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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-04321
TPG Inc.
(Exact name of registrant as specified in its charter)
Delaware87-2063362
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
301 Commerce Street, Suite 330076102
Fort Worth, TX (Zip Code)
(817) 871-4000
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stockTPGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerxSmaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x
As of August 4, 2022, there were 70,981,157 shares of the registrant’s Class A common stock, 8,258,901 shares of the registrant’s nonvoting Class A common stock and 229,652,641 shares of the registrant’s Class B common stock outstanding.


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Table of Content
Page
Item 1.
Unaudited Condensed Consolidated Financial Statements
Item 3.
Item 6.


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Cautionary Note Regarding Forward-Looking Statements
This report may contain forward-looking statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, estimated operational metrics, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding the expected growth, future capital expenditures, fund performance and debt service obligations, such as those contained in “Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including, but not limited to, those described in “Item 1A.—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the United States Securities and Exchange Commission (“SEC”) on March 29, 2022, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at https://www.sec.gov, and “Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this report. Any forward-looking statement made by us in this Quarterly Report on Form 10-Q speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Website and Social Media Disclosure
We use our website (https://www.tpg.com), Rise website (https://therisefund.com), Microsites (https://software.tpg.com, https://healthcare.tpg.com), LinkedIn (https://www.linkedin.com/company/tpg-capital), Twitter (https://twitter.com/tpg), Vimeo (https://vimeo.com/user52190696), Rise YouTube (https://www.youtube.com/channel/UCo8p2iF_I5p-2_MQlzedw/featured) and Rise Instagram (https://www.instagram.com/therisefund/?hl=en) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about TPG when you enroll your email address by visiting the “Email Alerts” section of our website at https://shareholders.tpg.com. The contents of our website, any alerts and social media channels are not, however, a part of this report.
TERMS USED IN THIS REPORT
As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, references to:
“TPG,” “the Company,” “we,” “our,” and “us,” or like terms, refer to TPG Inc. and its consolidated subsidiaries taken as a whole.
“Class A common stock” refers to Class A common stock of TPG Inc., which entitles the holder to one vote per share. When we use the term “Class A common stock” in this Quarterly Report on Form 10-Q, we are referring exclusively to such voting Class A common stock and not to “nonvoting Class A common stock.”
“Class B common stock” refers to Class B common stock of TPG Inc., which entitles the holder to ten votes per share until the Sunset (as defined in our certificate of incorporation) but carries no economic rights.
“Common Unit” refers to a common unit in each of the TPG Operating Group partnerships (or, depending on the context, a common unit in a TPG Operating Group partnership).
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“Excluded Assets” refers to the assets and economic entitlements transferred to RemainCo listed in Schedule A to the master contribution agreement entered into in connection with the Reorganization (as defined herein), which primarily include (i) minority interests in certain sponsors unaffiliated with TPG, (ii) the right to certain performance allocations in TPG funds, (iii) certain co-invest interests and (iv) cash.
“Founders” refers to David Bonderman and James G. (“Jim”) Coulter.
“nonvoting Class A common stock” refers to the nonvoting Class A common stock of TPG Inc., which has no voting rights and is convertible into shares of Class A common stock upon transfer to a third party as and when permitted by the Investor Rights Agreement.
“Pre-IPO Investors” refers to certain sovereign wealth funds, other institutional investors and certain other parties that entered into a strategic relationship with us prior to the Reorganization.
“Promote Unit” refers to a promote unit in each of the TPG Operating Group partnerships, which entitles the holder to certain distributions of performance allocations received by the TPG Operating Group (or, depending on the context, a promote unit in each TPG Operating Group partnership).
“Public SPACs” refers to Pace Holdings Corp., TPG Pace Holdings Corp., TPG Pace Tech Opportunities Corp., TPG Pace Beneficial Finance Corp., TPG Pace Energy Holdings Corp., TPG Pace Solutions Corp., TPG Pace Beneficial II Corp. and AfterNext HealthTech Acquisition Corp.
