TPG Expects to Exceed $50 Billion Fundraising Target

The Tip Desk · October 31, 2026 · 3 min read

Fee-related earnings reached $321 million in the third quarter, up 43% from a year earlier, as the firm said it expects to exceed a $50 billion annual fundraising target.

TPG Inc. (TPG), a global alternative asset manager, reported fee-related earnings of $321 million for the third quarter ended September 30, 2026, up 43% from $225 million a year earlier, as management fees and the capital-markets franchise lifted the fee engine even as total revenue held near the prior-year level.

Fee-related revenues were $638 million, 25% higher than $509 million in the year-ago quarter, with management fees of $573 million versus $461 million. The company said the fee-related revenue increase was driven primarily by management fees. FRE margin expanded to 50% from 44%. After-tax distributable earnings were $265 million, 24% above $214 million a year earlier, which the company attributed primarily to FRE growth.

GAAP results moved in the same direction. Net income attributable to TPG Inc. was $100 million, or $0.41 a share diluted, compared with $67 million, or $0.20 a share diluted, a year earlier. Consolidated net income was $264 million versus $199 million. Operating profit margin, defined as net income divided by total revenue, was 21.6% versus 16.3%.

Total revenues were $1.22 billion, essentially unchanged from $1.22 billion a year earlier. Fees and other of $713 million offset a decline in capital allocation-based income to $508 million from $627 million. Realized performance allocations, net, were $7 million versus $30 million a year earlier.

Chief Executive Officer Jon Winkelried said the firm delivered an exceptional third quarter and, given investment performance and client relationships, expects to exceed its $50 billion fundraising target for the year, with $15 billion raised in the quarter and nearly $42 billion year-to-date. Available capital rose to $85.6 billion from $76.2 billion in the second quarter.

Assets under management were $345.7 billion, up 21% from $286.4 billion a year earlier. Fee-earning AUM was $189.5 billion, up 16% from $163.0 billion a year earlier. The company said AUM growth was driven primarily by $57.8 billion of capital raised, including $24.8 billion in Credit and $9.3 billion in Capital, partially offset by $25.2 billion of realizations. FAUM growth was driven primarily by $24.9 billion of deployment, including $16.7 billion in Credit, and $19.3 billion of fee-earning capital raised, including $6.5 billion in Capital and $4.3 billion in Impact; realizations were $12.5 billion. Capital invested was $11.5 billion and realizations $6.6 billion in the quarter.

Net accrued performance allocations were $1.5 billion. At quarter-end, long-dated funds with a duration of 10 or more years totaled $236.5 billion, or 68% of AUM, and $58.3 billion, or 17%, was in perpetual funds. AUM subject to fee-earning growth totaled $53.8 billion, or 28% of FAUM, with an estimated $330 million annual fee-related revenue opportunity.

Cash and cash equivalents were $0.8 billion. Debt obligations were $2.3 billion, including a $500 million senior notes offering in the first quarter. Investments were $10.3 billion at quarter-end, up $1.1 billion from $9.2 billion at the end of the fourth quarter of 2025, which the company said was primarily due to appreciation in accrued performance allocations.

TPG declared a quarterly dividend of $0.55 a share of Class A common stock, down from $0.59 a share in the prior two quarters, payable November 23, 2026. Winkelried said the firm had a record $86 billion of dry powder and an increasingly attractive opportunity set.