0001880661-23-000017 | 10-K | XBRL Viewer

Sale of stock, consideration received on transaction

$ 29.50

$ 770,900

Common stock, par or stated value per share (in usd per share)

$ 22,500

IPO | AFTR

$ 0.0001

IPO | YTPG

Common stock, par or stated value per share (in usd per share)

$ 0.0001

Public Offering | Public SPACs

Deferred underwriting related to Public SPACs

$ 54,100

46,000

$ 32,700

28,000

Public Offering | Public SPACs | Warrant

Public Offering | Public SPACs | Class A Common Stock

1,300

Number of securities called by each warrant or earnout shares (in shares)

$ 44,700

Units | IPO | AFTR

0.333

Sale of stock, number of shares issued in transaction (in shares)

25,000,000

Sale of stock, consideration received on transaction

$ 10.00

$ 250,000

Units | IPO | YTPG

Sale of stock, number of shares issued in transaction (in shares)

40,000,000

Sale of stock, consideration received on transaction

$ 10.00

$ 400,000

Units | IPO | TPGY

Number of securities called by each warrant or earnout shares (in shares)

0.2

Sale of stock, number of shares issued in transaction (in shares)

35,000,000

Sale of stock, consideration received on transaction

$ 10.00

$ 350,000

Common stock, par or stated value per share (in usd per share)

$ 0.0001

[1]

The Company’s consolidated total assets and liabilities as of December 31, 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, 11 and 16 to the Consolidated Financial Statements.

Acquisition

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisition

On July 1, 2021 (the “Acquisition Date”), the Company completed the acquisition (the “Acquisition”) of the controlling interests with governance rights of NewQuest Holdings (Cayman) Limited (“NQ Manager”) and NewQuest Partners Master G.P. Ltd. (“NQ GP” and, together with NQ Manager, “NewQuest”). The Company initially acquired a 33.3% interest (the “Tranche 1”) in NewQuest in July 2018, which was presented as an equity method investment within investments on the Consolidated Statements of Financial Condition. On the Acquisition Date, the Company acquired the governance rights of NewQuest and an additional 33.3% of NQ Manager (the “Tranche 2”) for $38.0 million, bringing the Company’s total ownership in NQ Manager to 66.7% and NQ GP to 33.3%. The operating results of NewQuest have been included in the Company’s Consolidated Financial Statements since the Acquisition Date.

The Acquisition was accounted for as a business combination under ASC Topic 805, Business Combinations (“ASC 805”) that was achieved in stages. As a result of the change of control, the Company was required to remeasure its pre-existing equity investment in NewQuest at fair value prior to consolidation. The Company estimated the fair value of its 33.3% pre-existing investment in NewQuest to be approximately $155.4 million. The remeasurement resulted in the recognition of a pre-tax gain of $95.0 million, which is presented within net gains (losses) from investment activities on the Consolidated Statements of Operations.

The consideration paid to acquire Tranche 2 consisted of $5.0 million in cash, contingent consideration valued at $8.4 million and equity interests of the acquirer valued at $24.6 million. The contingent consideration is based on raising additional fee-paying capital commitments by NewQuest during the fundraising period for NewQuest Fund V, whereby the first $5.0 million is earned if NewQuest surpasses $1.0 billion in fee payment capital commitments, and an additional $5.0 million is earned if it surpasses $1.75 billion. The fair value measurement of the Company's contingent consideration was determined using a discounted cash flow model and Level III inputs and the information provided by the Company’s management of the likelihood of achieving earnout, discounted at a rate of 12.5%. At December 31, 2022, the Company believes that it is probable that it will meet the conditions for the first contingent payment. The Company no longer believes that the conditions for the second payment will be met which resulted in a $4.2 million reduction of the contingent liability during the year ended December 31, 2022, recorded in general, administrative and other on the Consolidated Statements of Operations.

The equity interests of the acquirer issued as consideration include a minority interest of 0.08% in the Holding Companies valued at $5.8 million at the Acquisition Date and minority interests in select businesses ranging from 4.2% to 4.7% valued at $18.8 million in the aggregate at the Acquisition Date.

The following table summarizes the fair value of the consideration transferred to acquire NewQuest (in thousands):


Cash paid	$	5,000
Contingent consideration	8,400
Equity interests of the acquirer	24,600
Total consideration for acquired ownership interest - Tranche 2	38,000
Fair value of previously held equity method investment - Tranche 1	155,400
Fair value of non-controlling interest in NewQuest	301,189
Total purchase consideration	$	494,589

The total consideration was allocated to the fair value of assets acquired and liabilities assumed as of the Acquisition Date, with the excess purchase price recorded as goodwill. A third-party valuation specialist assisted the Company with the fair value estimates for the total enterprise value, fair value of the Company’s existing investment in NewQuest, the net tangible and identifiable intangible assets, and the fair values of the controlling and non-controlling interest in NewQuest. The determination of fair values require extensive use of accounting estimates and management judgment. Certain of these estimates are material. The fair values are based on estimates and assumptions from data currently available and were determined using a discounted cash flow model and Level III inputs, which includes estimates of future cash flows for performance fee allocations and fee related earnings over a specific earning period, at a discount rate that ranges between 12.5% - 25.0%, and estimated economic lives.


Total purchase consideration	$	494,589

Net assets acquired
Tangible assets
Cash	$	29,817
Other assets	5,805
Performance fee allocations	80,278
Capital interests	28,389
Due to affiliates	(23,364)
Liabilities and other	(7,630)
Net book value of tangible assets	113,295
Intangible assets
Contractual performance fee allocations	132,600
Management contracts	20,000
Investor relationships	25,000
Total intangible assets	177,600
Goodwill	203,694
Total net assets acquired	$	494,589

Controlling interest in NewQuest	$	193,400
Non-controlling interest in NewQuest	301,189

The Company recorded goodwill on its books, which is included in other assets on the Consolidated Statements of Financial Condition. As of December 31, 2021, approximately $5.0 million of goodwill was deductible for income tax purposes. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the Acquisition.

The fair value and weighted average estimated useful lives of identifiable intangible assets acquired in the Acquisition and recorded in other assets on the Consolidated Statements of Financial Condition at Acquisition Date consist of the following:


	Fair Value		Average Useful Life
	($ in thousands)		(in years)
Contractual performance fee allocations	$	132,600	6.7
Management contracts	20,000		3.5
Investor relationships	25,000		12
Total Intangible Assets	$	177,600

The following pro forma information presents a summary of the Company’s Consolidated Statements of Operations for the years ended December 31, 2021 and 2020, as if the acquisition was completed as of January 1, 2020 (in thousands):


	Years ended December 31,
	2021		2020
Revenues
Fees and other	$	991,689	$	911,675
Capital allocation-based income	4,021,806		1,278,054
Total revenues	5,013,495		2,189,729
Total expenses	944,453		874,596
Net gains from investment activities	584,621		144,641
Net income	$	4,653,663	$	1,459,774

Net income (loss) attributable to redeemable equity in Public SPACs	$	155,131	$	(195,906)
Net income (loss) attributable to non-controlling interests in consolidated TPG Funds	19,287		(12,380)
Net income attributable to other non-controlling interests	2,464,132		740,565
Net income attributable to controlling interests	2,015,113		927,495

In January 2022, the Company completed its acquisition of the remaining 33.3% interest in NQ Manager in exchange for equity interests in the Company, which consisted of 1,638,866 shares of Class A common stock and 1,072,998 Common Units of the TPG Operating Group. All of the granted equity interests are subject to a three-year service vesting condition and as such, will be recognized on a straight-line basis as post-combination compensation expense. The effect of the acquisition was a reallocation of equity between controlling and non-controlling interest of $33.6 million. This transaction was an acquisition under common control in which no gain or loss was recognized.

Investments - Summarized Financial Information Relating to the Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equity Securities without Readily Determinable Fair Value [Line Items]
Total assets	$ 7,941,738	$ 8,962,013
Total liabilities	4,202,232	1,700,572
Total equity	3,085,871
TPG Funds And Public SPACs
Equity Securities without Readily Determinable Fair Value [Line Items]
Total assets	78,079,182	67,268,493
Total liabilities	14,299,814	11,499,817
Total equity	$ 63,779,368	$ 55,768,676

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Related Party Transactions - Due from Affiliates and Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Due from Related Parties, Unclassified [Abstract]
Due from affiliates	$ 202,639	$ 185,321
Due to Related Parties [Abstract]
Due to affiliates	139,863	826,999
Portfolio companies
Due from Related Parties, Unclassified [Abstract]
Due from affiliates	57,492	42,067
Due to Related Parties [Abstract]
Due to affiliates	10,367	6,567
Partners and employees
Due from Related Parties, Unclassified [Abstract]
Due from affiliates	2,270	2,760
Due to Related Parties [Abstract]
Due to affiliates	60,309	125,429
Other related entities
Due from Related Parties, Unclassified [Abstract]
Due from affiliates	54,030	47,183
Due to Related Parties [Abstract]
Due to affiliates	21,615	658,954
Unconsolidated VIEs
Due from Related Parties, Unclassified [Abstract]
Due from affiliates	88,847	93,311
Due to Related Parties [Abstract]
Due to affiliates	$ 47,572	$ 36,049

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Net of Valuation Allowance [Abstract]
Accruals	$ 2,063	$ 1,637
Investment basis differences	99,018	0
Equity based compensation	10,674	0
Lease liabilities	12,638	0
Fixed assets	369	384
Straight line rent	6	305
Net operating loss carryforwards	0	449
Other	603	125
Deferred tax asset before valuation allowance	125,371	2,900
Less: valuation allowance	(80,340)	(442)
Deferred tax assets, net	45,031	2,458
Deferred tax liabilities
Accruals	42	25
Right-of-use assets	11,157	0
Fixed assets	155	585
Straight-line rent	0	7
Other	(218)	314
Deferred tax liabilities, net	$ 11,572	$ 303

Derivative Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments

The consolidated Public SPACs enter into derivative contracts in connection with their proprietary trading activities, including warrants and FPAs, which meet the definition of a derivative in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). As a result of the use of derivative contracts, the consolidated Public SPACs are exposed to the risk that counterparties will fail to fulfill their contractual obligations and are exposed to the volatility of the underlying instruments. These warrants and FPAs are included in derivative liabilities of Public SPACs on the Consolidated Statements of Financial Condition.

As of December 31, 2022 and December 31, 2021, the fair value of the warrants and FPAs were $0.7 million and $13.0 million, respectively.

There were no related offsets or cash collateral pledged or received for the warrants and FPAs as of December 31, 2022 and December 31, 2021.

For the years ended December 31, 2022 and 2021, the Company recorded unrealized gains on warrants and FPAs totaling $12.4 million and $211.8 million, respectively. For the year ended December 31, 2020, the Company recorded unrealized losses on warrants and FPAs totaling $239.3 million.

The consolidated Public SPACs’ derivative instruments were as follows (in thousands):


	December 31, 2022		December 31, 2021
Derivatives not designated as hedging instruments under Subtopic 815-20:
Liability derivatives:
Public warrants	$	667	$	11,662
Forward purchase agreements	—		1,386
Derivative liabilities of Public SPACs	$	667	$	13,048

Net gains (losses) on derivative instruments are included in the Consolidated Statements of Operations as net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs or unrealized gains (losses) on derivative liabilities of Public SPACs. The following are net gains (losses) recognized on derivative instruments of consolidated TPG Funds and Public SPACs (in thousands):


	Year Ended December 31,
	2022		2021		2020
Realized losses, net on total return swaps	$	—	$	(10,269)	$	(5,139)
Realized (losses) gains, net on foreign currency forwards	—		(175)		1,922
Unrealized gains (losses), net on total return swaps	—		10,068		(10,807)
Unrealized gains (losses), net on foreign currency forwards	—		28		(717)
Total net losses on derivative instruments from investment activities of consolidated TPG Funds	—		(348)		(14,741)
Unrealized gains (losses), net on public warrants	10,996		52,128		(46,730)
Unrealized gains (losses), net on forward purchase agreements	1,386		159,694		(192,539)
Total net gains (losses) on derivative instruments of Public SPACs	12,382		211,822		(239,269)
Net gains (losses) on derivative instruments	$	12,382	$	211,474	$	(254,010)

Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - NewQuest $ in Thousands	Jul. 01, 2021 USD ($)
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 494,589
Tangible assets
Cash	29,817
Other assets	5,805
Performance fee allocations	80,278
Capital interests	28,389
Due to affiliates	(23,364)
Liabilities and other	(7,630)
Net book value of tangible assets	113,295
Intangible assets
Total intangible assets	177,600
Goodwill	203,694
Total net assets acquired	494,589
Controlling interest in NewQuest	193,400
Non-controlling interest in NewQuest	301,189
Contractual performance fee allocations
Intangible assets
Total intangible assets	132,600
Management contracts
Intangible assets
Total intangible assets	20,000
Investor relationships
Intangible assets
Total intangible assets	$ 25,000

Commitment and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees

Certain of the Company’s consolidated entities have guaranteed debt or obligations. At December 31, 2022 and 2021, the maximum obligations guaranteed under these agreements totaled $1,120.8 million and $715.0 million, respectively. At December 31, 2022, the guarantees had expiration dates as follows (in thousands):


Maturity Date	Guarantee Amount

August 2024	$	30,000
December 2024	200,000
June 2026	60,000
December 2026	103,718
July 2027	700,000
June 2030	27,050
Total	$	1,120,768

At December 31, 2022 and 2021, the outstanding amount of debt on obligations related to these guarantees was $327.8 million and $341.3 million, respectively.

Letters of Credit

The Company had $0.5 million and $0.7 million in letters of credit outstanding at December 31, 2022 and 2021, respectively.

Commitments

At December 31, 2022, the third party investors of the consolidated Public SPACs had unfunded capital commitments of $150.1 million to the consolidated Public SPACs.

At December 31, 2022, the TPG Operating Group had unfunded investment commitments of $365.8 million to the TPG Funds, consolidated Public SPACs and other strategic investments.

Contingent Obligations (Clawback) With Affiliates

The governing agreements of the TPG funds that pay performance allocations generally include a clawback provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Performance allocations received by the general partners of the respective TPG funds are subject to clawback to the extent the performance allocations received by the general partners exceeds the amount the general partners are ultimately entitled to receive based on cumulative fund results.

At December 31, 2022, if all investments held by the TPG funds were liquidated at their current unrealized fair value, there would be clawback of $58.3 million, net of tax, for which a performance fee reserve was recorded within other liabilities in the Consolidated Financial Statements.

At December 31, 2022, if all remaining investments were deemed worthless, a possibility management views as remote, the amount of performance allocations subject to potential clawback would be $1,869.4 million on a pre-tax basis.

During the year ended December 31, 2022, the general partners made no payments on the clawback liability.

Legal Actions and Other Proceedings

From time to time, the Company is involved in legal proceedings, litigation and claims incidental to the conduct of our business, including with respect to acquisitions, bankruptcy, insolvency and other types of proceedings. Such lawsuits may involve claims against our Portfolio Companies that adversely affect the value of certain investments owned by TPG’s funds. The Company’s business is also subject to extensive regulation, which has and may result in the Company becoming subject to examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to the SEC, Department of Justice, state attorneys general, Financial Industry Regulatory Authority and the U.K. Financial Conduct Authority. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings or fines against the Company or its personnel.

The Company accrues a liability for legal proceedings in accordance with U.S. GAAP, in particular, the Company establishes an accrued liability for loss contingencies when a settlement arising from a legal proceeding is both probable and reasonably estimable. If the matter is not probable or reasonably estimable, no such liability is recorded. Examples of this include: (i) the proceedings may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved or (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties. Consequently, management is unable to estimate a range of potential loss, if any, related to such matters. Even when the Company accrues a liability for a loss contingency such cases, there may be an exposure to loss in excess of any amounts accrued. Loss contingencies may be, in part or in whole, subject to insurance or other payments such as contributions and/or indemnity, which may reduce any ultimate loss.

In November 2019, it became probable that the Company would settle a dispute with the Internal Revenue Service for approximately $7.5 million. This settlement did not result in a change to the Company’s previously filed Federal income tax returns. In the fourth quarter of 2020, the Company recorded this expected settlement amount in general, administrative, and other in the Consolidated Statements of Operations and the offsetting payable in accounts payable and accrued expenses in the Consolidated Statements of Financial Condition.

In December 2020, the Company settled the dispute with the Internal Revenue Service by making a payment of approximately $7.8 million and recorded additional expenses of $0.3 million in general, administrative, and other in the Consolidated Statements of Operations.

Based on information presently known by management, the Company has not recorded a potential liability related to any pending legal proceeding and is not subject to any legal proceedings that we expect to have a material impact on our operations, financial positions or cash flows. It is not possible, however, to predict the ultimate outcome of all pending legal proceedings, and the claimants in the matter discussed below seek potentially large and indeterminate amounts. As such, although we do not consider such an outcome likely, given the inherent unpredictability of legal proceedings, it is possible that an adverse outcome in the matter described below or certain other matters could have a material effect on the Company’s financial results in any particular period.

Since 2011, a number of TPG-related entities and individuals, including David Bonderman and Jim Coulter, have been named as defendants/respondents in a series of lawsuits in the United States, United Kingdom, and Luxembourg concerning an investment TPG held from 2005-2007 in a Greek telecommunications company, known then as TIM Hellas (“Hellas”). Entities and individuals related to Apax Partners, a London based investment firm also invested in Hellas at the time, are named in the suits as well. The cases all allege generally that a late 2006 refinancing of the Hellas group of companies was improper.

To date, most of the lawsuits filed in New York Federal and State courts against TPG and Apax-related defendants have been dismissed, with those dismissals upheld on appeal, or the appeal period has passed. A lawsuit pending in the District Court of Luxembourg against two former TPG partners and two individuals related to Apax involved in the investment has been decided after trial in their favor on all claims and is now on appeal. In February 2018, a High Court case in London against a number of TPG and Apax related parties and individuals was abandoned by the claimants in the early days of a scheduled six-week trial with costs of $9.5 million awarded to the TPG and Apax-related parties, of which $3.4 million was awarded to TPG.

In addition to the Luxembourg appeal, two cases in New York state court are active against TPG and Apax-related parties concerning the Hellas investment. Motions to dismiss by all defendants were made in both actions with the Court now having granted and denied in part those motions, paring back the parties, claims and amounts at issue. Appeals are pending as to the ruling in one matter (with immediate appeals possible as to the ruling in the other). No trial date has been set in either of the two active actions. The prior noted stayed federal actions have now been dismissed by court order and stipulation.

The Company believes that the suits related to the Hellas investment are without merit and intends to continue to defend them vigorously.

In October 2022, the Company received a document request from the SEC focusing on the use and retention of business-related electronic communications, which, as has been publicly reported, is part of an industry-wide review. The Company is cooperating with the SEC’s request.

Indemnifications

In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties that provide general indemnifications. In addition, certain of the Company’s funds have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that the Company has made. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of material loss to be remote.

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations

At December 31, 2022, the guarantees had expiration dates as follows (in thousands):


Maturity Date	Guarantee Amount

August 2024	$	30,000
December 2024	200,000
June 2026	60,000
December 2026	103,718
July 2027	700,000
June 2030	27,050
Total	$	1,120,768

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

As a result of the Reorganization, the Company is treated as a corporation for U.S. federal and state income tax purposes. We are subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of taxable income generated by the TPG Operating Group partnerships. Prior to the Reorganization, the Company was treated as a partnership for U.S. federal income tax purposes and therefore was not subject to U.S. federal and state income taxes except for certain consolidated subsidiaries that were subject to taxation in the U.S. (federal, state and local) and foreign jurisdictions as a result of their entity classification for tax reporting purposes.

The income (loss) before income taxes includes the following components (in thousands):


	Year Ended December 31,
	2022		2021		2020
Income (loss) before income taxes
United States	$	80,872	$	3,171,385	$	1,756,113
International	(104,624)		1,493,650		(307,402)
	$	(23,752)	$	4,665,035	$	1,448,711

The Company has provided U.S. federal, foreign and state and local corporate income tax for certain consolidated subsidiaries. The provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Current income taxes (benefit)
Federal	$	44,714	$	1,950	$	1,124
State and local	9,466		1,954		1,582
International	5,443		5,010		7,936
	59,623		8,914		10,642
Deferred income taxes (benefit)
Federal	(21,639)		(223)		(334)
State and local	(4,769)		(105)		(192)
International	(732)		452		(337)
	(27,140)		124		(863)
Income tax expense (benefit)	$	32,483	$	9,038	$	9,779

Income taxes are provided at the applicable statutory rates. The tax effects of temporary differences resulted in the following deferred tax assets and liabilities (in thousands):


	December 31,
	2022		2021
Deferred tax assets
Accruals	$	2,063	$	1,637
Investment basis differences	99,018		—
Equity based compensation	10,674		—
Lease liabilities	12,638		—
Fixed assets	369		384
Straight line rent	6		305
Net operating loss carryforwards	—		449
Other	603		125
	125,371		2,900
Less: valuation allowance	(80,340)		(442)
Deferred tax assets, net	$	45,031	$	2,458

Deferred tax liabilities
Accruals	$	42	$	25
Right-of-use assets	11,157		—
Fixed assets	155		585
Straight-line rent	—		7
Other	218		(314)
Deferred tax liabilities, net	$	11,572	$	303

As of December 31, 2022, the Company has recognized net deferred tax assets before the considerations of valuation allowances in the amount of $113.8 million which primarily relate to excess income tax basis versus book basis differences in connection with the Company’s investment in the TPG Operating Group partnerships. The excess of income tax basis in the TPG Operating Group partnerships was primarily due to the Reorganization which resulted in a step-up in the tax basis of certain assets to the Company that will be recovered as those underlying assets are sold or the tax basis is amortized. A portion of the excess income tax basis in the TPG Operating Group partnerships will only reverse upon a sale

of the Company’s interest in the TPG Operating Group partnerships which is not expected to occur in the foreseeable future. As a result, the Company has recognized a valuation allowance in the amount of $80.3 million against its net deferred tax assets of $113.8 million (resulting in net deferred tax assets after valuation allowance of $33.5 million) as of December 31, 2022, as it is more-likely-than not that this portion of our deferred tax assets is not realizable. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. Additionally, and concurrent with the Reorganization, the Company recorded a payable pursuant to the Tax Receivable Agreement within other liabilities in the Consolidated Statements of Financial Condition of $18.3 million.