“RemainCo” refers to, collectively, Tarrant RemainCo I, L.P., a Delaware limited partnership, Tarrant RemainCo II, L.P., a Delaware limited partnership, and Tarrant RemainCo III, L.P., a Delaware limited partnership, which owns the Excluded Assets, and Tarrant Remain Co GP, LLC, a Delaware limited liability company serving as their general partner.
“Specified Company Assets” refers to TPG general partner entities from which holders of Common Units (including us) received an estimated 20% performance allocation after giving effect to the Reorganization.
“TPG general partner entities” refers to certain entities that (i) serve as the general partner of certain TPG funds and (ii) are, or historically were, consolidated by TPG Group Holdings.
“TPG Group Holdings” refers to TPG Group Holdings (SBS), L.P., a Delaware limited partnership that is considered our predecessor for accounting purposes and is a TPG Partner Vehicle and direct owner of certain Common Units and Class B common stock.
“TPG Operating Group” refers (i) for periods prior to giving effect to the Reorganization, to the TPG Operating Group partnerships and their respective consolidated subsidiaries and (ii) for periods beginning after giving effect to the Reorganization, (A) to the TPG Operating Group partnerships and their respective consolidated subsidiaries and (B) not to RemainCo.
“TPG Operating Group partnerships” refers to TPG Operating Group I, L.P., a Delaware limited partnership formerly named TPG Holdings I, L.P., TPG Operating Group II, L.P., a Delaware limited partnership formerly named TPG Holdings II, L.P., and TPG Operating Group III, L.P., a Delaware limited partnership formerly named TPG Holdings III, L.P.
“TPG Partner Holdings” refers to TPG Partner Holdings, L.P., a Delaware limited partnership, which is a TPG Partner Vehicle that indirectly owns substantially all of the economic interests of TPG Group Holdings, a TPG Partner Vehicle.
“TPG Partner Vehicles” refers to, collectively, the vehicles through which the Founders and current and former TPG partners (including such persons’ related entities and estate planning vehicles) hold their equity in the TPG Operating Group, including TPG Group Holdings and TPG Partner Holdings.
In addition, for definitions of “Gross IRR,” “Net IRR,” “Gross MoM” and related terms, see “Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Fund Performance Metrics.”
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
TPG Inc.
Condensed Consolidated Statements of Financial Condition (unaudited)
(dollars in thousands, except share data)
June 30, 2022December 31, 2021
Assets
Cash and cash equivalents$1,177,825 $972,729 
Restricted cash (1)
13,135 13,135 
Due from affiliates248,134 185,321 
Investments (includes assets pledged of $469,228 and $492,276 as of June 30, 2022 and December 31, 2021, respectively (1))
5,515,798 6,109,046 
Other assets622,791 657,317 
Assets of consolidated TPG Funds and Public SPACs (1):
Cash and cash equivalents7,431 5,371 
Assets held in Trust Accounts1,000,900 1,000,027 
Other assets1,069 19,067 
Total assets$8,587,083 $8,962,013 
Liabilities, Redeemable Equity and Equity
Liabilities
Accounts payable and accrued expenses$201,950 $134,351 
Due to affiliates187,423 826,999 
Secured borrowings, net (1)
245,105 244,950 
Senior unsecured term loan198,930 199,494 
Accrued performance allocation compensation3,412,415  
Other liabilities235,428 238,246 
Liabilities of consolidated TPG Funds and Public SPACs (1):
Derivative liabilities4,568 13,048 
Deferred underwriting35,000 35,000 
Other liabilities1,326 8,484 
Total liabilities4,522,145 1,700,572 
Commitments and contingencies (Note 12)
Redeemable equity attributable to consolidated Public SPACs (1)
1,000,900 1,000,027 
Equity
Class A common stock $0.001 par value, 2,340,000,000 shares authorized (79,240,058 and 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
79 — 
Class B common stock $0.001 par value, 750,000,000 shares authorized (229,652,641 and 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
230 — 
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
 — 
Additional paid-in-capital489,293 — 
Accumulated deficit(4,789)— 
Partners’ capital controlling interests— 1,606,593 
Other non-controlling interests2,579,225 4,654,821 
Total equity3,064,038 6,261,414 
Total liabilities, redeemable equity and equity$8,587,083 $8,962,013 
________________
(1)The Company’s consolidated total assets and liabilities as of June 30, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements.
