$TPG · TPG Inc.
TPG Inc. reported Q3 2026 results via 8-K, with GAAP revenue of $1.224 billion and net income attributable to TPG Inc. of $100 million. Non-GAAP Fee-Related Earnings surged 43% YoY to $321 million on FRE margin of 50%. AUM reached $346 billion with $15.2 billion raised in the quarter, and the CEO raised the full-year fundraising outlook above the prior $50 billion target.
- Fee-Related Earnings (FRE) rose 43% YoY to $321 million in Q3 2026, with FRE margin expanding to 50% from 44%.
- Total AUM reached $346 billion, up 21% over the last twelve months; Fee-Earning AUM hit $190 billion, up 16%.
- Net income attributable to TPG Inc. was $100 million ($0.45/share basic), up from $67 million ($0.33/share) in Q3 2025.
- Capital raised was $15.2 billion in Q3 and $41.6 billion YTD; CEO expects to exceed the $50 billion full-year fundraising target.
- Record dry powder of $86 billion; quarterly dividend declared at $0.55 per share, payable November 23, 2026.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
TPG delivered broad-based operating momentum with FRE margin expansion to 50%, record AUM, and an upward-revised fundraising target — a strong signal for the alt-manager earnings cycle.
TPG's 50% FRE margin and 21% AUM growth outpace many mid-tier alt managers, though the $346B AUM base still trails mega-cap peers like Blackstone and KKR.
Realized performance allocations, net fell sharply to $7 million in Q3 2026 from $30 million in Q3 2025, signaling lumpy carry realization that could pressure future distributable earnings.