At December 31, 2022, the Company did not have any foreign or federal net operating loss carryforwards, any state or local net operating losses, or any foreign tax credit carryforwards, net of valuation allowance.

The Company also considers projections of taxable income in evaluating its ability to utilize deferred tax assets. In projecting its taxable income, the Company begins with historic results and incorporates assumptions of the amount of future pretax operating income. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that the Company uses to manage its business. The Company’s projections of future taxable income that include the effects of originating and reversing temporary differences, including those for the tax basis intangibles, indicate that it is more likely than not that the benefits from the deferred tax asset will be realized.

The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate of the Company’s income tax expense:


	Year Ended December 31,
	2022		2021		2020
U.S. federal taxes at statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to partners	(136.2)		(20.1)		(24.5)
State and local income taxes	(25.9)		—		0.1
Foreign Taxes, net of U.S. foreign tax credits	(17.3)		(0.8)		4.1
Equity based compensation	2.0		—		—
Change in TPG Operating Group Partnerships tax basis estimate	21.7		—		—
Return to Provision	3.9		—		—
Change in valuation allowance	(4.3)		—		—
Other	(1.7)		—		—
Effective income tax rate	(136.8	%)	0.2	%	0.7	%

The Company’s effective tax rate was (136.8)%, 0.2% and 0.7% for the years ended December 31, 2022, 2021 and 2020, respectively. The Company’s effective tax rate is dependent on many factors, including the estimated amount of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods described above deviates from the statutory rate primarily because (i) the Company was not subject to U.S. federal taxes prior to the Reorganization and (ii) a portion of income and losses are allocated to non-controlling interests, and the tax liability on such income or loss is borne by the holders of such non-controlling interests. In addition, during the year ended December 31, 2022, the Company recognized an income tax benefit in connection with certain changes in estimate of the income tax basis of the Company's investments in the TPG Operating Group partnerships at the time of the Reorganization.

The following is a tabular reconciliation of unrecognized tax benefits, excluding interest and penalties (in thousands):


	Year Ended December 31,
	2022		2021		2020
Unrecognized tax benefits - January 1	$	1,965	$	1,760	$	1,459
Additions related to current year positions	259		359		363
Additions related to prior year positions	—		—		—
Reductions for tax positions of prior years	—		(119)		—
Settlements	—		—		—
Lapse of statute of limitations	—		—		—
Exchange rate fluctuations	(200)		(35)		(62)
Unrecognized tax benefits - December 31	$	2,024	$	1,965	$	1,760

The Company recognizes interest accrued on uncertain tax benefits in income tax expense. For the years ended December 31, 2022, 2021, 2020, the Company recognized interest of $1.1 million, $0.9 million and $0.8 million, respectively. The Company recognized penalties of $1.3 million for each of the years ended December 31, 2022, 2021, 2020.

The Company does not believe that it has any tax position for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. The Company applies the provisions of ASC 740, which clarifies the accounting and disclosure for uncertainty in tax positions. The Company analyzed its tax filing positions for all federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions.

In the normal course of business, the Company is subject to examination by U.S. federal and certain state, local and foreign tax regulators. At December 31, 2022, U.S. federal tax returns related to predecessor entities for the years 2019 through 2021 are generally open under the normal statute of limitations and therefore subject to examination. State and local tax returns of our predecessor entities are generally open to audit for tax years between 2018 to 2021. In addition, certain foreign subsidiaries’ tax returns from 2016 to 2021 are also open for examination by various regulators. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s Consolidated Financial Statements.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted in the United States. The IRA, among other things, includes a 15% minimum tax on adjusted financial statement income of corporations with average annual adjusted financial statement income in excess of $1 billion over a three-year period, a 1% excise tax on stock repurchases and additional clean energy tax incentives. The IRA applies to tax years beginning after December 31, 2022. The Company will continue to evaluate its future impact as regulations are issued by the U.S. Department of the Treasury.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Related Party Transactions

Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest, dividends and other	$ 100	$ 500	$ 500
Consolidated Entity, Excluding VIE
Interest, dividends and other	9,168	6,460	8,123
Variable Interest Entity, Primary Beneficiary
Interest, dividends and other	$ 6,741	$ 10,321	$ 5,410

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (42,992)	$ (42,447)
Right-of-use assets	24,053	26,310
Goodwill	230,194	230,194
Intangible assets, net	$ 136,187	$ 164,551
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Right-of-use assets	$ 130,357	$ 157,467
Prepaid expenses	23,809	23,995
Other	84,792	54,800
Other assets	629,392	657,317
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	39,946	40,798
Other fixed assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	11,347	10,709
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,874	9,526
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,878	$ 7,724

Intangible Assets and Goodwill - Estimated Remaining Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 27,114
2024	25,864
2025	23,989
2026	20,254
2027	18,371
Thereafter	19,602
Total	$ 135,194

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Due from and Due to Affiliates

Due from affiliates and due to affiliates consist of the following (in thousands):


	December 31,
	2022		2021
Portfolio companies	$	57,492	$	42,067
Partners and employees	2,270		2,760
Other related entities	54,030		47,183
Unconsolidated VIEs	88,847		93,311
Due from affiliates	$	202,639	$	185,321

Portfolio companies	$	10,367	$	6,567
Partners and employees	60,309		125,429
Other related entities	21,615		658,954
Unconsolidated VIEs	47,572		36,049
Due to affiliates	$	139,863	$	826,999

Affiliate receivables and payables historically have been settled in the normal course of business without formal payment terms, generally do not require any form of collateral and do not bear interest.

Fund Investments

Certain of the Company’s investment professionals and other individuals have made discretionary investments of their own capital in the TPG Funds. These investments are generally not subject to management fees or performance allocations at the discretion of the general partner. Investments made by these individuals during the years ended December 31, 2022 and 2021 totaled $154.8 million and $211.3 million, respectively.

Fee Income from Affiliates

Substantially all revenues are generated from TPG Funds, limited partners of TPG Funds, or Portfolio Companies. The Company disclosed revenues in Note 2 to the Consolidated Financial Statements.

Notes Receivable from Affiliates

From time to time, the Company makes loans to its employees and other affiliates. Certain of these loans are collateralized by underlying investment interests of the borrowers. The outstanding balance of these notes was $1.6 million and $1.0 million at December 31, 2022 and December 31, 2021, respectively.

These notes generally incur interest at floating rates, and such interest, which is included in interest, dividends and other in the Consolidated Financial Statements, totaled less than $0.1 million for the year ended December 31, 2022, and $0.5 million for each of the years ended December 31, 2021 and 2020.

Aircraft Services

The Company terminated its leases of aircraft owned by entities controlled by certain partners of the Company in January 2022. The termination of the leases resulted in the derecognition of a right-of-use asset and a corresponding lease liability of $13.6 million. For the year ended December 31, 2022, the Company made no lease payments to entities controlled by certain partners of the Company. For the year ended December 31, 2021, such lease payments, which were paid to entities controlled by certain partners of the Company, totaled $4.9 million.

RemainCo Administrative Services Agreement

The TPG Operating Group has entered into an administrative services agreement with RemainCo whereby the TPG Operating Group provides RemainCo with certain administrative services, including maintaining RemainCo’s books and records, tax and financial reporting and similar support which began on January 1, 2022. In exchange for these services, RemainCo pays the TPG Operating Group an annual administration fee in the amount of 1% per annum of the net asset value of RemainCo’s assets, with such amount payable quarterly in advance. The fees earned by the Company for the year ended December 31, 2022 were $19.8 million and recorded in expense reimbursements and other within revenues in the Consolidated Financial Statements.

Other Related Party Transactions

The Company has entered into contracts to provide services or facilities for a fee with certain related parties. A portion of these fees are recognized within expense reimbursements and other in the amount of $23.5 million, $21.8 million and $16.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 31, 2022, 2021 and 2020, these related parties have made payments associated with these arrangements of $26.2 million, $27.9 million and $21.1 million, respectively.

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Components of Lease Expense and Supplemental Consolidated Statement of Cash Flow Information

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2022			2021			2020
Lease cost (a):
Operating lease cost	$	26,371		$	37,330		$	35,995
Short-term lease costs	562			416			184
Variable lease cost	6,381			5,067			2,478
Sublease income	(3,947)			(5,807)			(4,000)
Total lease cost	$	29,367		$	37,006		$	34,657
Weighted-average remaining lease term	7.1			7.4			8.3
Weighted-average discount rate	4.11		%	4.11		%	4.09		%

___________

(a)Office rent expense for the years ended December 31, 2022, 2021 and 2020 was $26.1 million, $32.0 million and $30.9 million, respectively.

Supplemental Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	28,458	$	29,224	$	29,427
Non-cash right-of-use assets obtained in exchange for new operating lease liabilities	6,311		5,634		6,035
Non-cash right-of-use assets and lease liability termination	(13,375)		—		—

Summary of Undiscounted Cash Flows of Operating Leases on an Annual Basis

The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of December 31, 2022 (in thousands):


Year Due	Lease Amount
2023	$	19,000
2024	25,319
2025	27,862
2026	19,765
2027	18,423
Thereafter	62,614
Total future undiscounted operating lease payments	172,983
Less: imputed interest	(25,096)
Present value of operating lease liabilities	$	147,887

Derivative Instruments - Net Gains Recognized on Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Net gains on derivative instruments	$ 12,382	$ 211,474	$ (254,010)
Variable Interest Entity, Primary Beneficiary
Derivative [Line Items]
Unrealized gains (losses) on derivatives	12,382	211,822	(239,269)
Net gains on derivative instruments	0	(348)	(14,741)
Variable Interest Entity, Not Primary Beneficiary
Derivative [Line Items]
Unrealized gains (losses) on derivatives	12,382	211,822	(239,269)
Return Swap \| Variable Interest Entity, Primary Beneficiary
Derivative [Line Items]
Realized gain (loss) on derivatives	0	(10,269)	(5,139)
Unrealized gains (losses) on derivatives	0	10,068	(10,807)
Foreign Exchange Contract \| Variable Interest Entity, Primary Beneficiary
Derivative [Line Items]
Realized gain (loss) on derivatives	0	(175)	1,922
Unrealized gains (losses) on derivatives	0	28	(717)
Public warrants \| Variable Interest Entity, Not Primary Beneficiary
Derivative [Line Items]
Unrealized gains (losses) on derivatives	10,996	52,128	(46,730)
Forward purchase agreements \| Variable Interest Entity, Not Primary Beneficiary
Derivative [Line Items]
Unrealized gains (losses) on derivatives	$ 1,386	$ 159,694	$ (192,539)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Disaggregation of Revenue

Revenues consisted of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Management fees	$	931,291	$	731,974	$	699,492
Fee credits	(11,461)		(13,630)		(20,012)
Monitoring fees	14,330		14,324		19,837
Transaction fees	97,909		90,606		44,528
Incentive fees	5,183		—		9,521
Expense reimbursements and other	209,383		154,630		130,000
Total fees and other	1,246,635		977,904		883,366

Performance allocations	720,106		3,792,861		1,203,520
Capital interests	36,146		205,622		27,952
Total capital allocation-based income	756,252		3,998,483		1,231,472

Total revenues	$	2,002,887	$	4,976,387	$	2,114,838

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Valuation of Financial Assets and Liabilities

The following tables summarize the valuation of the Company’s financial assets and liabilities and those non-financial assets and liabilities that fall within the fair value hierarchy (in thousands):


	December 31, 2022
	Level I		Level II		Level III		Total
Assets
Equity method investments - fair value option	$	20,907	$	—	$	—	$	20,907
Equity investments	12,072		—		—		12,072
Total assets	$	32,979	$	—	$	—	$	32,979

Liabilities
Liabilities of consolidated Public SPACs (a):
Public warrants	$	667	$	—	$	—	$	667
Total liabilities	$	667	$	—	$	—	$	667

_______________

(a)The FPAs related to TPG PACE Beneficial Finance Corp. ("TPGY") were terminated at zero fair value on October 11, 2022.


	December 31, 2021
	Level I		Level II		Level III		Total
Assets
Equity method investments - fair value option	$	46,013	$	—	$	—	$	46,013
Equity investments	97,899		—		—		97,899
Total assets	$	143,912	$	—	$	—	$	143,912

Liabilities
Liabilities of consolidated Public SPACs:
Public warrants	$	11,662	$	—	$	—	$	11,662
Forward purchase agreements	—		—		1,386		1,386
Total liabilities	$	11,662	$	—	$	1,386	$	13,048

Summary of Changes in Fair Value of Financial Instruments

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):


	Year Ended December 31,
	2022		2021
Equity security assets
Balance, beginning of period	$	—	$	12,324
Realized gains, net	—		4,025
Unrealized losses, net	—		(3,778)
Purchases	—		708
Proceeds	—		(8,223)
Deconsolidation (a)	—		(5,056)
Balance, end of period	$	—	$	—

Derivative liabilities
Balance, beginning of period	$	1,386	$	197,539
Unrealized gains, net	(1,386)		(164,695)
Transfers (b)	—		(31,458)
Balance, end of period	$	—	$	1,386

_______________

(a)$5.1 million for the year ended December 31, 2021 represents the impact of the deconsolidation of certain TPG Funds in conjunction with the Reorganization described in Note 1 to the Consolidated Financial Statements.

(b)Transfers out of Level III derivative liabilities of $31.5 million for the year ended December 31, 2021 were due to the deconsolidation of PACE. See Note 4 to the Consolidated Financial Statements.

Summary of Changes in Fair Value of Financial Instruments

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):


	Year Ended December 31,
	2022		2021
Equity security assets
Balance, beginning of period	$	—	$	12,324
Realized gains, net	—		4,025
Unrealized losses, net	—		(3,778)
Purchases	—		708
Proceeds	—		(8,223)
Deconsolidation (a)	—		(5,056)
Balance, end of period	$	—	$	—

Derivative liabilities
Balance, beginning of period	$	1,386	$	197,539
Unrealized gains, net	(1,386)		(164,695)
Transfers (b)	—		(31,458)
Balance, end of period	$	—	$	1,386

_______________

Summary of Significant Level 3 Inputs

The below table

is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands):

Fair Value December 31, 2021

Valuation
Technique(s)

Unobservable

Input(s) (a)

Range (Weighted

Average) (b)

Liabilities

Forward purchase agreements

1,386

Market comparables

Implied volatility

13.0%

1,386

_______________

(a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments.

(b)Inputs weighted based on fair value of investments in range.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax assets, net before valuation allowance	$ 113,800
Less: valuation allowance	80,340	$ 442
Deferred tax assets, net	33,500
Taxes payable	$ 18,300
Effective income tax rate reconciliation, percent	(136.80%)	0.20%	0.70%
Unrecognized tax benefits, interest on income taxes accrued	$ 1,100	$ 900	$ 800
Unrecognized tax benefits, income tax penalties accrued	$ 1,300

Other Assets (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Other Assets

Other assets consist of the following (in thousands):


	December 31,
	2022		2021
Fixed assets, net:
Leasehold improvements	$	39,946	$	40,798
Other fixed assets	11,347		10,709
Computer hardware and software	8,874		9,526
Furniture, fixtures and equipment	6,878		7,724
Accumulated depreciation	(42,992)		(42,447)
Total fixed assets, net	24,053		26,310
Goodwill	230,194		230,194
Intangible assets, net	136,187		164,551
Right-of-use assets	130,357		157,467
Prepaid expenses	23,809		23,995
Other	84,792		54,800
Other assets	$	629,392	$	657,317

Credit and Market Risk	12 Months Ended
Credit and Market Risk	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Credit and Market Risk	Credit and Market Risk The Company holds substantially all of its excess cash in bank deposits at highly rated banking corporations or investments in highly rated money market funds, which are included in cash and cash equivalents, restricted cash, investments held in Trust Accounts and cash and cash equivalents held by consolidated TPG Funds and Public SPACs in the Consolidated Financial Statements. The Company continually monitors the risk associated with these deposits and investments. Management believes the carrying values of these assets are reasonable taking into consideration credit and market risks along with estimated collateral values, payment histories and other information. In the normal course of business, TPG encounters market and credit risk concentrations. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. The TPG Funds are subject to credit risk to the extent any counterparty is unable to deliver cash balances, securities, or the fair value of swaps, or clear security transactions on the TPG Funds’ behalf. The settlement, clearing and depository operations for the TPG Funds’ securities trading activities are performed pursuant to agreements with counterparties, which are primarily global financial institutions. The TPG Funds manage this risk by monitoring daily the financial condition and credit quality of the parties with which the TPG Funds conduct business, but in the event of default by any of the TPG Funds’ counterparties, the loss to the TPG Funds could be material. The Company is subject to potential concentration risk related to the investors’ commitments to TPG Funds. At December 31, 2022, no individual investor accounted for more than 10% of the total committed capital to TPG’s active funds. Furthermore, certain of the TPG Funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The TPG Funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. Subordinate investments held by TPG may be less marketable, or in some instances illiquid, because of the absence of registration under federal securities laws, contractual restrictions on transfer, the small size of the market and the small size of the issue (relative to issues of comparable interests). As a result, the TPG Funds may encounter difficulty in selling its investments or may, if required to liquidate investments to satisfy redemption requests of its investors or debt service obligations, be compelled to sell such investments at less than fair value. Other limitations for TPG to dispose of an investment and realize value include currency fluctuations and natural disasters. The TPG Funds make investments outside of the United States. Investments outside the United States may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the TPG Funds or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the TPG Funds’ U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws. Furthermore, TPG is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies. TPG is exposed to economic risk concentrations insofar as the Company is dependent on the ability of the TPG Funds that it manages to compensate it for the services it provides to these TPG Funds. Further, the incentive income component of this compensation is based on the ability of such TPG Funds to generate returns above certain specified thresholds. Additionally, TPG is exposed to interest rate risk. TPG has debt obligations that have variable rates. Interest rate changes may therefore affect the amount of interest payments, future earnings and cash flows. TPG’s derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. Some of the markets in which the Company may effect its transactions are “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight unlike members of exchange-based markets. This exposes the Company to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the applicable contract (whether or not such dispute is bona fide) or because of a credit or liquidity problem, causing the Company to suffer losses. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Company has concentrated its transactions with a single or small group of counterparties. TPG attempts to minimize this risk by limiting its counterparties to major financial institutions with strong credit ratings.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements (the “Consolidated Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s Consolidated Financial Statements. All dollar amounts are stated in thousands unless otherwise indicated. All intercompany transactions and balances have been eliminated. Certain comparative amounts for the prior fiscal period have been reclassified to conform to the financial statement presentation as of and for the period ended December 31, 2022.

The Consolidated Financial Statements include the accounts of TPG Inc., TPG Operating Group (formerly known as “the Holdings Companies”) and their consolidated subsidiaries, TPG’s management companies, the general partners of TPG funds and entities that meet the definition of a variable interest entity (“VIE”) for which the Company is considered the primary beneficiary.

The prior period financial statements present the consolidated accounts of TPG Group Holdings, which is considered the predecessor for accounting purposes. Following the completion of our IPO, TPG Inc. is the successor for accounting purposes.

Prior to the Reorganization and IPO, the Company’s predecessor consolidated certain TPG Funds and Public SPACs (herein referred to as “consolidated TPG Funds and Public SPACs”) pursuant to U.S. GAAP, as the Company’s predecessor was considered the primary beneficiary. Following the Reorganization and IPO, the Company no longer has a controlling financial interest in certain TPG Funds and continues to have a controlling financial interest in Public SPACs. Public SPACs are consolidated pursuant to U.S. GAAP. Consequently, the accompanying Consolidated Financial

Statements include the assets, liabilities, revenues, expenses and cash flows of such certain consolidated Public SPACs. The ownership interest in certain TPG Funds held by entities or persons outside of TPG are reflected as other non-controlling interests in the accompanying Consolidated Financial Statements for fiscal years beginning prior to January 1, 2022. All of the management fees, performance allocations (as defined herein) and other amounts earned from the consolidated TPG Funds and Public SPACs are eliminated in consolidation. In addition, the equivalent expense amounts recorded by the consolidated TPG Funds and Public SPACs are also eliminated, with such reduction of expenses allocated to controlling interest holders. Accordingly, the consolidation of these entities has no net effect on net income attributable to TPG Inc., its predecessor, or net income attributable to other non-controlling interests. TPG Funds’ investments (the “Portfolio Companies”) are considered affiliates due to the nature of the Company’s ownership interests.

Use of Estimates

The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues, expenses, and investment income during the reporting periods. Actual results could differ from those estimates and such differences could be material to the Consolidated Financial Statements.

Principles of Consolidation

The types of entities TPG assesses for consolidation include subsidiaries, management companies, broker-dealers, general partners of investment funds, investment funds, SPACs and other entities. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity.

TPG first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOE”) under the voting interest model.

An entity is considered to be a VIE if any of the following conditions exist: (i) the equity investment at risk is not sufficient to finance the activities of the entity without additional subordinated financial support, (ii) as a group, the holders of the equity investment at risk lack the power to direct the activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, and (iii) the voting rights of some holders of the equity investment at risk are disproportionate to their obligation to absorb losses or right to receive returns, and substantially all of the activities are conducted on behalf of the holder of equity investment at risk with disproportionately few voting rights. For limited partnerships, partners lack power if neither (i) a simple majority or lower threshold (including a single limited partner) with equity at risk is able to exercise substantive kick-out rights through voting interests over the general partner, nor (ii) limited partners with equity at risk are able to exercise substantive participating rights over the general partners.

TPG consolidates all VIEs in which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which TPG holds a variable interest is a VIE and (ii) whether TPG’s involvement, through holding interest directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires judgment. The analysis can generally be performed qualitatively; however, if it is not readily apparent that TPG is not the primary beneficiary, a quantitative analysis may also be performed. TPG factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. Fees earned by TPG that are customary and commensurate with the level of effort required for the services provided, and where TPG does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. TPG determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion when facts and circumstances change.

Entities that are determined not to be VIEs are generally considered to be VOEs and are evaluated under the voting interest model. TPG consolidates VOEs that it controls through a majority voting interest or through other means.

The TPG Funds do not consolidate wholly-owned, majority-owned or controlled investments in Portfolio Companies, nor do the TPG Funds account for investments in Portfolio Companies over which they exert significant influence under the equity method of accounting. Rather, these investments are carried at fair value as described below in the section entitled Fair Value Measurement. As of December 31, 2021, the Company no longer consolidates such TPG Funds (see Note 1 to the Consolidated Financial Statements).

