$TPG · TPG Inc.
TPG Inc. filed its Q3 2026 10-Q, reporting total revenues of $1.221B (flat YoY) with fee-related revenue up 19.5% to $712.7M and capital allocation-based income down 18.9% to $508.4M. Net income attributable to TPG Inc. was $99.6M ($0.41 diluted EPS), up from $67.1M ($0.20 diluted EPS) a year ago. Total assets grew to $14.68B from $13.49B at year-end 2025, with investments on the balance sheet reaching $10.28B.
- Fee-related revenue grew 19.5% YoY to $712.7M, driven by management fees and transaction fees.
- Capital allocation-based income fell 18.9% YoY to $508.4M, reflecting lower performance allocations.
- Net income attributable to TPG Inc. rose 48.4% YoY to $99.6M ($0.41 diluted EPS vs. $0.20).
- Investment income swung to $136.6M from $35.9M, boosted by $121.0M in net gains from investment activities.
- Total AUM-linked assets: investments on balance sheet reached $10.3B, up from $9.2B at year-end 2025.
Extended-hours trading shows minimal movement (+0.01% vs filing-time price), suggesting the mixed results — strong fee growth offset by declining carry — were largely anticipated or are being digested on an $18.55B market cap.
The 48% net income jump masks a sharp divergence: fee-related earnings are accelerating while performance income is contracting — a tension that defines the alternative manager model right now.
TPG's results mirror the broader alternative-asset manager trend of fee-related earnings growth offset by lumpy performance income. The Jackson Financial strategic relationship adds an insurance-channel dimension similar to Apollo/Athene and KKR/Global Atlantic.
Capital allocation-based income is inherently volatile and fell 18.9% YoY; a sustained decline in performance allocations would pressure earnings. The Jackson Financial investment ($613.6M fair value) introduces mark-to-market exposure.