See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Operations (unaudited)
(dollars in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues
Fees and other$289,955 $195,052 $562,960 $405,207 
Capital allocation-based (loss) income(398,237)1,986,011 439,468 2,980,589 
Total revenues(108,282)2,181,063 1,002,428 3,385,796 
Expenses
Compensation and benefits:
Cash-based compensation and benefits115,639 128,546 231,998 256,527 
Equity-based compensation145,140  331,051  
Performance allocation compensation(298,026) 225,112  
Total compensation and benefits(37,247)128,546 788,161 256,527 
General, administrative and other77,671 61,166 179,935 114,296 
Depreciation and amortization8,558 1,522 17,257 2,886 
Interest expense 4,731 4,026 9,369 7,947 
Expenses of consolidated TPG Funds and Public SPACs:
Interest expense 155  347 
Other457 3,305 1,980 11,363 
Total expenses54,170 198,720 996,702 393,366 
Investment income (loss)
Income (loss) from investments:
Net (losses) gains from investment activities(99,395)41,801 (92,752)114,205 
Interest, dividends and other 782 5,508 986 6,487 
Investment income of consolidated TPG Funds and Public SPACs:
Net gains from investment activities 14,675  7,059 
Unrealized gains on derivative liabilities of Public SPACs5,823 96,723 8,480 184,323 
Interest, dividends and other 843 1,073 969 2,061 
Total investment (loss) income(91,947)159,780 (82,317)314,135 
(Loss) income before income taxes(254,399)2,142,123 (76,591)3,306,565 
Income tax expense8,098 1,681 23,102 4,809 
Net (loss) income(262,497)2,140,442 (99,693)3,301,756 
Net income (loss) attributable to redeemable equity in Public SPACs prior to Reorganization and IPO 73,901 (517)137,459 
Net income attributable to non-controlling interests in consolidated TPG Funds prior to Reorganization and IPO 12,634  6,898 
Net income attributable to other non-controlling interests prior to Reorganization and IPO 1,162,989 966 1,752,300 
Net income attributable to TPG Group Holdings prior to Reorganization and IPO 890,918 5,256 1,405,099 
Net income attributable to redeemable equity in Public SPACs4,058 — 5,881 — 
Net loss attributable to non-controlling interests in TPG Operating Group(128,869)— (133,781)— 
Net loss attributable to other non-controlling interests(127,827)— (8,923)— 
Net (loss) income attributable to TPG Inc. subsequent to Reorganization and IPO$(9,859)$ $31,425 $— 
Net income per share data:
Net income available to Class A common stock per share
Basic$(0.15)$ $0.37 $ 
Diluted$(0.37)$ $(0.25)$ 
Weighted-average shares of Class A common stock outstanding
Basic79,240,05879,240,058
Diluted308,892,699308,892,699
See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Changes in Equity (unaudited)
(dollars in thousands, except share data)

Shares of TPG Inc.TPG Inc.