Investments

Investments consist of investments in private equity funds, real estate funds, hedge funds and credit funds, including our share of any performance allocations and equity method and other proprietary investments. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected in the Consolidated Statements of Operations.

Equity Method – Performance Allocations and Capital Interests

Investments in which the Company is deemed to have significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. The Company as general partner has significant influence over the TPG Funds in which it invests but does not consolidate. The Company uses the equity method of accounting for these interests whereby it records both its proportionate and disproportionate allocation of the underlying profits or losses of these entities in revenues in the accompanying Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Consolidated Financial Statements. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value and its estimated fair value is recognized as an impairment when the loss is deemed other than temporary.

The TPG Funds are considered investment companies under Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”). The Company, along with the TPG Funds, applies the specialized accounting promulgated in ASC 946 and, as such, neither the Company nor the TPG Funds consolidate wholly-owned, majority-owned and/or controlled Portfolio Companies. The TPG Funds record all investments in the Portfolio Companies at fair value. Investments in publicly traded securities are generally valued at quoted market prices based upon the last sales price on the measurement date. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment.

When observable prices are not available for investments, the general partners use the market and income approaches to determine fair value. The market approach consists of utilizing observable market data, such as current trading or acquisition multiples of comparable companies, and applying it to key financial metrics, such as earnings before interest, depreciation and taxes, of the Portfolio Company. The comparability of the identified set of comparable companies to the Portfolio Company, among other factors, is considered in the application of the market approach.

The general partners, depending on the type of investment or stage of the Portfolio Company’s lifecycle, may also utilize a discounted cash flow analysis, an income approach, in combination with the market approach in determining fair value of investments. The income approach involves discounting projected cash flows of the Portfolio Company at a rate commensurate with the level of risk associated with those cash flows. In accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) market participant assumptions are used in the determination of the discount rate.

In applying valuation techniques used in the determination of fair value, the general partners assume a reasonable period of time for liquidation of the investment and take into consideration the financial condition and operating results of the underlying Portfolio Company, the nature of the investment, restrictions on marketability, market conditions, foreign currency exposures and other factors. In determining the fair value of investments, the general partners exercise significant judgment and use the best information available as of the measurement date. Due to the inherent uncertainty of valuations, the fair values reflected in the accompanying Consolidated Financial Statements may differ materially from values that would have been used had a readily available market existed for such investments and may differ materially from the values that may ultimately be realized.

Equity Method Investments – Other

The Company holds non-controlling, limited partnership interests in certain other partnerships in which it has significant influence over their operations. The Company uses the equity method of accounting for these interests whereby it records its proportionate share of the underlying income or losses of these entities in net gains (losses) from investment activities in the accompanying Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Consolidated Financial Statements. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value and its estimated fair value is recognized as an impairment when the loss is deemed other than temporary and recorded in net gains (losses) from investment activities within the Consolidated Financial Statements.

Equity Method – Fair Value Option

The Company elects the fair value option for certain investments that would otherwise be accounted for using the equity method of accounting. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. The fair value of such investments is based on quoted prices in an active market. Changes in the fair value of these equity method investments are recognized in net gains (losses) from investment activities in the Consolidated Financial Statements.

Equity Investments

The Company holds non-controlling ownership interests in which it does not have significant influence over their operations. The Company records such investments at fair value when there is a readily determinable fair value. For certain nonpublic partnerships without readily determinable fair values, the Company has elected to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is evaluated when significant changes occur that may impact the investee in an adverse manner. Impairment, if any, is recognized in net gains (losses) from investment activities in the Consolidated Financial Statements.

Non-Controlling Interests

Non-controlling interests consists of ownership interests held by third-party investors in certain entities that are consolidated, but not 100% owned. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the Consolidated Financial Statements. Allocation of income to non-controlling interest holders is based on the respective entities’ governing documents.

Revenues

Revenues consisted of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Management fees	$	931,291	$	731,974	$	699,492
Fee credits	(11,461)		(13,630)		(20,012)
Monitoring fees	14,330		14,324		19,837
Transaction fees	97,909		90,606		44,528
Incentive fees	5,183		—		9,521
Expense reimbursements and other	209,383		154,630		130,000
Total fees and other	1,246,635		977,904		883,366

Performance allocations	720,106		3,792,861		1,203,520
Capital interests	36,146		205,622		27,952
Total capital allocation-based income	756,252		3,998,483		1,231,472

Total revenues	$	2,002,887	$	4,976,387	$	2,114,838

Fees and Other

Fees and other are accounted for as contracts with customers under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The guidance for contracts with customers provides a five-step framework that requires the Company to (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when the Company satisfies its performance obligations. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved.

Revenue Streams

Customer

Performance Obligations satisfied over time or

point in time(a)

Variable or Fixed Consideration

Revenue Recognition

Classification of Uncollected Amounts (b)

Management Fees

TPG Funds, limited partners and other vehicles

Asset management services are satisfied over time (daily) because the customer receives and consumes the benefits of the advisory services daily

Consideration is variable since over time the management fee varies based on fluctuations in the basis of the calculation of the fee

Management fees are recognized each reporting period based on the value provided to the customer for that reporting period

Due from affiliates – unconsolidated VIEs

Monitoring Fees

Portfolio companies

In connection with the investment advisory services provided, the Company earns monitoring fees for providing oversight and advisory services to certain portfolio companies over time

Consideration is variable when based on fluctuations in the basis of the calculation of the fee

Consideration is fixed when based on a fixed agreed-upon amount

Monitoring fees are recognized each reporting period based on the value provided to the customer for that reporting period

Due from affiliates – portfolio companies

Transaction Fees

Portfolio companies, third-parties and other vehicles

The company provides advisory services, debt and equity arrangements, and underwriting and placement services for a fee at a point in time

Consideration is fixed and is based on a point in time

Transaction fees are recognized on or shortly after the transaction is completed

Due from affiliates – portfolio companies

Other assets - other

Incentive Fees

TPG Funds and other vehicles

Investment management services performed over a period of time that result in achievement of minimum investment return levels

Consideration is variable since incentive fees are contingent upon the TPG Fund or vehicles achieving more than the stipulated investment threshold return

Incentive fees are recognized at the end of the performance measurement period if the investment performance is achieved

Due from affiliates – unconsolidated VIEs

Expense

Reimbursements and other

TPG Funds, portfolio companies and third-parties

Expense reimbursements incurred at a point in time relate to providing investment, management and monitoring services. Other revenue is performed over time.

Expense reimbursements and other are fixed consideration

Expense reimbursements and other are recognized as the expenses are incurred or services are rendered

Due from affiliates – portfolio companies and unconsolidated VIEs

Other assets – other

_________________

(a)There were no significant judgments made in evaluating when a customer obtains control of the promised service for performance obligations satisfied at a point in time.

(b)See Note 1 5 to the Consolidated Financial Statements for amounts classified in due from affiliates.

Management Fees

The Company provides investment management services to the TPG Funds, limited partners and other vehicles in exchange for a management fee. Management fees are determined quarterly based on an annual rate and are generally based upon a percentage of the capital committed or capital invested during the investment period. Thereafter, management fees are generally based on a percentage of actively invested capital or as otherwise defined in the respective management agreements. Since some of the factors that cause management fees to fluctuate are outside of the Company’s control, management fees are considered constrained and are not included in the transaction price until the uncertainty relating to the constraint is subsequently resolved. After the contract is established, management does not make any significant judgments in determining the transaction price.

Management fees earned generally range from 0.50% to 2.00% of committed capital during the commitment period and from 0.25% to 2.00% of actively invested capital after the commitment period or at an annual rate of fund gross assets, as defined in the respective partnership agreements of the TPG Funds. Management fees charged to consolidated TPG Funds and SPACs are eliminated in consolidation.

Monitoring Fees

The Company provides monitoring services to certain Portfolio Companies in exchange for a fee, which is recognized over time as services are rendered. After the monitoring contract is established, there are no significant judgments made in determining the transaction price.

Transaction Fees

The Company provides capital structuring and other advice to Portfolio Companies, third parties and other vehicles generally in connection with debt and equity arrangements, as well as underwriting and placement services for a fee at a point in time when the underlying advisory services rendered are complete. Transaction fees are separately negotiated for each transaction and are generally based on the underlying transaction value. After the contract is established, management makes no significant judgements when determining the transaction price.

Fee Credits

Under the terms of the management agreements with certain TPG Funds, the Company is required to reduce management fees payable by funds by an agreed upon percentage of certain fees, including monitoring and transaction fees earned from Portfolio Companies (“Fee Credits”). Investment funds receive the benefit of Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the Portfolio Company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain costs incurred in connection with reimbursements of specialized operational services associated with providing specialized operations and consulting services to the funds and Portfolio Companies. Fee Credits are recognized by investment funds concurrently with the recognition of monitoring fees and transaction fees. Since Fee Credits are payable to investment funds, amounts of Fee Credits are generally applied as a reduction of the management fee that is otherwise billed to the investment fund. Fee Credits are recorded as a reduction of revenues in the Consolidated Statement of Operations. Fee Credits payable to investment funds are recorded in due to affiliates in the Consolidated Financial Statements. See Note 1 5 to the Consolidated Financial Statements.

Incentive Fees

The Company provides investment management services to certain TPG funds and other vehicles in exchange for a management fee as discussed above and, in some cases, an incentive fee when the Company is not entitled to performance allocations, as further discussed below. Incentive fees are considered variable consideration as these fees are subject to reversal, and therefore the recognition of such fees is deferred until the end of the measurement period when the performance-based incentive fees become fixed and determinable. After the contract is established, there are no significant judgments made when determining the transaction price.

Expense Reimbursements and Other

In providing investment management and advisory services to TPG funds and monitoring services to the Portfolio Companies, TPG routinely contracts for services from third parties. In situations where the Company is viewed, for accounting purposes only, as having incurred these third-party costs on behalf of the TPG funds or Portfolio Companies, the cost of such services is presented net as a reduction of the Company’s revenues. In all other situations, the expenses and related reimbursements associated with these services are presented on a gross basis, which are classified as part of the Company’s expenses, and reimbursements of such costs are classified as expense reimbursements within revenues in the Consolidated Financial Statements. After the contract is established, there are no significant judgments made when determining the transaction price.

Capital Allocation-Based Income (Loss)

Capital allocation-based income (loss) is earned from the TPG Funds when the Company has a general partner’s capital interest and is entitled to a disproportionate allocation of investment income (referred to hereafter as “performance allocations”). The Company records capital allocation-based income (loss) under the equity method of accounting assuming the fund was liquidated as of each reporting date pursuant to each TPG Fund’s governing agreements. Accordingly, these general partner interests are accounted for outside of the scope of ASC 606.

Other arrangements surrounding contractual incentive fees through an advisory contract are separate and distinct and accounted for in accordance with ASC 606. In these incentive fee arrangements, the Company’s economics in the entity do not involve an allocation of capital. See discussion above regarding “Incentive Fees”.

Performance allocations are allocated to the general partners based on cumulative fund performance as of each reporting date, and after specified investment returns to the funds’ limited partners are achieved. At the end of each reporting period, the TPG Funds calculate and allocate the performance allocations that would then be due to the general partner for each TPG Fund, pursuant to the TPG Fund governing agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments (and the investment returns to the funds’ limited partners) varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocations to reflect either (i) positive performance resulting in an increase in the performance allocations allocated to the general partner or (ii) negative performance that would cause the amount due to the general partner to be less than the amount previously recognized, resulting in a negative adjustment to performance allocations allocated to the general partner. In each case, performance allocations are calculated on a cumulative basis and cumulative results are compared to amounts previously recorded with a current period adjustment, positive or negative, recorded.

The Company ceases to record negative performance allocations once previously recognized performance allocations for a TPG Fund have been fully reversed, including realized performance allocations. The general partner is not obligated to make payments for guaranteed returns or hurdles of a fund and, therefore, cannot have negative performance allocations over the life of a fund. Accrued but unpaid performance allocations as of the reporting date are reflected in investments in the Company’s Consolidated Financial Statements. Performance allocations received by the general partners of the respective TPG Funds are subject to clawback to the extent the performance allocations received by the general partner exceed the amount the general partner is ultimately entitled to receive based on cumulative fund results. Generally, the actual clawback liability does not become due until eighteen months after the realized loss is incurred; however, individual fund terms vary. For disclosures at December 31, 2022 related to clawback, see Note 1 8 to the Consolidated Financial Statements. Revenue related to performance allocations for consolidated TPG Funds is eliminated in consolidation.

The Company earns management fees, incentive fees and capital allocation-based income (loss) from investment funds and other vehicles whose primary focus is making investments in specified geographical locations and earns transaction and monitoring fees from portfolio companies located in varying geographies. For the years ended December 31, 2022, 2021 and 2020, over 10% of consolidated revenues were generated in the United States. For the year ended December 31, 2022, 87%, 5% and 8% of consolidated revenues were generated in the Americas, Europe/Middle East and Asia-Pacific, respectively. For the year ended December 31, 2021, 66%, 6% and 28% of consolidated revenues were generated in the Americas, Europe/Middle East and Asia-Pacific, respectively. For the year ended December 31, 2020, 77%, 4% and 19% of consolidated revenues were generated in the Americas, Europe/Middle East and Asia-Pacific, respectively. The determination of the geographic region was based on the geographic focus of the associated investment vehicle or where the portfolio company is headquartered.

Investment Income

Income from equity method investments

The carrying value of equity method investments in proprietary investments where the Company exerts significant influence is generally determined based on the amounts invested, adjusted for the equity in earnings or losses of the investee allocated based on the Company’s ownership percentage, less distributions and any impairment. The Company records its proportionate share of investee’s equity in earnings or losses based on the most recently available financial

information, which in certain cases may lag the date of TPG’s financial statements by up to three calendar months. Income from equity method investments is recorded in net gains (losses) from investment activities on the Consolidated Statements of Operations.

Income from equity method investments for which the fair value option was elected

Income from equity method investments for which the fair value option was elected includes realized gains and losses from the sale of investments, and unrealized gains and losses from changes in the fair value during the period as a result of quoted prices in an active market. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. Income from equity method investments for which the fair value option was elected is recorded in net gains (losses) from investment activities on the Consolidated Statements of Operations.

Income from equity investments

Income from equity investments, which represent investments held through equity securities of an investee that the Company does not hold significant influence over, includes realized gains from the sale of investments and unrealized gains and losses result from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Income from equity investments is recorded in net gains (losses) from investment activities on the Consolidated Statements of Operations.

Net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs

Net gains (losses) from investment activities includes realized gains and losses from the sale of equity, securities sold and not yet purchased, debt and derivative instruments other than warrants and forward purchase agreements (“FPAs”), and unrealized gains and losses from changes in the fair value of such instruments. Realized gains and losses are recognized on the date the transaction is completed. These instruments are generally valued at quoted market prices based upon the last sales price on the measurement date. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. Net gains from investment activities of consolidated TPG Funds and Public SPACs are recorded in net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs on the Consolidated Statements of Operations.

Unrealized gains (losses) from derivative liabilities of Public SPACs

Unrealized gains (losses) from derivative liabilities of Public SPACs includes unrealized gains and losses from changes in fair value of warrants and FPAs.

Interest, dividends and other

Interest income is recognized as earned. Dividend income is recognized by the Company on the ex-dividend date, or in the absence of a formal declaration, on the date it is received.

Compensation and Benefits

Cash-based compensation and benefits includes (i) salaries and wages, (ii) benefits and (iii) discretionary cash bonuses. Bonuses are accrued over the service period to which they relate.

Compensation expense related to the issuance of equity-based awards is measured at grant-date fair value. Compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis. Compensation expense for awards that do not require future service is recognized immediately. Compensation expense for awards that contain market and service conditions is based on grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized on a tranche by tranche basis using the accelerated attribution method. The requisite service period for those awards is the longer of the explicit service period and

the derived service period. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense.

Prior to the IPO, all performance allocation payments in the form of legal form equity made to the Company’s partners were paid pro rata based on ownership percentages in the underlying investment partnership and accounted for as distributions on the equity held by such partners during such period. For the period in 2022 prior to the IPO, there were no performance allocations earned, allocated or distributed with respect to partnership interests. Performance allocation compensation expense and accrued performance allocation compensation is the portion of performance allocations that TPG allocates to certain of its employees and certain other advisors of the Company. Performance allocations due to our partners and professionals are accounted for as compensation expense in conjunction with the recognition of the related performance allocations and, until paid, are recognized as accrued performance allocation compensation. Accordingly, upon a reversal of performance allocations, the related compensation expense, if any, is also reversed.

Net Income (Loss) Per Share of Class A Common Stock

Basic income (loss) per share of Class A common stock is calculated by dividing net income (loss) attributable to TPG Inc. by the weighted-average shares of Class A common stock, unvested participating shares of Class A common stock outstanding for the period and vested deferred restricted shares of Class A common stock that have been earned for which issuance of the related shares of Class A common stock is deferred until future periods. Diluted income (loss) per share of Class A Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented by the unvested restricted stock units. The Company applies the if-converted method to the TPG Operating Group partnership units to determine the dilutive impact, if any, of the exchange right included in the TPG Operating Group partnership units.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on deposit with banks and other short-term investments with an initial maturity of 90 days or less. Restricted cash balances relate to cash balances reserved for the payment of interest on the Company’s secured borrowings.

Cash and Cash Equivalents Held by Consolidated Public SPACs

Cash and cash equivalents held by consolidated Public SPACs represent cash and cash equivalents that are held by consolidated Public SPACs and are not available to fund the general liquidity needs of the Company.

Assets Held in Trust Accounts

Proceeds from equity issued by certain consolidated Public SPACs have been deposited into trust accounts (“Trust Accounts”) and may only be utilized for specific purposes. Therefore, such cash and investments are reported separately in assets held in Trust Accounts on the Consolidated Statements of Financial Condition.

As of December 31, 2022 and December 31, 2021, TPG Pace Beneficial II Corp. (“YTPG”) assets held in Trust Accounts were deposited into a non-interest-bearing U.S. based account.

As of December 31, 2022, AfterNext HealthTech Acquisition Corp. (“AFTR”) assets held in Trust Accounts were invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. As of December 31, 2021, these assets were deposited into a non-interest-bearing U.S. based trust account.

Derivative Liabilities of Public SPACs

Financial derivative assets and liabilities related to our consolidated Public SPACs’ investment activities consist of warrant liabilities and forward purchase agreements.

The Company recognizes these derivative instruments as assets or liabilities at fair value in the accompanying Consolidated Financial Statements. Changes in the fair value of derivative contracts entered into by the Company are included in current period earnings. These derivative contracts are not designated as hedging instruments for accounting purposes.

These derivatives are agreements in which a consolidated Public SPAC and a counterparty agree to exchange cash flows based on agreed-upon terms. As a result of the derivative transaction, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the applicable Public SPAC only enters into contracts with major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of the derivative instruments. In the normal course of business, the Company incurs commitments and is exposed to risks resulting from its investment and financing transactions, including derivative instruments. The value of a derivative instrument is based upon an underlying instrument. These instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, performance and operational risks. The Company manages these risks on an aggregate basis as part of its risk management policies and as such, does not distinguish derivative income or loss from any other category of instruments for financial statement presentation purposes. The leverage inherent in the Company’s derivative instruments increases the sensitivity of the Company’s earnings to market changes. Notional amounts often are used to express the volume of these transactions, but the amounts potentially subject to risk are much smaller. The Company routinely evaluates its contractual arrangements to determine whether embedded derivatives exist. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, if a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative and if the combined instrument is not measured at fair value through profit or loss.

For derivative contracts where an enforceable master netting agreement is in place, the Company has elected to offset derivative assets and liabilities, as well as cash that may have been received or pledged, as part of collateral arrangements with the respective counterparty in the Consolidated Financial Statements. The master netting agreements provide the Company and the counterparty the right to liquidate collateral and the right to offset each other’s obligations in the event of default by either party.

Certain of the Company’s consolidated Public SPACs issued public warrants and FPAs in conjunction with their IPO. The Company accounts for warrants and FPAs of the consolidated Public SPAC’s ordinary shares that are not indexed to its own stock as liabilities at fair value on the balance sheet. These warrants and FPAs are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s Consolidated Statements of Operations. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants and FPAs that do not meet all the criteria for equity classification, the warrants and FPAs are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants and FPAs are recognized as a non-cash gain or loss on the Consolidated Statements of Operations.

Fair Value Measurement

ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure the investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).

Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value.

The three levels of the fair value hierarchy under ASC 820 are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. The types of investment generally included in Level I are publicly listed equities, debt and securities sold, not yet purchased.

Level II – Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly. Level II pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. The types of investments generally included in Level II are restricted securities listed in active markets, corporate bonds and loans.

Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. The types of investments generally included in Level III are privately held debt and equity securities.

In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment.

In certain instances, an investment that is measured and reported at fair value may be transferred into or out of Level I, II, or III of the fair value hierarchy.

In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. When a security is valued based on dealer quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level II or Level III investment. Some of the factors considered include the number and quality of quotes, the standard deviations of the observed quotes and the corroboration of the quotes to independent pricing services.

Level III investments may include common and preferred equity securities, corporate debt, and other privately issued securities. When observable prices are not available for these securities, one or more valuation techniques (e.g., the market approach and/or the income approach) for which sufficient and reliable data is available are used. Within Level III, the use of the market approach generally consists of using comparable market transactions or other data, while the use of the income approach generally utilizes the net present value of estimated future cash flows, adjusted, as appropriate, for liquidity, credit, market and other risk factors. Due to the inherent uncertainty of these valuations, the fair values reflected in the accompanying Consolidated Financial Statements may differ materially from values that would have been used had a readily available market for the investments existed and may differ materially from the values that may ultimately be realized. The period of time over which the underlying assets of the investments will be liquidated is unknown.

Financial Instruments

Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Except for secured borrowings, the fair value of the Company’s assets and liabilities, including our Senior Unsecured Term Loan, which qualify as financial instruments under ASC 820, approximates the carrying amounts represented in the Consolidated Statements of Financial Condition due to their short-term nature and in the case of our Senior Unsecured Term Loan due to its variable rate nature. See Note 12 to the Consolidated Financial Statements.

