TPG TPG (TPG) Q3 FY26 earnings call
A broad-based fundraising and franchise-scaling quarter whose weak spot is monetization economics: realizations were large but largely returned cost, so carry was accrued rather than realized. Management leans on a Q4/2027 realization pickup, long-term margin expansion into the 50s, and diversified capital formation, while flagging rate and AI-financing risks. The webcast suffered a technical glitch, so part of the CFO's prepared remarks is missing from the transcript.
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TPG operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call Sep 2026 Q3 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) TCAP | $4.7BTCAP ended the quarter with $4.7 billion of AUM, up 33% year-over-year.Source: earnings call transcript | — | $5.6BTCAP, our nontraded BDC saw gross inflows of $134 million in the third quarter bringing total AUM to $5.6 billion, more than 4x its size when we acquired Angelo Gordon 3 years ago.Source: earnings call transcript | — |
| 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 | $3.5BInflows across our T-POP strategy were approximately $400 million in the quarter, bringing total AUM to $3.5 billion at the end of September.Source: earnings call transcript | +20.7% |
| 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 | $190BFee-paying AUM grew 16% year-over-year and reached $190 billion at the end of the third quarter.Source: earnings call transcript | +5% |
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.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.