Partners' CapitalClass A Common StockClass B Common StockClass A Common Stock, at par valueClass B Common Stock, at par valueAdditional Paid-In CapitalRetained Earnings (Deficit)Total TPG Inc. EquityOther Non-Controlling InterestsTotal Partners' Capital/
Equity
Balance at March 31, 2022$ 79,070,565 229,652,641 $79 $230 $479,854 $41,257 $521,420 $2,903,865 $3,425,285 
Net income (loss) subsequent to Reorganization and IPO      (9,859)(9,859)(256,696)(266,555)
Shares issued for equity-based awards 169,493  0  1,088  1,088 (901)187 
Equity-based compensation subsequent to Reorganization and IPO     8,103  8,103 137,920 146,023 
Capital contributions subsequent to Reorganization and IPO        3,723 3,723 
Dividends/Distributions      (36,187)(36,187)(211,654)(247,841)
Change in redemption value of redeemable non-controlling interest subsequent to Reorganization and IPO     248  248 2,968 3,216 
Balance at June 30, 2022$ 79,240,058 229,652,641 $79 $230 $489,293 $(4,789)$484,813 $2,579,225 $3,064,038 



Shares of TPG Inc.TPG Inc.
Partners' CapitalClass A Common StockClass B Common StockClass A Common Stock, at par valueClass B Common Stock, at par valueAdditional Paid-In CapitalRetained Earnings (Deficit)Total TPG Inc. EquityOther Non-Controlling InterestsTotal Partners' Capital/
Equity
Balance at March 31, 2021$2,931,133 — — $— $— $— $— $— $2,804,235 $5,735,368 
Net income890,918        1,175,623 2,066,541 
Change in redemption value of redeemable non-controlling interest12,559        22,087 34,646 
Capital contributions        3,573 3,573 
Capital distributions(177,270)       (232,003)(409,273)
Balance at June 30, 2021$3,657,340 — — $— $— $— $— $— $3,773,515 $7,430,855 






See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Changes in Equity (unaudited)
(dollars in thousands, except share data)
Shares of TPG Inc.TPG Inc.
Partners' CapitalClass A Common StockClass B Common StockClass A Common Stock, at par valueClass B Common Stock, at par valueAdditional Paid-In CapitalRetained Earnings (Deficit)Total TPG Inc. EquityOther Non-Controlling InterestsTotal Partners' Capital/
Equity
Balance at December 31, 2021$1,606,593   $ $ $ $ $ $4,654,821 $6,261,414 
Net income prior to Reorganization and IPO5,256        966 6,222 
Change in redemption value of redeemable non-controlling interest prior to Reorganization and IPO(110)       (407)(517)
Effect of Reorganization and purchase of units in the Partnership(1,611,739)48,984,961 229,652,641 49 230 271,780 (27)272,032 1,341,603 1,896 
Issuance of common stock in IPO, net of underwriting discount and issuance costs 28,310,194  28  784,611  784,639 (25,426)759,213 
Purchase of Partnership Interests with IPO proceeds        (379,597)(379,597)
Issuance of common stock from Underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs 1,775,410  2  49,754  49,756  49,756 
Equity reallocation between controlling and non-controlling interests prior to Reorganization and IPO     (654,129) (654,129)654,129  
Acquisition of NewQuest     33,584  33,584 (33,584) 
Deferred tax effect resulting from purchase of Class A Units, net of amounts payable under Tax Receivable Agreement     (13,232) (13,232) (13,232)
Liability-based performance allocation compensation        (3,525,767)(3,525,767)
Net income (loss) subsequent to Reorganization and IPO      31,425 31,425 (142,704)(111,279)
Shares issued for equity-based awards 169,493  0  1,088  1,088 (901)187 
Equity-based compensation subsequent to Reorganization and IPO     15,730  15,730 320,755 336,485 
Capital contributions subsequent to Reorganization and IPO        3,723 3,723 
Dividends/Distributions      (36,187)(36,187)(293,999)(330,186)
Change in redemption value of redeemable non-controlling interest subsequent to Reorganization and IPO     107  107 5,613 5,720 
Balance at June 30, 2022$ 79,240,058 229,652,641 $79 $230 $489,293 $(4,789)$484,813 $2,579,225 $3,064,038 


See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Changes in Equity (unaudited)
(dollars in thousands, except share data)
Shares of TPG Inc.TPG Inc.