Due from and Due to Affiliates

The Company considers current and former limited partners of funds and employees, including their related entities, entities controlled by the Company’s Founders but not consolidated by the Company, Portfolio Companies of TPG Funds, and unconsolidated TPG Funds to be affiliates (“Affiliates”). Receivables from and payables to affiliates are recorded at their expected settlement amount in due from and due to affiliates in the Consolidated Financial Statements.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of acquired identifiable net tangible and intangible assets. Goodwill is not amortized. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s reporting unit is less than its respective carrying value. If it is determined that it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company performs a quantitative analysis. When the quantitative approach indicates an impairment, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill. As of December 31, 2022, we believe it is more likely than not that the fair value of our reporting unit exceeds its carrying value.

Intangible assets

The Company’s intangible assets consist of the fair value of its interests in future promote of certain funds and the fair value of acquired investor relationships representing the fair value of management fees earned from existing investors in future funds. Finite-lived intangible assets are amortized over their estimated useful lives, which range from five to twelve years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. Amortization expense is included in depreciation and amortization expense in the Consolidated Statements of Operations.

Operating Leases

At contract inception, the Company determines if an arrangement contains a lease by evaluating whether (i) an identified asset has been deployed in a contract explicitly or implicitly and (ii) the Company obtains substantially all the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. Additionally, at contract inception the Company will evaluate whether the lease is an operating or finance lease. Right-of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. To the extent these payments are fixed or determinable, they are included as part of the lease payments used to measure the lease liability. The Company’s ROU assets are recognized as the initial measurement of the lease liabilities plus any initial direct costs and any prepaid lease payments less lease incentives received, if any. The lease terms may include options to extend or terminate the lease which are accounted for when it is reasonably certain that the Company will exercise that option. As the discount rate implicit to the lease is not readily determinable, incremental borrowing rates of the Company were used. The incremental borrowing rates are based on the information available including, but not limited to, collateral assumptions, the term of the lease, and the economic environment in which the lease is denominated at the commencement date.

The Company elected the package of practical expedients provided under the guidance. The practical expedient package applies to leases commenced prior to the adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. The Company has elected to not separate the lease and non-lease components within the contract. Therefore, all fixed payments associated with the lease are included in the ROU asset and the lease liability. These costs often relate to the fixed payments for a proportionate share of real estate taxes, common area maintenance and other operating costs in addition to a base rent. Any variable payments related to the lease are recorded as lease expense when and as incurred. The Company has elected this practical expedient for all lease classes. The Company did not elect the hindsight practical expedient. The Company has elected the short-term lease expedient. A short-term lease is a lease that, as of the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying

asset that the lessee is reasonably certain to exercise. For such leases, the Company will not apply the recognition requirements of ASC Topic 842, Leases (“ASC 842”) and instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. Additionally, the Company elected the practical expedient which allows an entity to not reassess whether any existing land easements are or contain leases.

The Company’s leases primarily consist of operating leases for real estate, which have remaining terms of 1 to 11 years. Some of those leases include options to extend for additional terms ranging from 2 to 10 years. The Company’s other leases, including those for office equipment, vehicles, and aircrafts, are not significant. Additionally, the Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations. The Company also does not provide any residual value guarantees for the leases or have any significant leases that have yet to be commenced. From time to time, the Company enters into certain sublease agreements that have terms similar to the remaining terms of the master lease agreements between TPG and the landlord. Sublease income is recorded as an offset to general, administrative and other in the accompanying Consolidated Statements of Operations.

In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) provided relief under ASC 842. Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from the COVID-19 pandemic, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract. The Company made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made under enforceable rights in the original contract. Additionally, the Company made the policy election to account for these concessions outside of the lease modification framework described under ASC 842. The Company records accruals for deferred rental payments and recognizes rent abatements or concessions as variable lease costs in the periods incurred.

Operating lease expense is recognized on a straight-line basis over the lease term and is recorded within general, administrative and other in the accompanying Consolidated Statements of Operations (see N o te 1 7 to the Consolidated Financial Statements).

Fixed Assets

Fixed assets consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and other fixed assets which are recorded at cost, less accumulated depreciation. Leasehold improvements are amortized using the straight-line method, over the shorter of the respective estimated useful life or the lease term. Depreciation of furniture, fixtures, equipment and computer hardware and software is recorded over the estimated useful life of the asset, generally three to seven years, using the straight-line method. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When evidence of loss in value has occurred, management compares the estimated undiscounted cash flows associated with the long-lived asset to its carrying value to determine whether an impairment has occurred. If the undiscounted cash flows are less than the carrying value, an impairment is recorded as the difference between the fair value of the long-lived asset and its carrying value. Fair value is based on estimated discounted cash flows associated with the long-lived asset.

Foreign Currency

The functional currency of the Company’s international subsidiaries is the U.S. Dollar. Non-U.S. dollar denominated assets and liabilities of foreign operations are remeasured at rates of exchange as of the end of the reporting period. Non-U.S. dollar revenues and expenses of foreign operations are remeasured at average rates of exchange during the period. Gains and losses resulting from remeasurement are included in general, administrative and other in the accompanying Consolidated Statements of Operations. Foreign currency gains and losses resulting from transactions in currencies other than the functional currency are also included in general, administrative and other in the Consolidated Statements of Operations during the period the transaction occurred.

Redeemable Equity from Consolidated Public SPACs

Redeemable equity from consolidated Public SPACs represents the shares issued by the Company’s consolidated Public SPACs that are redeemable for cash by the public shareholders in the event of an election to redeem by individual public shareholders at the time of the business combination. The Company accounts for redeemable equity in accordance with ASC Topic 480-10-S99, Distinguishing Liabilities from Equity (“ASC 480”), which states redemption provisions not

solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The redeemable non-controlling interests are initially recorded at their original issuance price and are subsequently allocated their proportionate share of the underlying gains or losses of the Public SPACs. The Company adjusts the redeemable equity to full redemption value on a quarterly basis.

If a Public SPAC is unable to complete a business combination within the time period required by its governing documents, this equity becomes redeemable and is reclassified out of redeemable equity and into Public SPAC current redeemable equity in accordance with ASC 480 as the Public SPAC prepares for dissolution.

Income Taxes

As a result of the Reorganization, the Company is treated as a corporation for U.S. federal and state income tax purposes. The Company is subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of taxable income generated by the TPG Operating Group partnerships. Prior to the Reorganization and the IPO, the Company was treated as a partnership for U.S. federal income tax purposes and therefore was not subject to U.S. federal and state income taxes except for certain consolidated subsidiaries that were subject to taxation in the U.S. (federal, state and local) and foreign jurisdictions as a result of their entity classification for tax reporting purposes. The provision for income taxes in the historical Consolidated Statements of Operations consists of U.S. (federal, state and local) and foreign income taxes with respect to certain consolidated subsidiaries.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs.

Under ASC Topic 740, Income Taxes, a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. The realization of deferred tax assets is dependent on the amount of our future taxable income. When evaluating the realizability of deferred tax assets, all evidence (both positive and negative) is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. The Company recognizes interest and penalties relating to unrecognized tax benefits as income tax expense (benefit) within the Consolidated Statement of Operations.

Segment

The Company operates its business in a single operating and reportable segment, consistent with how its chief operating decision maker reviews financial performance and allocates resources. The Company operates collaboratively across product lines with a single expense pool.

Regulated Entities

At December 31, 2022, the Company consolidates a registered broker-dealer subsidiary that is subject to the minimum net capital requirements of the SEC and FINRA which may restrict the Company’s ability to withdraw funds from the broker-dealer. The broker-dealer has continuously operated in excess of its minimum net capital requirements.

Certain other U.S. and non-U.S. entities are subject to various investment adviser, commodity pool operator and trader regulations. This includes a number of U.S. entities that are registered as investment advisers with the SEC.

Recent Accounting Pronouncements

In June 2022, the FASB issued Accounting Standard Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) which (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. Under current guidance, stakeholders have observed diversity in practice related to whether contractual sale restrictions should be considered in the measurement of the fair value of equity securities that are subject to such restrictions. The amendments in ASU 2022-03 should be applied to equity securities with a contract containing a sale restriction that is executed or modified on or after the adoption date. For equity securities with a contract containing a sale restriction that was executed before the adoption date, companies should continue to apply the historical accounting policy for measuring such securities until the contractual restriction expires or is modified. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption of ASU 2022-03 to have a material impact to its Consolidated Financial Statements.

Recently Adopted Accounting Guidance

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted ASU 2019-12 on January 1, 2022. Based on the Company’s existing application of ASC 740, the new guidance did not have a material impact on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to U.S. GAAP requirements for modifications to debt agreements, leases, derivatives, and other contracts related to the expected market transition from the London Interbank Offered Rate (“LIBOR”), and certain other floating rate benchmark indices to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope. This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. These optional expedients and exceptions are effective as of March 12, 2020 through June 2023. Adoption is permitted at any time. The Company elected to apply the optional expedient for contract modifications this year in conjunction with the amendments to its credit facilities as further described in Note 12 to the Consolidated Financial Statements.

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company’s adoption of ASU 2020-06 on January 1, 2022 did not have a material impact to its Consolidated Financial Statements.

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity, particularly when a freestanding equity-classified written call option is modified or exchanged and remains equity-classified after the modification or exchange. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Early adoption is permitted. This ASU is applied prospectively to modifications or exchanges occurring on or after the effective date of the ASU. The Company has no written call options classified in equity and as a result, the adoption of ASU 2021-04 did not have any impact to its Consolidated Financial Statements.

Operating Leases - Annual Undiscounted Cash Flows (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 19,000
2024	25,319
2025	27,862
2026	19,765
2027	18,423
Thereafter	62,614
Total future undiscounted operating lease payments	172,983
Less: imputed interest	(25,096)
Present value of operating lease liabilities	$ 147,887
Operating lease, liability, statement of financial position	Other liabilities

Accounts Payable and Accrued Expenses, and Other Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses, and Other Liabilities

Accounts payable and accrued expenses consist of the following (in thousands):


	December 31,
	2022		2021
Trade accounts payable	$	44,186	$	37,429
Accrued expenses	53,985		96,922
Accounts payable and accrued expenses	$	98,171	$	134,351

Other liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Lease Obligation	$	147,887	$	177,003
Clawback liability (see Note 18)	58,317		58,317
Other	19,886		2,926
Other liabilities	$	226,090	$	238,246

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2021	Oct. 31, 2020
Related Party Transaction [Line Items]
Notes receivable, related parties	$ 1,600	$ 1,000
Interest, dividends and other	100	500	$ 500
Non-cash right-of-use assets and lease liability termination	13,600
Cash paid for amounts included in the measurement of lease liabilities	$ 28,458	29,224	29,427
Number of securities called by each warrant or earnout shares (in shares)	1
Warrant \| AFTR
Related Party Transaction [Line Items]
Number of securities called by each warrant or earnout shares (in shares)				0.3333
Warrant \| TPGY
Related Party Transaction [Line Items]
Number of securities called by each warrant or earnout shares (in shares)					0.2
Affiliated Entity
Related Party Transaction [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 0	4,900
Related Party Investments \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 154,800	211,300
Annual Administration \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Revenue from related parties	$ 19,800
Other Related Party Transactions \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	23,500	21,800	16,600
Revenue from related parties	$ 26,200	$ 27,900	$ 21,100

Equity-Based Compensation - Narrative (Details)			1 Months Ended	2 Months Ended	12 Months Ended
Equity-Based Compensation - Narrative (Details)	Feb. 09, 2022	Jan. 12, 2022 shares	Jan. 31, 2022	Feb. 24, 2023 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Jan. 06, 2023 shares	Jan. 13, 2022 shares	Jul. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares) \| shares									30,694,780
Equity-based compensation					$ 627,714,000	$ 0	$ 0
Contribution expenses					12,700,000	10,900,000	11,200,000
Discretionary bonus expense					205,400,000	340,900,000	$ 293,900,000
Management fees and compensation and benefits expense					10,000.00	$ 9,500,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares) \| shares								43,492,763
NewQuest Holdings (Cayman) Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period			3 years
Award vesting period			3 years
Business acquisition, percentage of voting interests acquired			33.30%							33.30%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	7 years
Restricted Stock Units And Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award conversion ratio	1
Total TPH and RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					508,600,000
Awards granted in the period (in shares) \| shares		67,200,000
Total TPH and RPH Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period	4 years
Total TPH and RPH Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period	7 years
Total Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					$ 83,800,000
Awards granted in the period (in shares) \| shares					13,200,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense					$ 231,500,000
Weighted average remaining requisite service period					3 years 6 months
Restricted Stock Units \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					$ 7,100,000
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period					4 years
Award vesting period					4 years
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period					6 years
Award vesting period					6 years
Ordinary Service-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					$ 2,800,000
Awards granted in the period (in shares) \| shares					700,000
Executive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in the period (in shares) \| shares					2,200,000
IPO Executive Service-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period					5 years
Award vesting period					5 years
Awards granted in the period (in shares) \| shares					1,100,000
Weighted average grant date fair value					$ 32,500,000
Unrecognized compensation expense					$ 26,200,000
Weighted average remaining requisite service period					4 years
Weighted average grant date fair value (in usd per share) \| $ / shares					$ 29.50	$ 0
IPO Executive Performance Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in the period (in shares) \| shares					1,100,000
Weighted average grant date fair value					$ 18,200,000
Weighted average remaining requisite service period					2 years 9 months 18 days
Weighted average grant date fair value (in usd per share) \| $ / shares					$ 16.58	$ 0
Executive Market Condition Awards, Type I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period					5 years
Executive Market Condition Awards, Type II
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target common stock share price within five years (in usd per share) \| $ / shares					$ 44.25
Target common stock share price within eight years (in usd per share) \| $ / shares					$ 59.00
Other Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Equity-based compensation					$ 41,400,000	$ 0
Awards granted in the period (in shares) \| shares					4,200,000
TOG Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					$ 24,300,000
Awards granted in the period (in shares) \| shares					2,400,000
Weighted average grant date fair value (in usd per share) \| $ / shares					$ 27.29
Services Vesting Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in the period (in shares) \| shares					10,900,000
Weighted average grant date fair value (in usd per share) \| $ / shares					$ 29.41	$ 0
Services Vesting Award \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Awards granted in the period (in shares) \| shares				3,700,000
Performance-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years 1 month 6 days
Awards granted in the period (in shares) \| shares					100,000
Unrecognized compensation expense					$ 3,000,000
Weighted average grant date fair value (in usd per share) \| $ / shares					$ 26.93
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					$ 17,100,000
Awards granted in the period (in shares) \| shares					1,800,000
Weighted average grant date fair value (in usd per share) \| $ / shares					$ 29.50

Investments - Summary of Investments (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Equity Securities without Readily Determinable Fair Value [Line Items]

Equity method - fair value option

$ 20,907

$ 46,013

Equity investments

12,072

97,899

Total investments

^[1]

5,329,868

6,109,046

Variable Interest Entity, Primary Beneficiary

Equity Securities without Readily Determinable Fair Value [Line Items]

Equity method - performance allocations

475,110

492,276

Equity Securities without Readily Determinable Fair Value [Line Items]

Equity method - capital interests

4,677,017

5,366,694

Equity Securities without Readily Determinable Fair Value [Line Items]

Equity Securities without Readily Determinable Fair Value [Line Items]

607,964

590,662

Equity method - other

Business Combination and Asset Acquisition [Abstract]

$ 11,908

$ 7,778

[1]

Acquisition (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair value of the consideration transferred to acquire NewQuest (in thousands):


Cash paid	$	5,000
Contingent consideration	8,400
Equity interests of the acquirer	24,600
Total consideration for acquired ownership interest - Tranche 2	38,000
Fair value of previously held equity method investment - Tranche 1	155,400
Fair value of non-controlling interest in NewQuest	301,189
Total purchase consideration	$	494,589

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


Total purchase consideration	$	494,589

Net assets acquired
Tangible assets
Cash	$	29,817
Other assets	5,805
Performance fee allocations	80,278
Capital interests	28,389
Due to affiliates	(23,364)
Liabilities and other	(7,630)
Net book value of tangible assets	113,295
Intangible assets
Contractual performance fee allocations	132,600
Management contracts	20,000
Investor relationships	25,000
Total intangible assets	177,600
Goodwill	203,694
Total net assets acquired	$	494,589

Controlling interest in NewQuest	$	193,400
Non-controlling interest in NewQuest	301,189

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination


	Fair Value		Average Useful Life
	($ in thousands)		(in years)
Contractual performance fee allocations	$	132,600	6.7
Management contracts	20,000		3.5
Investor relationships	25,000		12
Total Intangible Assets	$	177,600

Business Acquisition, Pro Forma Information


	Years ended December 31,
	2021		2020
Revenues
Fees and other	$	991,689	$	911,675
Capital allocation-based income	4,021,806		1,278,054
Total revenues	5,013,495		2,189,729
Total expenses	944,453		874,596
Net gains from investment activities	584,621		144,641
Net income	$	4,653,663	$	1,459,774

Net income (loss) attributable to redeemable equity in Public SPACs	$	155,131	$	(195,906)
Net income (loss) attributable to non-controlling interests in consolidated TPG Funds	19,287		(12,380)
Net income attributable to other non-controlling interests	2,464,132		740,565
Net income attributable to controlling interests	2,015,113		927,495

Equity-Based Compensation - Significant Assumptions (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares
Executive Market Condition Awards, Type I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in usd per share)	$ 17.58
TPG Class A common stock share price as of valuation date (in usd per share)	$ 29.50
Volatility	35.00%
Dividend Yield	4.00%
Risk-free rate	1.46%
Cost of Equity	10.70%
Executive Market Condition Awards, Type II
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in usd per share)	$ 15.59
TPG Class A common stock share price as of valuation date (in usd per share)	$ 29.50
Volatility	35.00%
Dividend Yield	4.00%
Risk-free rate	1.65%
Cost of Equity	10.70%

Variable Interest Entities - Assets and Liabilities Related to VIE Securitization Transactions (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 1,107,484

$ 972,729

$ 858,220

13,166

^[1]

13,135

^[1]

$ 13,135

202,639

185,321

Total assets

7,941,738

8,962,013

Accrued interest

98,171

134,351

Variable Interest Entity, Primary Beneficiary

139,863

826,999

Secured borrowings, net

^[1]

245,259

244,950

Total liabilities

4,202,232

1,700,572

33,612

24,719

Participation rights receivable

13,166

13,135

475,110

492,276

436

1,146

Total assets

522,324

531,276

Accrued interest

191

Derivative Instruments and Hedging Activities Disclosure [Abstract]

280

22,470

Secured borrowings, net

245,259

244,950

Total liabilities

$ 245,730

$ 267,611

[1]

Equity - Dividends Declared (Details) - $ / shares				12 Months Ended
Equity - Dividends Declared (Details) - $ / shares	Nov. 09, 2022	Aug. 09, 2022	May 10, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Dividends declared per share of Class A Common Stock (in usd per share)				$ 1.09
Class A Common Stock
Class of Stock [Line Items]
Dividends declared per share of Class A Common Stock (in usd per share)	$ 0.26	$ 0.39	$ 0.44

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Income (Loss) Attributable to Parent, before Tax	$ (23,752)	$ 4,665,035	$ 1,448,711
Deferred tax assets, net	45,031	2,458
United States
Income Tax Contingency [Line Items]
Income (Loss) Attributable to Parent, before Tax	80,872	3,171,385	1,756,113
International
Income Tax Contingency [Line Items]
Income (Loss) Attributable to Parent, before Tax	$ (104,624)	$ 1,493,650	$ (307,402)

Debt - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Interest expense, debt	$ 19,000	$ 14,300	$ 15,700
Estimate of Fair Value Measurement \| Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, fair value	231,500	271,600
Estimate of Fair Value Measurement \| Unsecured Debt
Line of Credit Facility [Line Items]
Long-term debt, fair value	199,200
Carrying Amount \| Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, fair value	250,000	$ 250,000
Carrying Amount \| Unsecured Debt
Line of Credit Facility [Line Items]
Long-term debt, fair value	$ 199,200

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivatives Not Designated as Hedging Instruments

The consolidated Public SPACs’ derivative instruments were as follows (in thousands):


	December 31, 2022		December 31, 2021
Derivatives not designated as hedging instruments under Subtopic 815-20:
Liability derivatives:
Public warrants	$	667	$	11,662
Forward purchase agreements	—		1,386
Derivative liabilities of Public SPACs	$	667	$	13,048

Schedule of Net Gains Recognized on Derivative Instruments

The following are net gains (losses) recognized on derivative instruments of consolidated TPG Funds and Public SPACs (in thousands):


	Year Ended December 31,
	2022		2021		2020
Realized losses, net on total return swaps	$	—	$	(10,269)	$	(5,139)
Realized (losses) gains, net on foreign currency forwards	—		(175)		1,922
Unrealized gains (losses), net on total return swaps	—		10,068		(10,807)
Unrealized gains (losses), net on foreign currency forwards	—		28		(717)
Total net losses on derivative instruments from investment activities of consolidated TPG Funds	—		(348)		(14,741)
Unrealized gains (losses), net on public warrants	10,996		52,128		(46,730)
Unrealized gains (losses), net on forward purchase agreements	1,386		159,694		(192,539)
Total net gains (losses) on derivative instruments of Public SPACs	12,382		211,822		(239,269)
Net gains (losses) on derivative instruments	$	12,382	$	211,474	$	(254,010)

Fair Value Measurement - Summary of Significant Level 3 Inputs (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	$ 700	$ 13,000
Fair Value, Recurring \| Forward purchase agreements
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities		1,386
Level III \| Fair Value, Recurring \| Forward purchase agreements
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities		$ 1,386
Level III \| Fair Value, Recurring \| Weighted Average \| Forward purchase agreements \| Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input		0.130

Intangible Assets and Goodwill - Narrative (Details) - USD ($)		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill and Intangible Asset Impairment		$ 0	$ 0	$ 0
Amortization of intangible assets		$ 28,400,000	$ 19,800,000	$ 100,000
NewQuest
Finite-Lived Intangible Assets [Line Items]
Goodwill, acquired during period	$ 203,694,000

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOther than the events noted in Note 20 and Note 21 to the Consolidated Financial Statements, there have been no additional events since December 31, 2022 that require recognition or disclosure in the Consolidated Financial Statements.

