TPG Boosts Fee Earnings as AUM Hits $326.8 Billion
Fee-related earnings grew 43% year-over-year to $315 million as the firm expanded its management fee base.
Fee-related revenues for TPG (TPG), the global alternative asset manager, increased 27% year-over-year to $628 million in the second quarter of 2026. The growth was primarily driven by an increase in management fees and capital markets fees, up from $495 million in the same period last year.
Fee-related earnings grew 43% year-over-year to $315 million. The firm expanded its fee-related earnings margin to 50%, compared with 44% in the second quarter of 2025.
Total assets under management rose 25% year-over-year to $326.8 billion. The increase followed $60.7 billion in capital raised, which partially offset $26.4 billion in realizations. Fee-earning assets under management increased 24% year-over-year to $181.0 billion, supported by $25.7 billion in fee-earning capital raised and $25.0 billion in deployment.
Performance-based metrics showed a divergence between accrued and realized gains. Net accrued performance increased from $1.188 billion in the first quarter of 2026 to $1.368 billion in the second quarter. Conversely, realized performance allocations, net, decreased to $35 million from $87 million in the second quarter of 2025.
After-tax distributable earnings rose to $280 million from $268 million a year ago, a move driven primarily by the growth in fee-related earnings. Net income attributable to TPG Inc. rose to $93 million from $15 million in the prior-year period, while the operating profit margin expanded to 17.4% from 3.3%.
Debt obligations increased to $2.34 billion at the end of the second quarter of 2026 from $1.72 billion at the end of the fourth quarter of 2025. The increase was primarily due to a $500 million senior notes offering conducted in the first quarter of 2026.