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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 September 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 November 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.


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


2

Table of Contents
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 filing of our amended and restated certificate of incorporation, 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-Wr2_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 Remain Co I, L.P., a Delaware limited partnership, Tarrant Remain Co II, L.P., a Delaware limited partnership, and Tarrant Remain Co 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)
September 30, 2022December 31, 2021
Assets
Cash and cash equivalents$1,052,612 $972,729 
Restricted cash (1)
13,172 13,135 
Due from affiliates178,917 185,321 
Investments (includes assets pledged of $481,863 and $492,276 as of September 30, 2022 and December 31, 2021, respectively (1))
5,725,828 6,109,046 
Other assets615,736 657,317 
Assets of consolidated TPG Funds and Public SPACs (1):
Cash and cash equivalents6,282 5,371 
Assets held in Trust Accounts1,003,449 1,000,027 
Other assets727 19,067 
Total assets$8,596,723 $8,962,013 
Liabilities, Redeemable Equity and Equity
Liabilities
Accounts payable and accrued expenses$225,263 $134,351 
Due to affiliates178,305 826,999 
Secured borrowings, net (1)
245,182 244,950 
Senior unsecured term loan199,216 199,494 
Accrued performance allocation compensation3,369,182  
Other liabilities234,818 238,246 
Liabilities of consolidated TPG Funds and Public SPACs (1):
Current redeemable equity352,015  
Derivative liabilities1,333 13,048 
Deferred underwriting22,750 35,000 
Other liabilities623 8,484 
Total liabilities4,828,687 1,700,572 
Commitments and contingencies (Note 12)
Redeemable equity attributable to consolidated Public SPACs (1)
651,434 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 September 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 September 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 September 30, 2022 and December 31, 2021, respectively)
 — 
Additional paid-in-capital498,712 — 
Retained earnings459 — 
Partners’ capital controlling interests— 1,606,593 
Other non-controlling interests2,617,122 4,654,821 
Total equity3,116,602 6,261,414 
Total liabilities, redeemable equity and equity$8,596,723 $8,962,013 
________________
(1)The Company’s consolidated total assets and liabilities as of September 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 Notes 2, 7 and 10 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
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenues
Fees and other$333,496 $279,908 $896,456 $685,115 
Capital allocation-based income227,628 231,356 667,096 3,211,945 
Total revenues561,124 511,264 1,563,552 3,897,060 
Expenses
Compensation and benefits:
Cash-based compensation and benefits116,753 136,139 348,751 392,666 
Equity-based compensation143,149  474,200  
Performance allocation compensation149,495  374,607  
Total compensation and benefits409,397 136,139 1,197,558 392,666 
General, administrative and other95,533 68,634 275,468 182,930 
Depreciation and amortization7,372 2,251 24,629 5,137 
Interest expense 5,737 4,371 15,106 12,318 
Expenses of consolidated TPG Funds and Public SPACs:
Interest expense 226  573 
Other567 12,556 2,547 23,919 
Total expenses518,606 224,177 1,515,308 617,543 
Investment income (loss)
Income (loss) from investments:
Net gains (losses) from investment activities1,907 224,141 (90,845)338,346 
Interest, dividends and other 2,407 472 3,393 6,959 
Investment income of consolidated TPG Funds and Public SPACs:
Net gains from investment activities 1,949  9,008 
Unrealized gains on derivative liabilities of Public SPACs3,235 7,205 11,715 191,528 
Interest, dividends and other 3,571 910 4,540 2,971 
Total investment income (loss)11,120 234,677 (71,197)548,812 
Income (loss) before income taxes53,638 521,764 (22,953)3,828,329 
Income tax expense432 1,281 23,534 6,090 
Net income (loss)53,206 520,483 (46,487)3,822,239 
Net (loss) income attributable to redeemable equity in Public SPACs prior to Reorganization and IPO (4,250)(517)133,209 
Net income attributable to non-controlling interests in consolidated TPG Funds prior to Reorganization and IPO 1,293  8,191 
Net income attributable to other non-controlling interests prior to Reorganization and IPO 228,646 966 1,980,946 
Net income attributable to TPG Group Holdings prior to Reorganization and IPO 294,794 5,256 1,699,893 
Net income attributable to redeemable equity in Public SPACs7,322 — 13,203 — 
Net loss attributable to non-controlling interests in TPG Operating Group(6,898)— (140,679)— 
Net income attributable to other non-controlling interests15,422 — 6,499 — 
Net income attributable to TPG Inc. subsequent to Reorganization and IPO$37,360 $ $68,785 $— 
Net income (loss) per share data:
Net income (loss) available to Class A common stock per share
Basic$0.44 $ $0.82 $ 
Diluted$0.09 $ $(0.16)$ 
Weighted-average shares of Class A common stock outstanding
Basic79,266,82279,249,528
Diluted308,919,463308,902,169
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 June 30, 2022$ 79,240,058 229,652,641 $79 $230 $489,293 $(4,789)$484,813 $2,579,225 $3,064,038 
Net income subsequent to Reorganization and IPO      37,360 37,360 8,524 45,884 
Shares issued for equity-based awards   0       
Equity-based compensation subsequent to Reorganization and IPO     8,160  8,160 135,999 144,159 
Capital contributions subsequent to Reorganization and IPO        5,741 5,741 
Dividends/Distributions      (32,112)(32,112)(128,131)(160,243)
Change in redemption value of redeemable non-controlling interest subsequent to Reorganization and IPO     1,259  1,259 15,764 17,023 
Balance at September 30, 2022$ 79,240,058 229,652,641 $79 $230 $498,712 $459 $499,480 $2,617,122 $3,116,602 