Accounts Payable and Accrued Expenses, and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Present value of operating lease liabilities	$ 147,887
Consolidated Entity, Excluding VIE
Variable Interest Entity [Line Items]
Present value of operating lease liabilities	147,887	$ 177,003
Clawback Liability	58,317	58,317
Other liabilities	19,886	2,926
Other liabilities	$ 226,090	$ 238,246

Summary of Significant Accounting Policies - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Number of operating segments	1
Number of reportable segments	1
UNITED STATES \| Revenue Benchmark \| Geographic Concentration Risk
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%
Americas \| Revenue Benchmark \| Geographic Concentration Risk
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Concentration risk, percentage	87.00%	66.00%	77.00%
Europe/Middle East \| Revenue Benchmark \| Geographic Concentration Risk
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Concentration risk, percentage	5.00%	6.00%	4.00%
Asia-Pacific \| Revenue Benchmark \| Geographic Concentration Risk
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Concentration risk, percentage	8.00%	28.00%	19.00%
Minimum
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Management fee, percentage	0.25%
Estimated useful life	5 years
Remaining lease term	1 year
Renewal term	2 years
Minimum \| Furniture, Fixtures, Equipment And Computer Equipment
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Management fee, percentage	2.00%
Estimated useful life	12 years
Remaining lease term	11 years
Renewal term	10 years
Maximum \| Furniture, Fixtures, Equipment And Computer Equipment
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Property, plant and equipment, useful life	7 years
TPG Funds \| Minimum
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Management fee, percentage	0.50%
TPG Funds \| Maximum
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Management fee, percentage	2.00%

Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Goodwill and Intangible Assets Disclosure [Abstract]

Investments consist of the following (in thousands):


	December 31,
	2022		2021
Equity method - performance allocations	$	4,677,017	$	5,366,694
Equity method - capital interests (includes assets pledged of $475,110 and $492,276)	607,964		590,662
Equity method - fair value option	20,907		46,013
Equity investments	12,072		97,899
Equity method - other	11,908		7,778
Total investments	$	5,329,868	$	6,109,046

Net gains (losses) from performance allocations and capital interests are disclosed in the Revenue section of Note 2 to the Consolidated Financial Statements. The following table summarizes net (losses) gains from investment activities (in thousands):


	Year Ended December 31,
	2022		2021		2020
Net (losses) gains from investment activities
Net (losses) gains of equity method investments, fair value option (a)	$	(25,106)	$	45,435	$	(32,170)
Net gains of equity method investments - other (b)	802		230,186		31,027
Net (losses) gains from equity investments (c)	(85,827)		77,598		(4,696)
Total net (losses) gains from investment activities	$	(110,131)	$	353,219	$	(5,839)

Gain on deconsolidation (d)	$	—	$	—	$	401,695

___________

(a)In September 2021, TPG Pace Tech Opportunities Corp. (“PACE”) completed a business combination which resulted in a gain on deconsolidation of PACE in an amount of $122.7 million.

(b)Includes pre-tax gain of $95.0 million for the year ended December 31, 2021 on remeasurement of the Company’s pre-existing equity investment in NewQuest at fair value prior to consolidation. See N ote 3 to the Consolidated Financial Statements.

(c)In December 2021, TPG PACE Solutions Corp. (“TPGS”) completed a business combination which resulted in a gain on deconsolidation of TPGS in an amount of $109.9 million.

(d)On May 1, 2020, the Company deconsolidated the assets, liabilities, and partners’ capital of the Former Affiliate and remeasured the retained investment in the Former Affiliate at fair value and recognized a gain of $401.7 million.

There were no activities related to deconsolidation of previously consolidated TPG Funds and Public SPACs during the year ended December 31, 2022. The following table presents the supplemental cash flow disclosures from activities related to deconsolidation of previously consolidated TPG Funds and Public SPACs during the year ended December 31, 2021 (in thousands):


Cash and cash equivalents	$	491,523
Investments held in Trust Accounts	430,265
Other assets	3,696
Derivative liabilities of Public SPACs	(50,898)
Other liabilities	(32,580)
Accounts payable and accrued expenses	(7,278)
Notes payable to affiliates	(2,000)
Amounts due to shareholders	(500,000)
Redeemable equity	(430,265)
Controlling interests	36,386
Other non-controlling interests	61,151

Equity Method Investments, Fair Value Option

On September 20, 2021, PACE completed a business combination with Nerdy, Inc. (“NRDY”), a leading platform for delivering live online learning. At the time of the business combination, a reconsideration event occurred whereby the Company no longer has control over PACE. As a result, the Company deconsolidated PACE and recorded a gain of $122.7 million, which is included in net gains (losses) from investment activities. As of December 31, 2022 and December 31, 2021, the Company held a 9.0% and 9.4% beneficial ownership interest in NRDY, respectively, consisting of 7.7 million shares of Class A common stock, 4.0 million earnout shares and 4.9 million earnout warrants, with an aggregate fair value of $20.9 million and $46.0 million, respectively. The warrants entitle the Company to acquire one share of Class A common stock at a price of $11.50 per share and expire on September 20, 2026. The earnout shares and warrants are contingent upon NRDY achieving certain market share price milestones or in the event of a change of control, within five years after September 20, 2021.

Equity Method Investments

From 2009 to May 2020, TPG and Sixth Street (the “Former Affiliate”) were in a strategic partnership in which the Former Affiliate served as the dedicated global credit and credit-related investing platform associated with TPG. In May 2020, TPG and the Former Affiliate completed a transaction to become independent, unaffiliated businesses. As part of the agreement and in order to complete regulatory disaffiliation, TPG retained a minority economic interest in the Former Affiliate and no longer held a controlling financial interest in the Former Affiliate’s management companies or general partners of pooled investment entities. Post-closing, TPG held an 11% interest across all of the Former Affiliate’s businesses, plus an approximate 30% interest in select vehicles with finite lives. On May 1, 2020, the Company deconsolidated the assets, liabilities, and partners’ capital of the Former Affiliate. As a result of the deconsolidation, the Company remeasured the retained investment in Former Affiliate at fair value at the time of the transaction, recognized a gain on deconsolidation in accordance with U.S. GAAP of $401.7 million and increased its investment in the Former Affiliate’s underlying net assets by the aforementioned gain. Determining the fair value of the Former Affiliate involved making significant estimates and assumptions. The Company used a combination of the income and market-based approaches to estimate fair value, which were based, respectively, on discounted estimated future cash flows from earnings and market valuation multiples of comparable businesses and transactions. Of this basis difference, $28.6 million related to specific investment funds of the Former Affiliate and was amortized on a straight-line basis over the funds’ estimated remaining lives. The amortization was recognized in net gains (losses) from investment activities in the Consolidated Statements of Operations. The remaining amount related to equity method goodwill recognized upon deconsolidation which was not amortized. The Company accounted for its investment in the Former Affiliate using the equity method of accounting until the Reorganization. In conjunction with the Reorganization described in Note 1 to the Consolidated Financial Statements, the Company transferred its investment in the Former Affiliate to RemainCo on December 31, 2021 resulting in the derecognition of its investment in the Former Affiliate.

The following table presents the supplemental cash flow disclosures from activities related to deconsolidation of the Former Affiliate during the year ended December 31, 2020 (in thousands):


Cash and cash equivalents	$	107,221
Due from affiliates	87,302
Investments	202,192
Right-of-use assets	6,064
Lease liabilities	(6,946)
Other assets	25,846
Accounts payable and accrued expenses	(44,828)
Due to affiliates	(113,879)
Other liabilities	(99,533)
Other non-controlling interests	(163,744)

The Company evaluates its equity method investments in which it has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. During the years ended December 31, 2022 and 2021, the Company did not recognize any impairment losses on an equity method investment without a readily determinable fair value. During the year ended December 31, 2020, the Company recognized impairment losses of $4.3 million on an equity method investment without a readily determinable fair value based on significant deterioration of earnings performance.

Equity Investments

Equity investments represent proprietary investment securities held by the Company. At December 31, 2022 and December 31, 2021, the Company held equity investments with readily determinable fair values of $12.1 million and $97.9 million, respectively.

In December 2021, TPG PACE Solutions Corp. (“TPGS”) completed a business combination with Vacasa Holdings, LLC, a leading vacation rental management platform. The business combination was approved on November 30, 2021 by TPGS stockholders and closed on December 7, 2021. At the time of the business combination, a reconsideration event occurred whereby the Company no longer has power over TPGS. As a result, the Company deconsolidated TPGS and recorded a gain of $109.9 million, which is included in net gains (losses) from investment activities. Beginning December 7, 2021, Vacasa’s common stock started trading on the Nasdaq Stock Exchange under the ticker symbol “VCSA”. The Company concluded that it does not exercise significant influence over Vacasa’s operating and financial policies. As such, the Company accounts for its investment in VCSA as an equity investment.

Summarized Financial Information

TPG evaluates each of its equity method investments to determine if any are significant as defined in the regulations promulgated by the U.S. Securities and Exchange Commission (the "SEC"). As of and for the years ended December 31, 2022, 2021, and 2020, no individual equity method investment held by TPG met the significance criteria. As such, TPG is not required to present separate financial statements for any of its equity method investments.

The following table shows summarized financial information relating to the Consolidated Statements of Financial Condition for all of TPG’s equity method investments assuming 100% ownership as of December 31, 2022 and 2021 (in thousands):


	December 31,
	2022		2021
Total assets	$	78,079,182	$	67,268,493
Total liabilities	14,299,814		11,499,817
Total equity	63,779,368		55,768,676

The following table shows summarized financial information relating to the Consolidated Statements of Operations for all of TPG’s equity method investments assuming 100% ownership for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
Interest, dividends and other	$	1,362,962	$	2,467,862	$	1,078,999
Expenses	1,855,509		1,871,086		1,540,721
Net gains from investment activities	4,475,193		23,141,140		9,103,461
Net income	$	3,982,646	$	23,737,916	$	8,641,739

Investment Activities of Consolidated TPG Funds

As part of the Reorganization described in Note 1 to the Consolidated Financial Statements, all TPG Funds were deconsolidated as of December 31, 2021, thus the Company had no gains (losses) from investment activities of consolidated TPG Funds for the year ended December 31, 2022. Net gains from investment activities of consolidated TPG Funds was $23.4 million for the year ended December 31, 2021 and net losses from investment activities of consolidated TPG Funds was $18.7 million for the year ended December 31, 2020.

Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Partners' Capital	Other Non-Controlling Interests	Class A Common Stock	Class B Common Stock	Total TPG Inc. Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Other Non-Controlling Interests
Beginning balance at Dec. 31, 2019	$ 4,255,894	$ 2,017,973	$ 2,237,921
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	1,634,838	927,578	707,260
Capital contributions	28,979	7,824	21,155
Capital distributions	(781,479)	(403,849)	(377,630)
Change in receivable from sale of non-controlling interests in consolidated entities	10,833	9,145	1,688
Deconsolidation of previously consolidated entities	(163,744)		(163,744)
Change in redemption value of redeemable non-controlling interest	(264,619)	(97,803)	(166,816)
Ending balance at Dec. 31, 2020	4,720,702	2,460,868	2,259,834
Beginning balance (in shares) at Dec. 31, 2019							0	0
Beginning balance at Dec. 31, 2019						$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income prior to Reorganization and IPO	1,438,932
Change in redemption value of redeemable non-controlling interest prior to Reorganization and IPO	(264,619)	(97,803)	(166,816)
Purchase of Partnership Interests with IPO proceeds	0
Net income (loss) subsequent to Reorganization and IPO	1,634,838	927,578	707,260
Ending balance (in shares) at Dec. 31, 2020							0	0
Ending balance at Dec. 31, 2020						0	$ 0	$ 0	0	0	0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	4,500,866	2,025,754	2,475,112
Capital contributions	29,776	0	29,776
Capital distributions	(2,449,694)	(1,230,510)	(1,219,184)
Deconsolidation of previously consolidated entities	97,537	36,386	61,151
Change in redemption value of redeemable non-controlling interest	88,449	35,157	53,292
Acquisition of NewQuest	301,189		301,189
Reorganization	(1,027,411)	(1,721,062)	693,651
Ending balance at Dec. 31, 2021	6,261,414	1,606,593	4,654,821									$ 4,654,821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income prior to Reorganization and IPO	4,655,997
Change in redemption value of redeemable non-controlling interest prior to Reorganization and IPO	88,449	35,157	53,292
Purchase of Partnership Interests with IPO proceeds	(304,760)
Net income (loss) subsequent to Reorganization and IPO	4,500,866	2,025,754	$ 2,475,112
Ending balance (in shares) at Dec. 31, 2021				0	0		0	0
Ending balance at Dec. 31, 2021						0	$ 0	$ 0	0	0	0
Increase (Decrease) in Partners' Capital [Roll Forward]
Change in redemption value of redeemable non-controlling interest	21,985
Ending balance at Dec. 31, 2022		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income prior to Reorganization and IPO	(56,235)
Change in redemption value of redeemable non-controlling interest prior to Reorganization and IPO	21,985
Purchase of Partnership Interests with IPO proceeds	(352,014)
Ending balance (in shares) at Dec. 31, 2022				79,240,058	229,652,641		79,240,058	229,652,641
Ending balance at Dec. 31, 2022	$ 3,085,871					$ 509,672	$ 79	$ 230	$ 506,639	$ 2,724	$ 0	$ 2,576,199

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Intangible Assets and Goodwill

The following table summarizes the carrying amounts of goodwill and intangible assets as of December 31, 2022 and 2021 (in thousands):


	December 31,
	2022		2021
Contractual performance fee allocations (a)	$	102,591	$	122,598
Management contracts (a)	10,625		16,874
Investor relationships (a)	21,875		23,958
Other intangibles	1,096		1,121
Goodwill (b)	230,194		230,194
Total intangible assets and goodwill	$	366,381	$	394,745

_______________

(a)Intangibles related to the acquisition of NewQuest described in Note 3 to the Consolidated Financial Statements.

(b)Includes $203.7 million of goodwill related to the acquisition of NewQuest described in Note 3 to the Consolidated Financial Statements.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents estimated remaining amortization expense for intangible assets that existed as of December 31, 2022 (in thousands):


2023	$	27,114
2024	25,864
2025	23,989
2026	20,254
2027	18,371
Thereafter	19,602
Total	$	135,194

Consolidated Statements of Financial Condition - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Assets

$ 1,107,484

$ 972,729

^[1]

13,166

13,135

Investments (includes assets pledged)

202,639

185,321

^[1]

5,329,868

6,109,046

Accounts payable and accrued expenses

629,392

657,317

Total assets

7,941,738

8,962,013

Liabilities

98,171

134,351

Senior unsecured term loan

139,863

826,999

Secured borrowings, net

^[1]

245,259

244,950

199,307

199,494

Accrued performance allocation compensation

3,269,889

Commitments and contingencies (Note 18)

700

13,000

Total liabilities

4,202,232

1,700,572

Redeemable equity attributable to consolidated Public SPACs

^[1]

653,635

1,000,027

Equity

Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively)

Additional paid-in-capital

506,639

Retained earnings

2,724

Partners’ capital controlling interests

1,606,593

Other non-controlling interests

2,576,199

Other non-controlling interests

4,654,821

Total equity

3,085,871

Total equity

6,261,414

Total liabilities, redeemable equity and equity

7,941,738

8,962,013

Consolidated Entity, Excluding VIE

Assets

1,107,484

972,729

629,392

657,317

Liabilities

226,090

238,246

Assets

^[1]

5,097

5,371

Investments (includes assets pledged)

88,847

93,311

5,284,981

5,957,356

Assets held in Trust Accounts

^[1]

457

19,067

^[1]

653,635

1,000,027

Liabilities

47,572

36,049

^[1]

236

8,484

Common stock, value, issued

^[1]

667

13,048

Deferred underwriting

^[1]

22,750

$ 35,000

Class A Common Stock

Equity

Class B Common Stock

Equity

Common stock, value, issued

$ 230

[1]

Commitment and Contingencies - Narrative (Details)	1 Months Ended		12 Months Ended
Commitment and Contingencies - Narrative (Details)	Dec. 31, 2020 USD ($)	Feb. 28, 2018 USD ($)	Dec. 31, 2022 USD ($) partner individual	Dec. 31, 2021 USD ($)	Nov. 30, 2019 USD ($)
Loss Contingencies [Line Items]
Maximum obligations guaranteed			$ 1,120,768,000	$ 715,000,000
Amount of debt on obligations related to the guarantees			327,800,000	341,300,000
Letters of credit outstanding			500,000	$ 700,000
Unfunded capital commitments			150,100,000
Unfunded investment commitments			365,800,000
Potential clawback, net of tax			58,300,000
Potential clawback obligation			1,869,400,000
Contractual obligations, clawback liability payments			$ 0
Loss contingency, loss in period	$ 7,800,000
Loss contingency, estimate of possible loss					$ 7,500,000
Number of partners \| partner			2
Number of individuals \| individual			2
General and Administrative Expense
Loss Contingencies [Line Items]
Litigation Settlement, Expense	$ 300,000
TPG and Apax-Related Parties
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party		$ 9,500,000
TPG
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party		$ 3,400,000

Sale of Non-Controlling Interests in Consolidated Entities	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Sale of non-controlling interests in consolidated entities	Sale of non-controlling interests in consolidated entitiesIn June 2017, the Holdings Companies sold an equity interest in the Former Affiliate of 1.5625% to a strategic investor for an aggregate price of $50.0 million. The Holdings Companies received $17.5 million in proceeds upon closing with the balance to be paid in equal installments over three years. The Company received $10.8 million in the year ended December 31, 2020. The payments are shown in the Consolidated Statements of Changes in Equity. As of December 31, 2020, the receivable for the sale of non-controlling interests in consolidated entities had been settled in full. The sale of the equity interests was subject to a put provision whereby, under limited circumstances, the Holdings Companies would be required to repurchase all the equity interest previously sold in excess of any distributions received. This provision expired in June 2022.

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the Company’s and its subsidiaries’ debt obligations (in thousands):


					As of December 31, 2022				As of December 31, 2021
	Debt Origination Date	Maturity Date	Borrowing Capacity		Carrying Value		Interest Rate		Carrying Value		Interest Rate
Senior Unsecured Revolving Credit Facility (a)	March 2011	July 2027	$	700,000	$	—	5.46	%	$	—	1.85	%
Subordinated Credit Facility (b)	August 2014	August 2024	30,000		—		6.71	%	—		2.35	%
Senior Unsecured Term Loan (c)	December 2021	December 2024	200,000		199,307		5.46	%	199,494		1.10	%
Secured Borrowings - Tranche A (d)	May 2018	June 2038	200,000		196,186		5.33	%	195,938		5.33	%
Secured Borrowings - Tranche B (d)	October 2019	June 2038	50,000		49,073		4.75	%	49,012		4.75	%
Total debt obligations			$	1,180,000	$	444,566			$	444,444

_______________

(a)In March 2011, TPG Holdings, L.P. entered into a $400.0 million credit facility (the “Senior Unsecured Revolving Credit Facility”). Between 2018 and 2021, TPG Holdings, L.P. entered into the first, second, third and fourth amendments to the Senior Unsecured Revolving Credit Facility to, among other things, release the collateral package under the facility, reduce commitments to $300.0 million and to provide for successor borrowers. In July 2022, TPG Operating Group II, L.P., as borrower, entered into a fifth amendment and restatement of the Senior Unsecured Revolving Credit Facility (the “Amended Senior Unsecured Revolving Credit Facility”) to among other things, (i) extend the maturity date of the revolving credit facility from November 2025 to July 2027, (ii) increase the aggregate revolving commitments thereunder from $300.0 million to $700.0 million and (iii) replace LIBOR as the applicable reference rate with the Secured Overnight Financing Rate (“SOFR”) and otherwise conform the credit facility to accommodate SOFR as the reference rate. Dollar-denominated principal amounts outstanding under the Amended

Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.25% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.25%. The Company is also required to pay a quarterly commitment fee on the unused commitments under the Amended Senior Unsecured Revolving Credit Facility not to exceed 0.15% per annum, as well as certain customary fees for any issued letters of credit. In August 2022, the Company entered into a first amendment to the Amended Senior Unsecured Revolving Credit Facility, which provides that if the Company is not publicly rated, the applicable margin for borrowings under the facility may be determined using the Company’s leverage ratio.

(b)A consolidated subsidiary of the Company entered into two $15.0 million subordinated revolving credit facilities (collectively, the “Subordinated Credit Facility”), for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of the TPG Operating Group. In August 2022, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2023 to August 2024 and replaced LIBOR as the applicable reference rate with SOFR, and otherwise conforms the agreements to accommodate SOFR as the reference rate.

(c)In December 2021, the Company entered into a credit agreement (the “Senior Unsecured Term Loan Agreement”) pursuant to which the lenders thereunder agreed to make term loans in a principal amount of up to $300.0 million during the period commencing on December 2, 2021 and ending on the date that is 30 days thereafter. Unused commitments were terminated at the end of such period. The term loans had an interest rate of LIBOR plus 1.00% and will mature in December 2024. In July 2022, the Company entered into an amended and restated term loan agreement (the “Amended Senior Unsecured Term Loan Agreement”). The Amended Senior Unsecured Term Loan Agreement, among other things, replaces LIBOR as the applicable reference rate with SOFR, and otherwise conforms the term loan agreement to accommodate SOFR as the reference rate. Principal amounts outstanding under the Amended Senior Unsecured Term Loan Agreement accrue interest, at the option of the borrower, either (i) at a base rate plus an applicable margin of 0.00% or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin of 1.00%.