Partners' CapitalClass A Common StockClass B Common StockClass A Common Stock, at par valueClass B Common Stock, at par valueAdditional Paid-In CapitalRetained Earnings (Deficit)Total TPG Inc. EquityOther Non-Controlling InterestsTotal Partners' Capital/
Equity
Balance at December 31, 2020$2,460,868   $ $ $ $ $ $2,259,834 $4,720,702 
Net income1,405,099        1,759,198 3,164,297 
Change in redemption value of redeemable non-controlling interest36,173        62,019 98,192 
Capital contributions        4,655 4,655 
Capital distributions(244,800)       (312,191)(556,991)
Balance at June 30, 2021$3,657,340 — — $— $— $— $— $— $3,773,515 $7,430,855 
See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
Six Months Ended June 30,
20222021
Operating activities:
Net (loss) income$(99,693)$3,301,756 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation331,051  
Performance allocation compensation225,112  
Loss (gain) from investment activities92,752 (114,205)
Capital allocation-based income(439,468)(2,980,589)
Other non-cash activities30,990 10,295 
Net gains from investment activities of consolidated TPG Funds and Public SPACs(8,480)(191,381)
Changes in operating assets and liabilities:
Purchases of investments(43,473)(60,399)
Proceeds from investments1,014,541 546,088 
Due from affiliates(94,117)(43,345)
Other assets(26,854)1,853 
Accounts payable and accrued expenses89,544 145,864 
Due to affiliates(26,357)10,551 
Accrued performance allocation compensation(338,405) 
Other liabilities(11,423)(14,165)
Changes related to consolidated TPG Funds and Public SPACs:
Purchases of investments (135,569)
Proceeds from investments 143,738 
Cash and cash equivalents(2,060)(1,815)
Assets held in Trust Accounts(873)(685,024)
Other assets17,999 931 
Other liabilities(6,449)462 
Net cash provided by (used in) operating activities704,337 (64,954)
Investing activities:
Repayments of notes receivable from affiliates14,937 2,170 
Advances on notes receivable from affiliates(15,500)(8,930)
Purchases of fixed assets(2,145)(136)
Net cash used in investing activities(2,708)(6,896)
Financing activities:
Proceeds from issuance of common stock in IPO, net of underwriting and issuance costs770,865 — 
Proceeds from issuance of common stock from underwriters' exercise of over-allotment option, net of underwriting and issuance costs49,756 — 
Purchase of partnership interests with IPO proceeds(379,597)— 
Reorganization activities2,124 — 
Proceeds from subordinated credit facility30,000 — 
Repayments of subordinated credit facility(30,000)— 
Contributions from holders of other non-controlling interests3,723 4,115 
Distributions to holders of other non-controlling interests prior to Reorganization and IPO(318,942)(300,169)
Dividends/Distributions(269,180) 
Distributions to partners prior to Reorganization and IPO(355,282)(258,982)
See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
Six Months Ended June 30,
20222021
Changes related to TPG Funds and Public SPACs:
Proceeds from SPAC IPOs 685,000 
Payments of underwriting and offering costs (13,700)
Contributions from holders of non-controlling interests 540 
Distributions to holders of non-controlling interests (5,848)
Net cash (used in) provided by financing activities$(496,533)$110,956 
Net change in cash, cash equivalents and restricted cash$205,096 $39,106 
Cash, cash equivalents and restricted cash, beginning of period985,864 871,355 
Cash, cash equivalents and restricted cash, end of period$1,190,960 $910,461 
Supplemental disclosures of other cash flow information:
Cash paid for income taxes$32,850 $6,658 
Cash paid for interest6,550 7,334 
Supplemental disclosures of non-cash operating activities:
In-kind distributions of investments 29,335 
Proceeds receivable on sale of investments (2,482)
Investment in equity method investments (2,538)
Supplemental disclosures of non-cash investing and financing activities:
Accrued deferred underwriting and offering costs1,461