved over the years, how you're allocating your time today. And as you reflect on the journey of TPG over the years, what lessons learned stand out as you've built a $250 billion leading alternative asset manager with global footprint?

Question: Michael Cyprys - Morgan Stanley - Analyst : Right. Maybe shifting gears over to the broader macro environment through the lens of your portfolio companies, curious to get your take on the state of gold the economy, health of the consumer path of inflation here just given some of the uncertainty and volatility and how your portfolio companies are performing today?

Question: Michael Cyprys - Morgan Stanley - Analyst : Great. Turning to capital markets. Can you talk about the pipeline and opportunity set that you see in the current backdrop, how volatility has impacted that big line of deals that were arguably slated to get done? How has that sort of transpired and how is it looking now in terms of the outlook for the remainder of the year?

Question: Michael Cyprys - Morgan Stanley - Analyst : So it sounds like a little bit of a differentiated sourcing funnel maybe versus others. But maybe along those lines, as you're thinking about this sort of backdrop, anything that stands out in terms of the most compelling areas for deploying capital leaning into over the next 12 months? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 4:15PM, TPG.OQ - TPG Inc at Morgan Stanley Financials Conference

Question: Michael Cyprys - Morgan Stanley - Analyst : Fair enough. Why don't we shift gears and talk about the exit backdrop? I think there's a lot of excitement coming into this year, but given some of the volatility, maybe expectations have tempered a little bit. So I guess how do you see the outlook for exit activity from here? And how much of the portfolio would you say is exit ready?

Question: Michael Cyprys - Morgan Stanley - Analyst : Were any of those second-quarter events like Viking?

Question: Michael Cyprys - Morgan Stanley - Analyst : Okay. And then those three on the horizon, that's --

Question: Michael Cyprys - Morgan Stanley - Analyst : Okay. Maybe turning to fundraising. We're seeing some headlines around some challenges around institutional asset owners potentially coming into the -- allocating to the asset class, whether it's endowments or China LPs. And then in the context, we still have the DPI challenges across the industry. So it seems like a little bit of a tougher backdrop for private equity fundraising. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 4:15PM, TPG.OQ - TPG Inc at Morgan Stanley Financials Conference You're in the market with several flagship funds. Maybe just talk a little bit about your expectations, timing around that magnitude pace of those campaigns in the context of what has been strong performance and strong KPIs from TPG?

Question: Michael Cyprys - Morgan Stanley - Analyst : Why don't we dig in a little bit on credit, a newer area for you guys at TPG post the Angelo Gordon acquisition. First-quarter fundraising was, I think, a little bit lighter, but you guys reiterated your expectations to raise more this year for AG Credit versus last year. So maybe just update us on the fundraising on the credit front, how the pipeline is shaping up and where you're seeing some of the most demand?

Question: Michael Cyprys - Morgan Stanley - Analyst : So you spoke to some of the benefits, the synergies of TPG coming together with Angelo Gordon. Have there been any sort of challenges that you've had to overcome as you brought two firms together kind of looking back, any sort of surprises or interesting learnings?

Question: Michael Cyprys - Morgan Stanley - Analyst : And with the AG deal under your belt, how are you thinking about M&A at this point? Where could it be most additive? And how are those conversations progressing?

Question: Michael Cyprys - Morgan Stanley - Analyst : Maybe just somewhat related to that theme around M&A. Just curious how the dialogue is progressing around strategic insurance relationships and how you're thinking about capital light, capital heavy or some middle ground of a hybrid in between?

Question: Michael Cyprys - Morgan Stanley - Analyst : Great. I'm afraid, Todd, to leave it there. Thank you very much,