(d)The Company’s secured borrowings are issued using on-balance sheet securitization vehicles, as further discussed in Note 11 to the Consolidated Financial Statements. The secured borrowings are repayable only from collections on the underlying securitized equity method investments and restricted cash. The secured borrowings are separated into two tranches. Tranche A secured borrowings were issued in May 2018 at a fixed rate of 5.33% with an aggregate principal balance of $200.0 million due June 21, 2038, with interest paid semiannually. Tranche B secured borrowings were issued in October 2019 at a fixed rate of 4.75% with an aggregate principal balance of $50.0 million due June 21, 2038, with interest paid semiannually. The secured borrowings contain an optional redemption feature giving the Company the right to call the notes in full or in part. If the secured borrowings are not redeemed on or prior to June 20, 2028, the Company will pay additional interest equal to 4.00% per annum. The secured borrowings contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, default provisions and operating covenants, limitations on certain consolidations, mergers and sales of assets. At December 31, 2022, the Company is in compliance with these covenants and conditions.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

12 Months Ended

Dec. 31, 2022

Organization

TPG Inc., along with its consolidated subsidiaries (collectively “TPG,” or the “Company”) is a leading global alternative asset manager on behalf of third-party investors under the “TPG” brand name. TPG Inc. includes the consolidated accounts of management companies, general partners of pooled investment entities and Special Purpose Acquisition Companies (“Public SPACs” and/or “SPACs”), which are held in one of three holding companies (TPG Operating Group I, L.P., TPG Operating Group II, L.P. and TPG Operating Group III, L.P.) (collectively the “TPG Operating Group”).

Reorganization and IPO

The owners of TPG Group Holdings and the TPG Operating Group completed a series of actions on January 12, 2022 as part of a corporate reorganization (the “Reorganization”), in conjunction with an initial public offering (“IPO”) that was completed on January 18, 2022. TPG Partners, LLC was created on August 4, 2021 to effectuate the IPO and acquire Common Units of the TPG Operating Group on behalf of public investors. TPG Partners, LLC was designed as a holding company, and its only business was to act as the owner of the entities serving as the general partner of the TPG Operating Group partnerships. The TPG Operating Group (and the entities through which its direct and indirect partners held their interests) was restructured and recapitalized. On December 31, 2021, the TPG Operating Group transferred certain assets to Tarrant Remain Co I, L.P., Tarrant Remain Co II, L.P., Tarrant Remain Co III, L.P., and Tarrant Remain Co GP, LLC, a Delaware limited liability company serving as their general partner (collectively “RemainCo”) and distributed the interests in RemainCo to the owners of the TPG Operating Group. Following the transfer of certain assets, the Company deconsolidated certain TPG Funds (“TPG Funds”) as of December 31, 2021 as the Company is no longer their primary beneficiary.

The following table summarizes the impact of the deconsolidation of the TPG Funds, which resulted from the transfer of economic entitlements to RemainCo related to the TPG Funds we previously consolidated, on the Consolidated Statement of Financial Condition as of December 31, 2021 (in thousands):


	Balances prior to Reorganization		Impact of Reorganization		December 31, 2021
Assets of consolidated TPG Funds:
Cash and cash equivalents	$	972	$	(972)	$	—
Investments	254,453		(254,453)		—
Due from affiliates	1,862		(1,862)		—
Due from counterparty	97,768		(97,768)		—
Other assets	486		(486)		—
Total assets	$	355,541	$	(355,541)	$	—

Liabilities and Partners' Capital
Liabilities of consolidated TPG Funds:
Accounts payable and accrued expenses	$	1,183	$	(1,183)	$	—
Securities sold, not yet purchased	63,350		(63,350)		—
Due to affiliates	524		(524)		—
Due to counterparty	8,920		(8,920)		—
Other liabilities	2,524		(2,524)		—
Total liabilities	76,501		(76,501)		—

Partners’ capital controlling interests	65,481		(65,481)		—
Non-controlling interests in consolidated TPG Funds	213,559		(213,559)		—
Total partners’ capital	279,040		(279,040)		—
Total liabilities and partners' capital	$	355,541	$	(355,541)	$	—

On January 12, 2022, the following steps were completed:

•TPG Group Holdings, the TPG Operating Group, and TPG Partners, LLC completed the remaining steps of the planned Reorganization. The TPG Operating Group created Common Units and issued them to the Company and the other non-controlling interest holders of the TPG Operating Group. Immediately following the Reorganization, the TPG Operating Group and its subsidiaries were controlled by the same parties and as such, the Reorganization is a transfer of interests under common control. Accordingly, the Company will carry forward the existing value of the members’ interests in the assets and liabilities in these Consolidated Financial Statements prior to the IPO into the financial statements following the IPO.

•TPG Partners, LLC changed its name to TPG Inc. and converted to a corporation.

•TPG Inc. offered 33,900,000 shares of Class A common stock at a price of $29.50 per share, including 5,589,806 shares sold by a non-controlling interest holder of the TPG Operating Group, in the IPO. Additionally, certain Pre-IPO Investors exchanged their interests in the TPG Operating Group for interests in TPG Inc. totaling 35,136,254 Class A voting and 8,258,901 Class A non-voting common stock. The IPO closed on January 18, 2022, and TPG Inc. received proceeds totaling $770.9 million, net of $41.8 million in underwriting discounts and commissions, as well as $22.5 million of issuance costs. Proceeds of $379.6 million were used to repurchase Common Units of the TPG Operating Group from certain existing non-controlling interest holders, acquire newly issued Common Units of the TPG Operating Group and the remaining net proceeds are available for general corporate purposes. As a result of the Reorganization and IPO, TPG Inc. only holds Common Units of the TPG Operating Group.

On February 9, 2022, the Company and the selling stockholder sold an additional 1,775,410 and 1,614,590 Class A common stock, respectively, at the initial public offering price pursuant to the underwriters’ exercise of their option to purchase additional shares. TPG Inc. received additional net proceeds totaling approximately $49.8 million. The underwriters’ exercise of their option in addition to the IPO related transactions resulted in a total of 70,811,664 and 8,258,901 of Class A voting and Class A non-voting common stock outstanding, respectively. TPG Inc.’s ownership of the TPG Operating Group totaled approximately 26% on December 31, 2022.

Organization - Narrative (Details) $ / shares in Units, $ in Thousands			11 Months Ended	12 Months Ended
	Feb. 09, 2022 USD ($) shares	Jan. 12, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) holdingCompany shares	Dec. 31, 2022 USD ($) holdingCompany shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of entities \| holdingCompany			3	3
Repurchase common units of TOG Operating Group \| $			$ 379,597	$ 352,014	$ 304,760	$ 0
TPG Operating Group
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent			26.00%	26.00%
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		33,900,000
Sale of stock, price per share (in usd per share) \| $ / shares		$ 29.50
Sale of stock, consideration received on transaction \| $		$ 770,900
Underwriting discounts and commissions \| $		41,800
Payments of underwriting and offering costs \| $		$ 22,500
IPO \| Non-Controlling Interest Holder Of TPG Operating Group
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		5,589,806
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction \| $	$ 49,800
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common shares outstanding			79,240,058	79,240,058	0
Class A Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Ownership interests exchanged, number of shares issued (in shares)		35,136,254
Class A Common Stock \| Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,775,410
Common shares outstanding	70,811,664
Class A Common Stock \| Over-Allotment Option \| Non-Controlling Interest Holder Of TPG Operating Group
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,614,590
Nonvoting Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Ownership interests exchanged, number of shares issued (in shares)		8,258,901
Nonvoting Common Stock \| Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Common shares outstanding	8,258,901

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	TPG Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2063362
Entity Address, Address Line One	301 Commerce Street,
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	871-4000
Title of 12(b) Security	Class A common stock
Trading Symbol	TPG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,415.6
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2023 annual meeting of the shareholders (the “2023 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2023 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001880661
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		71,233,826
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,258,901
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		229,652,641

Acquisition - Fair Value of the Consideration Transferred or to be Transferred (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Equity interests transferred for NewQuest acquisition		$ 0	$ 24,600	$ 0
NewQuest
Business Acquisition [Line Items]
Cash paid	$ 5,000
Contingent consideration	8,400
Equity interests transferred for NewQuest acquisition	24,600
Business combination, consideration transferred	494,589
Business Combination, Consideration Transferred, Previously Held Equity Method Investment	155,400
Fair value of non-controlling interest in NewQuest	301,189
NewQuest \| Business Acquisition Tranche One
Business Acquisition [Line Items]
Business combination, additional consideration transferred	$ 38,000

Commitment and Contingencies - Guarantees (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	$ 1,120,768	$ 715,000
August 2024
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	30,000
December 2024
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	200,000
June 2026
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	60,000
December 2026
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	103,718
July 2027
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	700,000
June 2030
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	$ 27,050

Consolidated Statements of Operations - USD ($)	11 Months Ended	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Fees and other		$ 1,246,635,000	$ 977,904,000	$ 883,366,000
Capital allocation-based income		756,252,000	3,998,483,000	1,231,472,000
Total revenues		2,002,887,000	4,976,387,000	2,114,838,000
Compensation and benefits:
Cash-based compensation and benefits		473,696,000	579,698,000	522,715,000
Equity-based compensation		627,714,000	0	0
Performance allocation compensation		416,556,000	0	0
Total compensation and benefits		1,517,966,000	579,698,000	522,715,000
General, administrative and other		368,915,000	278,590,000	260,748,000
Depreciation and amortization		32,990,000	21,223,000	7,137,000
Total expenses		1,944,799,000	916,566,000	817,556,000
Income (loss) from investments:
Net (losses) gains from investment activities		(110,131,000)	353,219,000	(5,839,000)
Gain on deconsolidation		0	0	401,695,000
Interest, dividends and other		100,000	500,000	500,000
Total investment (loss) income		(81,840,000)	605,214,000	151,429,000
(Loss) income before income taxes		(23,752,000)	4,665,035,000	1,448,711,000
Income tax expense		32,483,000	9,038,000	9,779,000
Net (loss) income		(56,235,000)	4,655,997,000	1,438,932,000
Net (loss) income attributable to redeemable equity in Public SPACs prior to Reorganization and IPO	$ 15,165,000	$ 14,648,000	155,131,000	(195,906,000)
Net income attributable to non-controlling interests in consolidated TPG Funds prior to Reorganization and IPO			19,287,000	(12,380,000)
Net income attributable to non-controlling interests in consolidated TPG Funds prior to Reorganization and IPO	(180,824,000)
Net income attributable to TPG Group Holdings prior to Reorganization and IPO	11,293,000		2,455,825,000	719,640,000
Net income attributable to TPG Group Holdings prior to Reorganization and IPO			2,025,754,000	927,578,000
Net income attributable to TPG Inc. subsequent to Reorganization and IPO	$ 92,426,000		0	0
Net income (loss) per share data:
Basic (in usd per share)		$ 1.10
Diluted (in usd per share)		$ (0.19)
Weighted-average shares of Class A common stock outstanding
Basic (in shares)		79,255,411
Diluted (in shares)		308,908,052
Consolidated Entity, Excluding VIE
Compensation and benefits:
Interest expense		$ 21,612,000	16,291,000	18,993,000
Income (loss) from investments:
Net (losses) gains from investment activities		(110,131,000)	353,219,000	(5,839,000)
Gain on deconsolidation		0	0	401,695,000
Interest, dividends and other		9,168,000	6,460,000	8,123,000
Variable Interest Entity, Primary Beneficiary
Compensation and benefits:
Interest expense		0	740,000	722,000
Other		3,316,000	20,024,000	7,241,000
Income (loss) from investments:
Net (losses) gains from investment activities		0	23,392,000	(18,691,000)
Interest, dividends and other		6,741,000	10,321,000	5,410,000
Unrealized gains (losses) on derivative liabilities of Public SPACs		$ 12,382,000	$ 211,822,000	$ (239,269,000)

Redeemable Equity Attributable to Consolidated Public SPACs (Tables)

12 Months Ended

Dec. 31, 2022

Redeemable Noncontrolling Interest

The following table summarizes the adjustments to redeemable equity (in thousands):


	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	1,000,027	$	800,011	$	—
IPO share proceeds	—		935,000		800,000
Current and deferred offering costs	12,959		(54,141)		(44,702)
Bifurcation of warrant liabilities	—		(12,500)		(24,000)
Net income (loss) attributable to redeemable equity	14,648		155,131		(195,906)
Redemptions / withdrawals	(352,014)		(304,760)		—
Deconsolidation	—		(430,265)		—
Change in redemption value of redeemable non-controlling interest	(21,985)		(88,449)		264,619
Total redeemable equity	$	653,635	$	1,000,027	$	800,011

Redeemable Equity Attributable to Consolidated Public SPACs

12 Months Ended

Dec. 31, 2022

Redeemable equity attributable to consolidated Public SPACs

Investment in SPACs

The Company invests in and sponsors SPACs which are formed for the purposes of effecting a merger, asset acquisition, stock purchase, reorganization or other business combination. In the IPO of each of these SPACs, either common shares or units (which include one Class A ordinary share and, in some cases, a fraction of a redeemable public warrant which entitles the holder to purchase one share of Class A ordinary shares at a fixed exercise price) are sold to investors. Each SPAC provides its public shareholders the option to redeem their shares either (i) in connection with a shareholder meeting to approve the business combination or (ii) by means of a tender offer. Assets held in Trust Accounts relate to gross proceeds received from the IPO and can only be used for the initial business combination and any possible investor redemptions. If the SPAC is unable to complete a business combination within a specified time frame, typically within 24 months of the IPO close date, the SPACs will redeem all public shares. The ownership interest in each SPAC which is not owned by the Company is reflected as redeemable equity attributable to Public SPACs in the accompanying Consolidated Financial Statements.

The Company consolidates these SPACs during the period before the initial business combination, and therefore the Class F ordinary shares, Class G ordinary shares, private placement shares, private placement warrants and FPAs with consolidated related parties are eliminated in consolidation.

In August 2021, AFTR, a SPAC, completed an initial public offering. AFTR sold 25,000,000 units at a price of $10.00 per unit for total IPO proceeds of $250.0 million. Each unit consists of one Class A ordinary share of AFTR at $0.0001 par value and one-third of one warrant.

In April 2021, YTPG, a SPAC, completed an initial public offering. YTPG sold 40,000,000 shares at a price of $10.00 per share for total IPO proceeds of $400.0 million. Each share consists of one Class A ordinary share of YTPG at $0.0001 par value. Prior to the IPO, YTPG entered into FPAs for an aggregate purchase price of $175.0 million, of which the Company is responsible for $24.9 million as of December 31, 2022.

In October 2020, TPG PACE Beneficial Finance Corp. ("TPGY”), a SPAC, completed an initial public offering. TPGY sold 35,000,000 units at a price of $10.00 per unit for total IPO proceeds of $350.0 million. Each unit consisted of one Class A ordinary share of TPGY at $0.0001 par value and one-fifth of one warrant.

On October 11, 2022, TPGY redeemed all of its Class A Shares at a per-share redemption price of approximately $10.06, because TPGY did not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association. As of October 11, 2022, the Class A Shares were deemed cancelled and represented only the right to receive the Redemption Amount. There will be no redemption rights or

liquidating distributions with respect to the TPGY’s warrants, which expired with no value. FPAs entered into by TPGY at the time of its IPO were terminated on October 11, 2022. After October 11, 2022, TPGY ceased all operations except for those required to wind up its business.

Redeemable equity from consolidated Public SPACs

Redeemable equity from consolidated Public SPACs represents the shares issued by the Company’s consolidated Public SPACs that are redeemable for cash in the event of an election to redeem by individual public shareholders at the time of the business combination. Additionally, these shares become automatically redeemable with the Public SPAC’s failure to complete a business combination, tender offer or stockholder approval provisions. The ownership interest in each SPAC which is not owned by the Company is reflected as redeemable equity from consolidated Public SPACs in the accompanying Consolidated Financial Statements.

Offering costs related to Class A ordinary shares issued by SPACs consisted of legal, accounting, underwriting fees and other costs incurred that are directly related to the IPO. Offering costs for the year ended December 31, 2021 totaled approximately $54.1 million, inclusive of $32.7 million in deferred underwriting commissions, and were charged to redeemable equity. Offering costs for the year ended December 31, 2020 totaled approximately $46.0 million, inclusive of $28.0 million in deferred underwriting commissions. The Company had no such activity for the year ended December 31, 2022. Approximately $44.7 million of the offering costs were related to the issuance of Class A ordinary shares and charged to redeemable equity and approximately $1.3 million of the offering costs were related to the warrant liabilities and charged to the Consolidated Statement of Operations.

As of December 31, 2022 and 2021, the redeemable equity consisted of 65.0 million and 100.0 million outstanding Class A ordinary shares, respectively. These interests were classified outside of partners’ capital totaling $653.6 million and $1,000.0 million, respectively, which represented the full redemption value and equals the assets held in Trust Accounts. The following table summarizes the adjustments to redeemable equity (in thousands):


	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	1,000,027	$	800,011	$	—
IPO share proceeds	—		935,000		800,000
Current and deferred offering costs	12,959		(54,141)		(44,702)
Bifurcation of warrant liabilities	—		(12,500)		(24,000)
Net income (loss) attributable to redeemable equity	14,648		155,131		(195,906)
Redemptions / withdrawals	(352,014)		(304,760)		—
Deconsolidation	—		(430,265)		—
Change in redemption value of redeemable non-controlling interest	(21,985)		(88,449)		264,619
Total redeemable equity	$	653,635	$	1,000,027	$	800,011

Acquisition - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	11 Months Ended	12 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Thousands	Feb. 09, 2022	Jul. 01, 2021	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2018
Business Acquisition [Line Items]
Equity interests transferred for NewQuest acquisition					$ 0	$ 24,600	$ 0
NewQuest contingent consideration					0	(8,400)	$ 0
Acquisition of NewQuest				$ 0
Minimum
Business Acquisition [Line Items]
Award vesting period	4 years
Maximum
Business Acquisition [Line Items]
Award vesting period	7 years
NewQuest
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		66.70%						33.30%
Payments to acquire businesses, gross		$ 5,000
Contingent consideration		8,400
Equity interests transferred for NewQuest acquisition		24,600
NewQuest contingent consideration					$ 4,200
Business acquisition, goodwill, expected tax deductible amount						$ 5,000
NewQuest \| Holding Companies
Business Acquisition [Line Items]
Equity interests transferred for NewQuest acquisition		$ 5,800
Business combination, consideration transferred, equity interests issued and issuable, percentage		0.08%
NewQuest \| Select Businesses
Business Acquisition [Line Items]
Equity interests transferred for NewQuest acquisition		$ 18,800
NewQuest \| Select Businesses \| Minimum
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		4.20%
NewQuest \| Select Businesses \| Maximum
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		4.70%
NewQuest \| Measurement Input, Discount Rate
Business Acquisition [Line Items]
Business combination, contingent consideration, liability, measurement input		0.125
NewQuest \| Measurement Input, Discount Rate \| Minimum
Business Acquisition [Line Items]
Business combination, measurement input		12.50%
NewQuest \| Measurement Input, Discount Rate \| Maximum
Business Acquisition [Line Items]
Business combination, measurement input		25.00%
NewQuest \| Business Combination, Contingent Consideration, Threshold One
Business Acquisition [Line Items]
Contingent consideration		$ 5,000
Business combination, contingent consideration, fee payment capital commitment requirement		1,000,000
NewQuest \| Business Combination, Contingent Consideration, Threshold Two
Business Acquisition [Line Items]
Payments to acquire businesses, gross		5,000
Contingent consideration		8,400
Equity interests transferred for NewQuest acquisition		24,600
Business combination, contingent consideration, fee payment capital commitment requirement		1,750,000
Business combination, contingent consideration, fee paying capital commitments, additional amount to be earned		$ 5,000
NewQuest Holdings (Cayman) Limited
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		33.30%	33.30%
Business combination, additional consideration transferred		$ 38,000
Business combination, step acquisition, equity interest in acquiree, fair value		155,400
Business combination, step acquisition, equity interest in acquiree, remeasurement gain		$ 95,000
Award vesting period			3 years
Award service period			3 years
Acquisition of NewQuest			$ 33,600
NewQuest Holdings (Cayman) Limited \| Common Units
Business Acquisition [Line Items]
Equity interest issued in the business acquisition (in shares)			1,072,998
NewQuest Holdings (Cayman) Limited \| Class A Common Stock
Business Acquisition [Line Items]
Equity interest issued in the business acquisition (in shares)			1,638,866
NewQuest Partners Master G.P. Ltd.
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		33.30%

Fair Value Measurement - Summary of Valuation of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 11, 2022	Dec. 31, 2021
Assets
Equity investments	$ 12,072		$ 97,899
Liabilities
Derivative liabilities	700		13,000
TPGY
Liabilities
Total liabilities		$ 0
Fair Value, Recurring
Assets
Equity method investments - fair value option	20,907		46,013
Equity investments	12,072		97,899
Total assets	32,979		143,912
Liabilities
Total liabilities	667		13,048
Fair Value, Recurring \| Public warrants
Liabilities
Derivative liabilities	667		11,662
Fair Value, Recurring \| Forward purchase agreements
Liabilities
Derivative liabilities			1,386
Fair Value, Recurring \| Level I
Assets
Equity method investments - fair value option	20,907		46,013
Equity investments	12,072		97,899
Total assets	32,979		143,912
Liabilities
Total liabilities	667		11,662
Fair Value, Recurring \| Level I \| Public warrants
Liabilities
Derivative liabilities	667		11,662
Fair Value, Recurring \| Level I \| Forward purchase agreements
Liabilities
Derivative liabilities			0
Fair Value, Recurring \| Level II
Assets
Equity method investments - fair value option	0		0
Equity investments	0		0
Total assets	0		0
Liabilities
Total liabilities	0		0
Fair Value, Recurring \| Level II \| Public warrants
Liabilities
Derivative liabilities	0		0
Fair Value, Recurring \| Level II \| Forward purchase agreements
Liabilities
Derivative liabilities			0
Fair Value, Recurring \| Level III
Assets
Equity method investments - fair value option	0		0
Equity investments	0		0
Total assets	0		0
Liabilities
Total liabilities	0		1,386
Fair Value, Recurring \| Level III \| Public warrants
Liabilities
Derivative liabilities	$ 0		0
Fair Value, Recurring \| Level III \| Forward purchase agreements
Liabilities
Derivative liabilities			$ 1,386

Operating Leases - Cash Flows Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 28,458	$ 29,224	$ 29,427
Non-cash right-of-use assets and lease liability termination	6,311	5,634	6,035
Non-cash right-of-use assets and lease liability termination	$ (13,375)	$ 0	$ 0