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 June 30, 2021$3,657,340 — — $— $— $— $— $— $3,773,515 $7,430,855 
Net income294,794        229,939 524,733 
Change in redemption value of redeemable non-controlling interest(10,853)       (20,806)(31,659)
Capital contributions        24,083 24,083 
Capital distributions(463,870)       (545,791)(1,009,661)
Deconsolidation of previously consolidated entities29,309        49,562 78,871 
Acquisition of NewQuest—        301,189 301,189 
Balance at September 30, 2021$3,506,720 — — $— $— $— $— $— $3,811,691 $7,318,411 




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 $6,261,414 
Net income prior to Reorganization and IPO5,256        966 6,222 
Change in redemption value of redeemable non-controlling interest prior to Reorganization and IPO(110)       (407)(517)
Effect of Reorganization and purchase of units in the Partnership(1,611,739)48,984,961 229,652,641 49 230 271,780 (27)272,032 1,341,603 1,896 
Issuance of common stock in IPO, net of underwriting discount and issuance costs 28,310,194  28  784,611  784,639 (25,426)759,213 
Purchase of Partnership Interests with IPO proceeds        (379,597)(379,597)
Issuance of common stock from Underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs 1,775,410  2  49,754  49,756  49,756 
Equity reallocation between controlling and non-controlling interests prior to Reorganization and IPO     (654,129) (654,129)654,129  
Acquisition of NewQuest     33,584  33,584 (33,584) 
Deferred tax effect resulting from purchase of Class A Units, net of amounts payable under Tax Receivable Agreement     (13,232) (13,232) (13,232)
Liability-based performance allocation compensation        (3,525,767)(3,525,767)
Net income (loss) subsequent to Reorganization and IPO      68,785 68,785 (134,180)(65,395)
Shares issued for equity-based awards 169,493  0  1,088  1,088 (901)187 
Equity-based compensation subsequent to Reorganization and IPO     23,891  23,891 456,753 480,644 
Capital contributions subsequent to Reorganization and IPO        9,464 9,464 
Dividends/Distributions      (68,299)(68,299)(422,130)(490,429)
Change in redemption value of redeemable non-controlling interest subsequent to Reorganization and IPO     1,365  1,365 21,378 22,743 
Balance at September 30, 2022$ 79,240,058 229,652,641 $79 $230 $498,712 $459 $499,480 $2,617,122 $3,116,602 


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 income1,699,893        1,989,137 3,689,030 
Change in redemption value of redeemable non-controlling interest25,320        41,213 66,533 
Capital contributions        28,738 28,738 
Capital distributions(708,670)       (857,982)(1,566,652)
Deconsolidation of previously consolidated entities29,309 — — — — — — — 49,562 78,871 
Acquisition of NewQuest— — — — — — — — 301,189 301,189 
Balance at September 30, 2021$3,506,720 — — $— $— $— $— $— $3,811,691 $7,318,411 
See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20222021
Operating activities:
Net (loss) income$(46,487)$3,822,239 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation474,200  
Performance allocation compensation374,607  
Loss (gain) from investment activities90,845 (338,346)
Capital allocation-based income(667,096)(3,211,945)
Other non-cash activities34,897 18,455 
Net gains from investment activities of consolidated TPG Funds and Public SPACs(11,715)(200,536)
Changes in operating assets and liabilities:
Purchases of investments(71,115)(105,382)
Proceeds from investments1,066,905 1,599,028 
Due from affiliates(24,900)(38,169)
Other assets(21,574)1,397 
Accounts payable and accrued expenses112,857 236,303 
Due to affiliates14,059 24,826 
Accrued performance allocation compensation(531,133) 
Other liabilities(12,607)(14,263)
Changes related to consolidated TPG Funds and Public SPACs:
Purchases of investments (210,037)
Proceeds from investments 215,029 
Cash and cash equivalents(911)(1,330)
Assets held in Trust Accounts(3,422)(771,859)
Other assets18,340 7,916 
Other liabilities(7,151)24,183 
Net cash provided by operating activities788,599 1,057,509 
Investing activities:
Repayments of notes receivable from affiliates14,937 5,446 
Advances on notes receivable from affiliates(15,500)(9,053)
Purchases of fixed assets(2,329)(1,614)
Acquisition of NewQuest 24,817 
Net cash (used in) provided by investing activities(2,892)19,596 
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 — 
Repayments of revolving credit facility to affiliate (50,000)
Proceeds from subordinated credit facility30,000 — 
Repayments of subordinated credit facility(30,000)— 
Contributions from holders of other non-controlling interests4,247 3,599 
Distributions to holders of other non-controlling interests prior to Reorganization and IPO(318,942)(411,022)
Dividends/Distributions(478,958) 
Distributions to partners prior to Reorganization and IPO(355,282)(437,295)
See accompanying notes to Condensed Consolidated Financial Statements.
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TPG Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20222021
Changes related to TPG Funds and Public SPACs:
Proceeds from SPAC IPOs 935,000