TPG TPG (TPG) Q2 FY26 earnings call
TPG delivered robust Q2 FY26 results, marked by significant fee-related earnings growth and strong capital raising momentum, positioning the firm to exceed its full-year fundraising target. The firm is actively integrating AI into its investment strategy and expanding its private wealth channel, despite broader market volatility impacting transaction fees and realizations. Management anticipates continued management fee growth and an acceleration in realizations in the latter half of the year and into 2027.
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TPG operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Assets under management (AUM) | $306BOur after-tax distributable earnings per share grew 46% compared to the first quarter of last year, and total AUM grew 22% to $306 billion.Source: earnings call transcript | $327BWe ended the quarter with $327 billion of total assets under management up 25% year-over-year and have continued to set new records for capital raising and deployment on an LTM basis, which I'll highlight now.Source: earnings call transcript | +6.9% |
| Assets under management (AUM) TPOP | $2.1BAcross the TPOP strategy, monthly subscriptions increased throughout the first quarter, driving $545 million of inflows and bringing total AUM to $2.1 billion at the end of March, just 10 months after our initial launch.Source: earnings call transcript | $2.9BInflows across the T-POP strategy were approximately $450 million in the quarter, bringing total AUM to $2.9 billion at the end of June.Source: earnings call transcript | +38.1% |
| Assets under management (AUM) Fee-earning | $175BOur fee-earning AUM grew 23% to $175 billion at the end of March.Source: earnings call transcript | $181BFee-earning AUM increased 24% year-over-year to $181 billion.Source: earnings call transcript | +3.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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