Acquisition - Pro Forma Information (Details) - USD ($) $ in Thousands	5 Months Ended	11 Months Ended	12 Months Ended			13 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 18, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income (loss) attributable to redeemable equity in Public SPACs	$ 15,165	$ 15,165	$ 14,648	$ 155,131	$ (195,906)	$ (517)
Net income (loss) attributable to non-controlling interests in consolidated TPG Funds		$ (180,824)
Net income attributable to other non-controlling interests prior to Reorganization and IPO	$ 11,293
NewQuest
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues				5,013,495	2,189,729
Total expenses				944,453	874,596
Net gains from investment activities				584,621	144,641
Net income				4,653,663	1,459,774
Net income (loss) attributable to redeemable equity in Public SPACs				155,131	(195,906)
Net income (loss) attributable to non-controlling interests in consolidated TPG Funds				19,287	(12,380)
Net income attributable to other non-controlling interests prior to Reorganization and IPO				2,464,132	740,565
Net income attributable to controlling interests				2,015,113	927,495
Fees and other \| NewQuest
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues				991,689	911,675
Capital allocation-based income \| NewQuest
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues				$ 4,021,806	$ 1,278,054

Sale of Non-Controlling Interests in Consolidated Entities (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Disposal group, including discontinued operation, payment period				3 years
Holding Companies \| Former Affiliate
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, sale of equity interest, percentage	1.5625%
Disposal group, including discontinued operation, consideration	$ 50.0
Proceeds from divestiture of interest in consolidated subsidiaries	$ 17.5	$ 10.8	$ 10.8

Variable Interest Entities - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Performance allocation increases			$ 10,000,000
Maximum annual performance allocation increase			$ 40,000,000
Annual Administration \| Affiliated Entity
Variable Interest Entity [Line Items]
Related party transaction, rate			1.00%
Tranche A \| Secured Debt
Variable Interest Entity [Line Items]
Aggregate principal balance						$ 200,000,000
Tranche B \| Secured Debt
Variable Interest Entity [Line Items]
Aggregate principal balance					$ 50,000,000
Variable Interest Entity, Not Primary Beneficiary \| Secured Debt
Variable Interest Entity [Line Items]
Long-term debt			$ 4,700,000	$ 5,100,000
Variable Interest Entity, Not Primary Beneficiary \| RemainCo
Variable Interest Entity [Line Items]
Amount otherwise available under the performance allocation program, threshold for increase in performance allocation			$ 110,000,000
Variable Interest Entity, Not Primary Beneficiary \| Forecast \| RemainCo
Variable Interest Entity [Line Items]
Amount otherwise available under the performance allocation program, threshold for increase in performance allocation	$ 130,000,000	$ 120,000,000
Minimum \| Variable Interest Entity, Not Primary Beneficiary \| RemainCo
Variable Interest Entity [Line Items]
Base performance allocation percentage			10.00%
Maximum \| Variable Interest Entity, Not Primary Beneficiary \| RemainCo
Variable Interest Entity [Line Items]
Base performance allocation percentage			15.00%

Investments - Summary of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity Securities without Readily Determinable Fair Value [Line Items]
Cash and cash equivalents	$ 134,786	$ 114,509	$ 237,626
Accounts payable and accrued expenses	$ (14,235)	51,148	42,124
TPG Funds And Public SPACs
Equity Securities without Readily Determinable Fair Value [Line Items]
Cash and cash equivalents		491,523
Assets held in Trust Accounts		430,265
Other assets		3,696
Derivative liabilities		(50,898)
Other liabilities		(32,580)
Accounts payable and accrued expenses		(7,278)
Due to affiliates		(2,000)
Amounts due to shareholders		(500,000)
Redeemable equity		(430,265)
Partners’ capital controlling interests		36,386
Other non-controlling interests		$ 61,151
Former Affiliate
Equity Securities without Readily Determinable Fair Value [Line Items]
Cash and cash equivalents			107,221
Due from affiliates			87,302
Proceeds from investments			202,192
Right-of-use assets			6,064
Lease liabilities			(6,946)
Other assets			25,846
Other liabilities			(99,533)
Accounts payable and accrued expenses			(44,828)
Due to affiliates			(113,879)
Other non-controlling interests			$ (163,744)

Acquisition - Fair Value and Weighted Average Estimated Useful Lives of Identifiable Intangible Assets Acquired (Details) - NewQuest - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2022
Business Acquisition [Line Items]
Total intangible assets	$ 177,600
Contractual performance fee allocations
Business Acquisition [Line Items]
Total intangible assets	132,600
Average Useful Life		6 years 8 months 12 days
Management contracts
Business Acquisition [Line Items]
Total intangible assets	20,000
Average Useful Life		3 years 6 months
Investor relationships
Business Acquisition [Line Items]
Total intangible assets	$ 25,000
Average Useful Life		12 years

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Related Party Transactions

Due from affiliates and due to affiliates consist of the following (in thousands):


	December 31,
	2022		2021
Portfolio companies	$	57,492	$	42,067
Partners and employees	2,270		2,760
Other related entities	54,030		47,183
Unconsolidated VIEs	88,847		93,311
Due from affiliates	$	202,639	$	185,321

Portfolio companies	$	10,367	$	6,567
Partners and employees	60,309		125,429
Other related entities	21,615		658,954
Unconsolidated VIEs	47,572		36,049
Due to affiliates	$	139,863	$	826,999

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Equity Method Investments

Investments consist of the following (in thousands):


	December 31,
	2022		2021
Equity method - performance allocations	$	4,677,017	$	5,366,694
Equity method - capital interests (includes assets pledged of $475,110 and $492,276)	607,964		590,662
Equity method - fair value option	20,907		46,013
Equity investments	12,072		97,899
Equity method - other	11,908		7,778
Total investments	$	5,329,868	$	6,109,046

The following table summarizes net (losses) gains from investment activities (in thousands):


	Year Ended December 31,
	2022		2021		2020
Net (losses) gains from investment activities
Net (losses) gains of equity method investments, fair value option (a)	$	(25,106)	$	45,435	$	(32,170)
Net gains of equity method investments - other (b)	802		230,186		31,027
Net (losses) gains from equity investments (c)	(85,827)		77,598		(4,696)
Total net (losses) gains from investment activities	$	(110,131)	$	353,219	$	(5,839)

Gain on deconsolidation (d)	$	—	$	—	$	401,695

___________

(a)In September 2021, TPG Pace Tech Opportunities Corp. (“PACE”) completed a business combination which resulted in a gain on deconsolidation of PACE in an amount of $122.7 million.

(c)In December 2021, TPG PACE Solutions Corp. (“TPGS”) completed a business combination which resulted in a gain on deconsolidation of TPGS in an amount of $109.9 million.


	December 31,
	2022		2021
Total assets	$	78,079,182	$	67,268,493
Total liabilities	14,299,814		11,499,817
Total equity	63,779,368		55,768,676


	Year Ended December 31,
	2022		2021		2020
Interest, dividends and other	$	1,362,962	$	2,467,862	$	1,078,999
Expenses	1,855,509		1,871,086		1,540,721
Net gains from investment activities	4,475,193		23,141,140		9,103,461
Net income	$	3,982,646	$	23,737,916	$	8,641,739

Summary of Equity Securities

Investments consist of the following (in thousands):


	December 31,
	2022		2021
Equity method - performance allocations	$	4,677,017	$	5,366,694
Equity method - capital interests (includes assets pledged of $475,110 and $492,276)	607,964		590,662
Equity method - fair value option	20,907		46,013
Equity investments	12,072		97,899
Equity method - other	11,908		7,778
Total investments	$	5,329,868	$	6,109,046

The following table summarizes net (losses) gains from investment activities (in thousands):


	Year Ended December 31,
	2022		2021		2020
Net (losses) gains from investment activities
Net (losses) gains of equity method investments, fair value option (a)	$	(25,106)	$	45,435	$	(32,170)
Net gains of equity method investments - other (b)	802		230,186		31,027
Net (losses) gains from equity investments (c)	(85,827)		77,598		(4,696)
Total net (losses) gains from investment activities	$	(110,131)	$	353,219	$	(5,839)

Gain on deconsolidation (d)	$	—	$	—	$	401,695

___________

(a)In September 2021, TPG Pace Tech Opportunities Corp. (“PACE”) completed a business combination which resulted in a gain on deconsolidation of PACE in an amount of $122.7 million.

(c)In December 2021, TPG PACE Solutions Corp. (“TPGS”) completed a business combination which resulted in a gain on deconsolidation of TPGS in an amount of $109.9 million.

Summary of Supplemental Cash Flow Disclosures

The following table presents the supplemental cash flow disclosures from activities related to deconsolidation of previously consolidated TPG Funds and Public SPACs during the year ended December 31, 2021 (in thousands):


Cash and cash equivalents	$	491,523
Investments held in Trust Accounts	430,265
Other assets	3,696
Derivative liabilities of Public SPACs	(50,898)
Other liabilities	(32,580)
Accounts payable and accrued expenses	(7,278)
Notes payable to affiliates	(2,000)
Amounts due to shareholders	(500,000)
Redeemable equity	(430,265)
Controlling interests	36,386
Other non-controlling interests	61,151

The following table presents the supplemental cash flow disclosures from activities related to deconsolidation of the Former Affiliate during the year ended December 31, 2020 (in thousands):


Cash and cash equivalents	$	107,221
Due from affiliates	87,302
Investments	202,192
Right-of-use assets	6,064
Lease liabilities	(6,946)
Other assets	25,846
Accounts payable and accrued expenses	(44,828)
Due to affiliates	(113,879)
Other liabilities	(99,533)
Other non-controlling interests	(163,744)

Fair Value Measurement

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement


	December 31, 2022
	Level I		Level II		Level III		Total
Assets
Equity method investments - fair value option	$	20,907	$	—	$	—	$	20,907
Equity investments	12,072		—		—		12,072
Total assets	$	32,979	$	—	$	—	$	32,979

Liabilities
Liabilities of consolidated Public SPACs (a):
Public warrants	$	667	$	—	$	—	$	667
Total liabilities	$	667	$	—	$	—	$	667

_______________

(a)The FPAs related to TPG PACE Beneficial Finance Corp. ("TPGY") were terminated at zero fair value on October 11, 2022.


	December 31, 2021
	Level I		Level II		Level III		Total
Assets
Equity method investments - fair value option	$	46,013	$	—	$	—	$	46,013
Equity investments	97,899		—		—		97,899
Total assets	$	143,912	$	—	$	—	$	143,912

Liabilities
Liabilities of consolidated Public SPACs:
Public warrants	$	11,662	$	—	$	—	$	11,662
Forward purchase agreements	—		—		1,386		1,386
Total liabilities	$	11,662	$	—	$	1,386	$	13,048

The valuation methodology used in the determination of the fair value of financial instruments for which Level III inputs were used at December 31, 2022 and December 31, 2021 included a combination of the market approach and income approach.

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):


	Year Ended December 31,
	2022		2021
Equity security assets
Balance, beginning of period	$	—	$	12,324
Realized gains, net	—		4,025
Unrealized losses, net	—		(3,778)
Purchases	—		708
Proceeds	—		(8,223)
Deconsolidation (a)	—		(5,056)
Balance, end of period	$	—	$	—

Derivative liabilities
Balance, beginning of period	$	1,386	$	197,539
Unrealized gains, net	(1,386)		(164,695)
Transfers (b)	—		(31,458)
Balance, end of period	$	—	$	1,386

_______________

Total realized and unrealized gains and losses recorded for Level III investments are reported in net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs and unrealized gains (losses) on derivative liabilities of Public SPACs in the Consolidated Statements of Operations.

As of December 31, 2022, there are no investments categorized as Level III of the fair value hierarchy. The following tables provide qualitative information about investments categorized in Level III of the fair value hierarchy as of December 31, 2021. In addition to the techniques and inputs noted in the table below, in accordance with the valuation policy, other valuation techniques and methodologies are used when determining fair value measurements. The below table

Fair Value December 31, 2021

Valuation
Technique(s)

Unobservable

Input(s) (a)

Range (Weighted

Average) (b)

Liabilities

Forward purchase agreements

1,386

Market comparables

Implied volatility

13.0%

1,386

_______________

(b)Inputs weighted based on fair value of investments in range.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments - Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	May 01, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net (losses) gains from investment activities
Net (losses) gains of equity method investments, fair value option				$ (25,106)	$ 45,435	$ (32,170)
Net gains of equity method investments - other				802	230,186	31,027
Net (losses) gains from equity investments				(85,827)	77,598	(4,696)
Total net (losses) gains from investment activities				(110,131)	353,219	(5,839)
Gain on deconsolidation			$ 122,700	0	0	401,695
Gain (Loss) on derivative instruments, net, pretax				$ 12,382	211,474	$ (254,010)
TPGS
Net (losses) gains from investment activities
Gain on deconsolidation		$ 109,900
NewQuest Holdings (Cayman) Limited
Net (losses) gains from investment activities
Gain (Loss) on derivative instruments, net, pretax					$ 95,000
Former Affiliate
Net (losses) gains from investment activities
Gain on deconsolidation	$ 401,700

Debt - Schedule of Debt (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Aug. 31, 2014

USD ($)

creditFacility

Dec. 31, 2022

USD ($)

tranche

Dec. 31, 2021

USD ($)

Jul. 31, 2022

USD ($)

Jul. 01, 2021

USD ($)

Mar. 31, 2011

USD ($)

Number of tranches | tranche

Line of Credit

$ 1,180,000

Secured Debt

Debt instrument, call option, interest rate, percentage

$ 444,566

$ 444,444

4.00%

Senior Unsecured Revolving Credit Facility | Line of Credit

^[1]

$ 700,000

^[1]

$ 0

Subordinated Credit Facility | Line of Credit

^[1]

5.46%

1.85%

^[2]

$ 30,000

^[2]

$ 0

Senior Unsecured Term Loan Agreement | Line of Credit

^[2]

6.71%

2.35%

^[3]

$ 200,000

^[3]

$ 199,307

$ 199,494

Secured Borrowings - Tranche A | Secured Debt

^[3]

5.46%

1.10%

^[4]

$ 200,000

^[4]

$ 196,186

$ 195,938

Secured Borrowings - Tranche B | Secured Debt

^[4]

5.33%

^[4]

$ 50,000

^[4]

$ 49,073

$ 49,012

Revolving Credit Facility | Senior Unsecured Revolving Credit Facility | Line of Credit

^[4]

4.75%

Revolving Credit Facility | Senior Unsecured Revolving Credit Facility | Line of Credit | Base Rate | Maximum

$ 300,000

$ 700,000

$ 300,000

$ 400,000

Line of credit facility, commitment fee percentage

0.25%

0.15%

Revolving Credit Facility | Senior Unsecured Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum

Debt instrument, basis spread on variable rate, per annum adjustment

1.25%

0.10%

Revolving Credit Facility | Subordinated Credit Facility | Subordinated Debt

Number of credit facilities | creditFacility

$ 30,000

Revolving Credit Facility | Subordinated Credit Facility Two | Subordinated Debt

Revolving Credit Facility | Subordinated Credit Facility One | Subordinated Debt

$ 15,000

Term Loans | Senior Unsecured Term Loan Agreement | Secured Overnight Financing Rate (SOFR)

$ 15,000

Term Loans | Senior Unsecured Term Loan Agreement | Line of Credit

1.00%

$ 300,000

Line of credit facility, expiration period

1.00%

30 days

Term Loans | Senior Unsecured Term Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)

Debt instrument, basis spread on variable rate, per annum adjustment

0.00%

0.10%

[1]	In March 2011, TPG Holdings, L.P. entered into a $400.0 million credit facility (the “Senior Unsecured Revolving Credit Facility”). Between 2018 and 2021, TPG Holdings, L.P. entered into the first, second, third and fourth amendments to the Senior Unsecured Revolving Credit Facility to, among other things, release the collateral package under the facility, reduce commitments to $300.0 million and to provide for successor borrowers. In July 2022, TPG Operating Group II, L.P., as borrower, entered into a fifth amendment and restatement of the Senior Unsecured Revolving Credit Facility (the “Amended Senior Unsecured Revolving Credit Facility”) to among other things, (i) extend the maturity date of the revolving credit facility from November 2025 to July 2027, (ii) increase the aggregate revolving commitments thereunder from $300.0 million to $700.0 million and (iii) replace LIBOR as the applicable reference rate with the Secured Overnight Financing Rate (“SOFR”) and otherwise conform the credit facility to accommodate SOFR as the reference rate. Dollar-denominated principal amounts outstanding under the Amended Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.25% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.25%. The Company is also required to pay a quarterly commitment fee on the unused commitments under the Amended Senior Unsecured Revolving Credit Facility not to exceed 0.15% per annum, as well as certain customary fees for any issued letters of credit. In August 2022, the Company entered into a first amendment to the Amended Senior Unsecured Revolving Credit Facility, which provides that if the Company is not publicly rated, the applicable margin for borrowings under the facility may be determined using the Company’s leverage ratio.
[2]	A consolidated subsidiary of the Company entered into two $15.0 million subordinated revolving credit facilities (collectively, the “Subordinated Credit Facility”), for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of the TPG Operating Group. In August 2022, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2023 to August 2024 and replaced LIBOR as the applicable reference rate with SOFR, and otherwise conforms the agreements to accommodate SOFR as the reference rate.
[3]	In December 2021, the Company entered into a credit agreement (the “Senior Unsecured Term Loan Agreement”) pursuant to which the lenders thereunder agreed to make term loans in a principal amount of up to $300.0 million during the period commencing on December 2, 2021 and ending on the date that is 30 days thereafter. Unused commitments were terminated at the end of such period. The term loans had an interest rate of LIBOR plus 1.00% and will mature in December 2024. In July 2022, the Company entered into an amended and restated term loan agreement (the “Amended Senior Unsecured Term Loan Agreement”). The Amended Senior Unsecured Term Loan Agreement, among other things, replaces LIBOR as the applicable reference rate with SOFR, and otherwise conforms the term loan agreement to accommodate SOFR as the reference rate. Principal amounts outstanding under the Amended Senior Unsecured Term Loan Agreement accrue interest, at the option of the borrower, either (i) at a base rate plus an applicable margin of 0.00% or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin of 1.00%.
[4]	The Company’s secured borrowings are issued using on-balance sheet securitization vehicles, as further discussed in Note 11 to the Consolidated Financial Statements. The secured borrowings are repayable only from collections on the underlying securitized equity method investments and restricted cash. The secured borrowings are separated into two tranches. Tranche A secured borrowings were issued in May 2018 at a fixed rate of 5.33% with an aggregate principal balance of $200.0 million due June 21, 2038, with interest paid semiannually. Tranche B secured borrowings were issued in October 2019 at a fixed rate of 4.75% with an aggregate principal balance of $50.0 million due June 21, 2038, with interest paid semiannually. The secured borrowings contain an optional redemption feature giving the Company the right to call the notes in full or in part. If the secured borrowings are not redeemed on or prior to June 20, 2028, the Company will pay additional interest equal to 4.00% per annum. The secured borrowings contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, default provisions and operating covenants, limitations on certain consolidations, mergers and sales of assets. At December 31, 2022, the Company is in compliance with these covenants and conditions.

Label	Element	Value
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	$ 1,896,000
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock	us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock	(22,504,000)
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	187,000
Non-Controlling Interest, Decrease From Liability-Based Performance Allocation Compensation	tpg_NonControllingInterestDecreaseFromLiabilityBasedPerformanceAllocationCompensation	3,525,767,000
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	13,232,000
Equity Reallocation Between Controlling And Non-Controlling Interests	tpg_EquityReallocationBetweenControllingAndNonControllingInterests	0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	634,488,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	(77,105,000)
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders	tpg_NoncontrollingInterestIncreaseFromContributionsToNoncontrollingInterestHolders	13,039,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	666,630,000
IPO [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	759,213,000
Over-Allotment Option [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	49,756,000
Partner Capital [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	(1,611,739,000)
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	(110,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	5,256,000
Additional Paid-in Capital [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	271,780,000
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock	us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock	(1,342,000)
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	1,088,000
Non-Controlling Interest, Decrease From Liability-Based Performance Allocation Compensation	tpg_NonControllingInterestDecreaseFromLiabilityBasedPerformanceAllocationCompensation	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	13,232,000
Equity Reallocation Between Controlling And Non-Controlling Interests	tpg_EquityReallocationBetweenControllingAndNonControllingInterests	654,129,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	31,841,000
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	33,584,000
Additional Paid-in Capital [Member] \| IPO [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	784,611,000
Additional Paid-in Capital [Member] \| Over-Allotment Option [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	49,754,000
Retained Earnings [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	(27,000)
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock	us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock	0
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	92,426,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	89,675,000
Parent [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	272,032,000
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock	us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock	(1,342,000)
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	1,088,000
Non-Controlling Interest, Decrease From Liability-Based Performance Allocation Compensation	tpg_NonControllingInterestDecreaseFromLiabilityBasedPerformanceAllocationCompensation	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	13,232,000
Equity Reallocation Between Controlling And Non-Controlling Interests	tpg_EquityReallocationBetweenControllingAndNonControllingInterests	654,129,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	31,841,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	92,426,000
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	33,584,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	89,675,000
Parent [Member] \| IPO [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	784,639,000
Parent [Member] \| Over-Allotment Option [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	49,756,000
Noncontrolling Interest [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	1,341,603,000
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock	us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock	(21,162,000)
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	(901,000)
Non-Controlling Interest, Decrease From Liability-Based Performance Allocation Compensation	tpg_NonControllingInterestDecreaseFromLiabilityBasedPerformanceAllocationCompensation	3,525,767,000
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	(407,000)
Equity Reallocation Between Controlling And Non-Controlling Interests	tpg_EquityReallocationBetweenControllingAndNonControllingInterests	(654,129,000)
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	602,647,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	(169,531,000)
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders	tpg_NoncontrollingInterestIncreaseFromContributionsToNoncontrollingInterestHolders	13,039,000
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	(33,584,000)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	us-gaap_MinorityInterestDecreaseFromRedemptions	379,597,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	576,955,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	966,000
Noncontrolling Interest [Member] \| IPO [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	(25,426,000)
Common Class A [Member] \| Common Stock [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	49,000
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	$ 0
Effect Of Reorganization And Purchase Of Units In The Partnership, Shares	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipShares	48,984,961
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	169,493
Common Class A [Member] \| Common Stock [Member] \| IPO [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 28,000
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	28,310,194
Common Class A [Member] \| Common Stock [Member] \| Over-Allotment Option [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 2,000
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	1,775,410
Common Class B [Member] \| Common Stock [Member]
Effect Of Reorganization And Purchase Of Units In The Partnership, Value	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue	$ 230,000
Effect Of Reorganization And Purchase Of Units In The Partnership, Shares	tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipShares	229,652,641

Redeemable Equity Attributable to Consolidated Public SPACs - Adjustments to Redeemable Equity (Details) - USD ($)
$ in Thousands

5 Months Ended

11 Months Ended

12 Months Ended

13 Months Ended

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Jan. 18, 2022

Redeemable Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest, Equity, Carrying Amount

$ 1,000,027

^[1]

$ 800,011

$ 0

$ 800,011

IPO share proceeds

935,000

800,000

Current and deferred offering costs

12,959

(54,141)

(44,702)

Bifurcation of warrant liabilities

(12,500)

(24,000)

Net (loss) income attributable to redeemable equity in Public SPACs prior to Reorganization and IPO

$ 15,165

14,648

155,131

(195,906)

(517)

Redemptions / withdrawals

(379,597)

(352,014)

(304,760)

Deconsolidation

(430,265)

Change in redemption value of redeemable non-controlling interest

(21,985)

(88,449)

264,619

$ 517

Ending balance

$ 653,635

^[1]

$ 653,635

^[1]

$ 1,000,027

^[1]

$ 800,011

[1]

Equity - Narrative (Details)					12 Months Ended
Equity - Narrative (Details)	Feb. 15, 2023 $ / shares	Nov. 09, 2022 $ / shares	Aug. 09, 2022 $ / shares	May 10, 2022 $ / shares	Dec. 31, 2022 classOfStock $ / shares shares	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock, outstanding \| classOfStock					2
Preferred stock, shares authorized					25,000,000	25,000,000
Preferred stock, par or stated value per share (in usd per share) \| $ / shares					$ 0.001	$ 0.001
Preferred stock, shares outstanding					0	0
Dividends declared per share of Class A Common Stock (in usd per share) \| $ / shares					$ 1.09
Common Class A Voting
Class of Stock [Line Items]
Common stock, shares authorized					2,240,000,000
Common stock, par or stated value per share (in usd per share) \| $ / shares					$ 0.001
Nonvoting Common Stock
Class of Stock [Line Items]
Common stock, shares authorized					100,000,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized					750,000,000	750,000,000
Common stock, par or stated value per share (in usd per share) \| $ / shares					$ 0.001	$ 0.001
Number of votes per share of common stock held					10
Common shares outstanding					229,652,641	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized					2,340,000,000	2,340,000,000
Common stock, par or stated value per share (in usd per share) \| $ / shares					$ 0.001	$ 0.001
Number of votes per share of common stock held					1
Common shares outstanding					79,240,058	0
Dividends declared per share of Class A Common Stock (in usd per share) \| $ / shares		$ 0.26	$ 0.39	$ 0.44
Class A Common Stock \| Subsequent Event
Class of Stock [Line Items]
Dividends declared per share of Class A Common Stock (in usd per share) \| $ / shares	$ 0.50

Fair Value Measurement - Summary of Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Deconsolidation	$ 0	$ (5,056)
Derivative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,386	197,539
Unrealized (gains) losses, net	(1,386)	(164,695)
Transfers	0	(31,458)
Balance, end of period	$ 0	$ 1,386

Equity-Based Compensation - Summary of Unvested Awards (Details) - $ / shares shares in Millions		12 Months Ended
	Jan. 12, 2022	Dec. 31, 2022	Dec. 31, 2022
Services Vesting Award
Service-Vesting Awards
Beginning balance (in shares)			0.0
Granted (in shares)			10.9
Vested (in shares)			(0.2)
Forfeited (in shares)			(0.6)
Ending balance (in shares)		10.1	10.1
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)			$ 0
Granted (in usd per share)			29.42
Vested, settled (in usd per share)			29.50
Forfeited (in usd per share)			29.48
Ending balance (in usd per share)		$ 29.41	$ 29.41
IPO Executive Service-Vesting Awards
Service-Vesting Awards
Beginning balance (in shares)			0.0
Granted (in shares)			1.1
Vested (in shares)			0.0
Forfeited (in shares)			0.0
Ending balance (in shares)		1.1	1.1
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)			$ 0
Granted (in usd per share)			29.50
Vested, settled (in usd per share)			0
Forfeited (in usd per share)			0
Ending balance (in usd per share)		$ 29.50	$ 29.50
IPO Executive Performance Condition Awards
Service-Vesting Awards
Beginning balance (in shares)			0.0
Granted (in shares)			1.1
Vested (in shares)			0.0
Forfeited (in shares)			0.0
Ending balance (in shares)		1.1	1.1
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)			$ 0
Granted (in usd per share)			16.58
Vested, settled (in usd per share)			0
Forfeited (in usd per share)			0
Ending balance (in usd per share)		$ 16.58	$ 16.58
TPH Units
Service-Vesting Awards
Beginning balance (in shares)		34.0
Granted (in shares)	66.6	34.2
Vested (in shares)		(17.4)
Forfeited (in shares)		(0.5)
Ending balance (in shares)		50.3	50.3
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)		$ 23.60
Granted (in usd per share)		25.06
Vested, settled (in usd per share)		24.41
Forfeited (in usd per share)		24.78
Ending balance (in usd per share)		$ 24.38	$ 24.38
RPH Units
Service-Vesting Awards
Beginning balance (in shares)		0.6
Granted (in shares)	0.6	0.0
Vested (in shares)		(0.2)
Forfeited (in shares)		0.0
Ending balance (in shares)		0.4	0.4
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)		$ 457.10
Granted (in usd per share)		0
Vested, settled (in usd per share)		457.10
Forfeited (in usd per share)		0
Ending balance (in usd per share)		$ 457.10	$ 457.10

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income taxes (benefit)
Federal	$ 44,714	$ 1,950	$ 1,124
State and local	9,466	1,954	1,582
International	5,443	5,010	7,936
Current income taxes (benefit)	59,623	8,914	10,642
Deferred income taxes (benefit)
Federal	(21,639)	(223)	(334)
State and local	(4,769)	(105)	(192)
International	(732)	452	(337)
Deferred income taxes (benefit)	(27,140)	124	(863)
Income tax expense	$ 32,483	$ 9,038	$ 9,779

Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Class A common stock is traded on the Nasdaq Global Select Market. The Company is authorized to issue 2,240,000,000 shares of Class A common stock with a par value of $0.001 per share, 100,000,000 shares of nonvoting Class A common stock, 750,000,000 shares of Class B common stock with a par value of $0.001 per share, and 25,000,000 shares of preferred stock, with a par value of $0.001 per share. Each share of the Company’s Class A common stock entitles its holder to one vote, and each share of our Class B common stock entitles its holder to ten votes. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. The nonvoting Class A common stock have the same rights and privileges as, rank equally and share ratably with, and are identical in all respects as to all matters to, the Class A common stock, except that the nonvoting Class A common stock have no voting rights other than such rights as may be required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. As of December 31, 2022, 79,240,058 shares of Class A common stock were outstanding, 229,652,641 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding.

Dividends and distributions are reflected in the Consolidated Statements of Stockholders’ Equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to holders of non-controlling interests in subsidiaries.

The following is a summary of cash dividends declared per share on the Company’s Class A common stock during the year ended December 31, 2022:

Date Declared

Record Date

Payment date

Dividend per Class A Common Share

May 10, 2022

May 20, 2022

June 3, 2022

0.44

August 9, 2022

August 19, 2022

September 2, 2022

0.39

November 9, 2022

November 21, 2022

December 2, 2022

0.26

On February 15, 2023, the Company’s board of directors declared and approved a cash dividend for the fourth quarter of 2022 of $0.50 per share of Class A common stock of record at the close of business on February 27, 2023, payable on March 10, 2023.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Schedule of Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Expenses, and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts payable and accrued expenses consist of the following (in thousands):


	December 31,
	2022		2021
Trade accounts payable	$	44,186	$	37,429
Accrued expenses	53,985		96,922
Accounts payable and accrued expenses	$	98,171	$	134,351

Other Liabilities

Other liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Lease Obligation	$	147,887	$	177,003
Clawback liability (see Note 18)	58,317		58,317
Other	19,886		2,926
Other liabilities	$	226,090	$	238,246

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total fees and other	$ 1,246,635	$ 977,904	$ 883,366
Performance allocations	720,106	3,792,861	1,203,520
Capital interests	36,146	205,622	27,952
Total capital allocation-based income	756,252	3,998,483	1,231,472
Total revenues	2,002,887	4,976,387	2,114,838
Management fees
Disaggregation of Revenue [Line Items]
Total fees and other	931,291	731,974	699,492
Fee credits
Disaggregation of Revenue [Line Items]
Total fees and other	(11,461)	(13,630)	(20,012)
Monitoring fees
Disaggregation of Revenue [Line Items]
Total fees and other	14,330	14,324	19,837
Transaction fees
Disaggregation of Revenue [Line Items]
Total fees and other	97,909	90,606	44,528
Incentive fees
Disaggregation of Revenue [Line Items]
Total fees and other	5,183	0	9,521
Expense reimbursements and other
Disaggregation of Revenue [Line Items]
Total fees and other	$ 209,383	$ 154,630	$ 130,000

Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands

12 Months Ended

13 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Jan. 18, 2022

Operating activities:

Net income (loss)

$ (56,235)

$ 4,655,997

$ 1,438,932

$ 6,222

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Equity-based compensation

627,714

Performance allocation compensation

416,556

Loss (gain) from investment activities

110,131

(353,219)

5,839

Gain on deconsolidation

(401,695)

Capital allocation-based income

(756,252)

(3,998,483)

(1,231,472)

Other non-cash activities

29,939

45,729

31,254

Net (gains) losses from investment activities of consolidated TPG Funds and Public SPACs

(12,382)

(235,214)

257,960

Changes in operating assets and liabilities:

Change in consolidation and other

(10,976)

Accounts payable and accrued expenses

(42,378)

(42,826)

12,333

(14,235)

51,148

42,124

Accrued performance allocation compensation

(12,528)

11,129

3,885

(672,375)

Net cash provided by operating activities

1,375,878

1,474,820

95,393

Investing activities:

Repayments of notes receivable from affiliates

14,937

23,282

9,536

Advances on notes receivable from affiliates

(15,500)

(9,053)

(2,084)

Purchases of fixed assets

(2,449)

(1,791)

(8,327)

Acquisition of NewQuest

24,817

(75,000)

Deconsolidation of previously consolidated vehicles

(107,221)

Net cash used in investing activities

(3,012)

(37,745)

(108,096)

Financing activities:

Proceeds from issuance of common stock in IPO, net of underwriting and issuance costs

770,865

Proceeds from issuance of common stock from underwriters' exercise of over-allotment option, net of underwriting and issuance costs

49,756

Distributions to holders of non-controlling interests

(379,597)

Reorganization activities

2,124

Proceeds from senior unsecured term loan

200,000

Borrowings on revolving credit facility to affiliate

150,000

Repayments of revolving credit facility to affiliate

(50,000)

(100,000)

Proceeds from subordinated credit facility

30,000

55,000

Repayments of subordinated credit facility

(30,000)

(55,000)

Contributions from holders of other non-controlling interests

7,824

Debt issuance costs

(520)

Dividends/Distributions

(662,812)

Distributions to partners prior to Reorganization and IPO

(355,282)

(1,066,680)

(298,584)

Redemption of redeemable equity

(352,014)

(304,760)

Net cash (used in) provided by financing activities

(1,238,080)

(1,322,566)

250,329

Net change in cash, cash equivalents and restricted cash

134,786

114,509

237,626

Cash, cash equivalents and restricted cash, beginning of period

985,864

871,355

633,729

$ 871,355

Cash, cash equivalents and restricted cash, end of period

1,120,650

985,864

871,355

Supplemental disclosures of other cash flow information

Cash paid for income taxes

48,327

8,548

6,790

Cash paid for interest

18,352

15,728

14,857

Supplemental disclosures of non-cash operating activities:

Conversion from notes receivable from affiliate to equity method investments

(8,380)

Investment in equity method investments

(3,138)

In-kind proceeds from investments

36,334

89,834

In-kind proceeds from investments

(6,244)

(31,104)

(7,750)

Increase in due from affiliates

(3,045)

Supplemental disclosures of non-cash investing and financing activities:

Reorganization

(952,411)

NewQuest contingent consideration

8,400

Equity interests transferred for NewQuest acquisition

24,600

Distributions in-kind to partners

(57,281)

Distributions in-kind to holders of other non-controlling interests

(33,197)

(32,553)

Distributions payable to partners

352,722

191,452

Distributions payable to holders of other non-controlling interests

3,964

355,282

186,781

Distributions payable to holders of non-controlling interests in consolidated funds

2,028

Repayments of notes receivable to affiliates

3,045

Reconciliation of cash, cash equivalents and restricted cash, end of period:

1,107,484

972,729

858,220

Cash, cash equivalents and restricted cash, end of period

13,166

^[1]

13,135

^[1]

13,135

1,120,650

985,864

871,355

Consolidated Entity, Excluding VIE

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Loss (gain) from investment activities

110,131

(353,219)

5,839

Gain on deconsolidation

(401,695)

Changes in operating assets and liabilities:

Purchases of investments

(109,093)

(173,885)

(84,148)

Proceeds from investments

1,567,684

2,179,064

754,912

(35,893)

(22,586)

187

Distributions to holders of non-controlling interests

(22,515)

(26,931)

54,634

Financing activities:

(318,942)

(1,009,242)

(310,159)

Contributions from holders of other non-controlling interests

10,833

Contributions from holders of other non-controlling interests

7,822

4,636

7,884

Reconciliation of cash, cash equivalents and restricted cash, end of period:

1,107,484

972,729

Changes in operating assets and liabilities:

Purchases of investments

(216,657)

(327,005)

Proceeds from investments

218,695

297,696

18,611

(12,583)

13,193

(7,537)

19,884

6,167

Assets held in Trust Accounts

274

5,839

31,584

346,392

(630,281)

(800,011)

Financing activities:

Proceeds from issuance of common stock in IPO, net of underwriting and issuance costs

935,000

800,000

Distributions to holders of non-controlling interests

(12,840)

(14,038)

Contributions from holders of other non-controlling interests

540

13,271

Supplemental disclosures of non-cash investing and financing activities:

(18,700)

(16,702)

Deferred underwriting related to Public SPACs

12,250

(35,441)

$ (28,000)

Reconciliation of cash, cash equivalents and restricted cash, end of period:

Share-Based Payment Arrangement [Abstract]

^[1]

$ 5,097

$ 5,371

[1]

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate	21.00%	21.00%	21.00%
Income passed through to partners	(136.20%)	(20.10%)	(24.50%)
State and local income taxes	(25.90%)	0.00%	0.10%
Foreign Taxes, net of U.S. foreign tax credits	(17.30%)	(0.80%)	4.10%
Equity based compensation	2.00%	0.00%	0.00%
Change in TPG Operating Group Partnerships tax basis estimate	21.70%	0.00%	0.00%
Return to Provision	3.90%	0.00%	0.00%
Change in valuation allowance	(4.30%)	0.00%	0.00%
Other	(1.70%)	0.00%	0.00%
Effective income tax rate	(136.80%)	0.20%	0.70%

Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease cost (a):
Operating lease cost	$ 26,371	$ 37,330	$ 35,995
Short-term lease costs	562	416	184
Variable lease cost	6,381	5,067	2,478
Sublease income	(3,947)	(5,807)	(4,000)
Total lease cost	$ 29,367	$ 37,006	$ 34,657
Weighted-average remaining lease term	7 years 1 month 6 days	7 years 4 months 24 days	8 years 3 months 18 days
Weighted-average discount rate	4.11%	4.11%	4.09%
Operating lease, expense	$ 26,100	$ 32,000	$ 30,900

Fair Value Measurement - Summary of Changes in Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain on deconsolidation	$ 122,700	$ 0	$ 0	$ 401,695
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		0	12,324
Realized gains, net		0	4,025
Unrealized losses, net		0	(3,778)
Purchases		0	708
Proceeds		0	(8,223)
Balance, end of period		$ 0	$ 0	$ 12,324

Equity-Based Compensation - Summary of Outstanding Awards, Compensation Expense, and Remaining Unrecognized Compensation Expense (Details) - USD ($) shares in Millions		12 Months Ended
	Jan. 12, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 13, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 627,714,000	$ 0	$ 0
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			1.8
Shares / Units Outstanding (in shares)		1.7	1.7
Compensation expense			$ 17,100,000
Unrecognized compensation expense		$ 35,100,000	$ 35,100,000
Total Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			13.2
Shares / Units Outstanding (in shares)		12.4	12.4
Compensation expense			$ 83,800,000
Unrecognized compensation expense		$ 273,700,000	$ 273,700,000
IPO Service-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			10.2
Shares / Units Outstanding (in shares)		9.4	9.4
Compensation expense			$ 68,900,000
Unrecognized compensation expense		$ 215,500,000	$ 215,500,000
IPO Executive Service-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			1.1
Shares / Units Outstanding (in shares)		1.1	1.1
Compensation expense			$ 6,300,000
Unrecognized compensation expense		$ 26,200,000	$ 26,200,000
IPO Executive Performance Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			1.1
Shares / Units Outstanding (in shares)		1.1	1.1
Compensation expense			$ 5,200,000
Unrecognized compensation expense		$ 13,000,000.0	$ 13,000,000.0
Ordinary Service-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			0.7
Shares / Units Outstanding (in shares)		0.7	0.7
Compensation expense			$ 2,800,000
Unrecognized compensation expense		$ 16,000,000.0	$ 16,000,000.0
Ordinary Performance-Vesting Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			0.1
Shares / Units Outstanding (in shares)		0.1	0.1
Compensation expense			$ 600,000
Unrecognized compensation expense		$ 3,000,000.0	$ 3,000,000.0
Total TPH and RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)	67.2
Shares / Units Outstanding (in shares)		50.7	50.7
Compensation expense			$ 508,600,000
Unrecognized compensation expense		$ 1,421,300,000	$ 1,421,300,000
TPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)	66.6	34.2
Shares / Units Outstanding (in shares)		50.3	50.3			34.0
Compensation expense			$ 426,900,000
Unrecognized compensation expense		$ 1,211,600,000	$ 1,211,600,000
RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)	0.6	0.0
Shares / Units Outstanding (in shares)		0.4	0.4			0.6
Compensation expense			$ 81,700,000
Unrecognized compensation expense		$ 209,700,000	$ 209,700,000
Total Other IPO-Related Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			4.2
Shares / Units Outstanding (in shares)		3.9	3.9
Compensation expense			$ 41,400,000	$ 0
Unrecognized compensation expense		$ 76,000,000.0	$ 76,000,000.0
TOG Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Granted (in shares)			2.4
Shares / Units Outstanding (in shares)		2.2	2.2
Compensation expense			$ 24,300,000
Unrecognized compensation expense		$ 40,900,000	$ 40,900,000

Net Income (Loss) Per Class A Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	5 Months Ended	11 Months Ended	12 Months Ended			13 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 18, 2022
Numerator:
Net income (loss)	$ (61,940)		$ (56,235)	$ 4,655,997	$ 1,438,932	$ 6,222
Net (loss) income attributable to redeemable equity in Public SPACs prior to Reorganization and IPO	15,165	$ 15,165	14,648	155,131	(195,906)	(517)
Net income attributable to other non-controlling interests prior to Reorganization and IPO	11,293
Net income attributable to TPG Group Holdings prior to Reorganization and IPO		$ 11,293		2,455,825	719,640	966
Net income attributable to TPG Group Holdings prior to Reorganization and IPO				$ 2,025,754	$ 927,578	$ 5,256
Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO	(180,824)
Net income attributable to Class A Common Stockholders prior to distributions	92,426
Reallocation of earnings to unvested participating restricted stock units	$ (4,994)
Net income attributable to Class A Common Stockholders - Basic			87,432
Net loss assuming exchange of non-controlling interest			(147,133)
Reallocation of income from participating securities assuming exchange of Common Units			132
Net income (loss) attributable to Class A Common Stockholders - Diluted			$ (59,569)
Denominator:
Basic (in shares)			79,255,411
Exchange of Common Units to Class A Common Stock (in shares)			229,652,641
Weighted-average shares of Class A common stock outstanding diluted (in shares)			308,908,052
Net income (loss) available to Class A common stock per share
Basic (in usd per share)			$ 1.10
Diluted (in usd per share)			(0.19)
Dividends declared per share of Class A Common Stock (in usd per share)			$ 1.09

Equity-Based Compensation

12 Months Ended

Dec. 31, 2022

Equity-Based Compensation

Equity-Based CompensationIn conjunction with the IPO, TPG employees, certain of the Company’s executives and certain non-employees received grants of equity-based awards in the form of restricted stock units which entitle the holder to one share of Class A common stock upon vesting. These grants were issued as part of the IPO to promote broad ownership of the firm among its employees and further align its interests with those of its shareholders. As a result of the Reorganization and the IPO, the Company’s current partners hold restricted indirect interests in Common Units through TPG Partner Holdings, L.P. (“TPG Partner Holdings”) and indirect economic interests through RemainCo. In conjunction with the Reorganization, TPG Partner Holdings distributed its interest in RemainCo and the underlying assets as part of a common control transaction to its existing owners, which are the Company’s current and former partners. No changes were made to the terms of the unvested units. TPG Partner Holdings and RemainCo are presented as non-controlling interest holders within our Consolidated Financial Statements. The interests in TPG Partner Holdings (“TPH Units”) and indirectly in RemainCo (“RPH Units”) are generally subject to both service-based vesting, primarily over a four to seven-year period from the date of grant or, in certain cases, to performance conditions. Holders of these interests participate in distributions regardless of

the vesting status. Additionally, as a result of the Reorganization, the IPO and the acquisition of the final 33.3% of NQ Manager discussed in Note 3 to the Consolidated Financial Statements, certain TPG partners and NewQuest principals were granted Common Units directly at TPG Operating Group (“TOG Units”) and Class A common stock (collectively with “TOG Units,” the “Other IPO-Related Awards”) subject to both service and performance conditions, which are deemed probable of achieving.

The following table summarizes the granted and outstanding awards for the year ended December 31, 2022 (in millions, including share data):


	Shares / Units Granted for the year ended December 31, 2022	Shares / Units Outstanding as of December 31, 2022	Compensation Expense for the year ended December 31, 2022		Unrecognized Compensation Expense as of December 31, 2022
Restricted Stock Units
IPO Service-Vesting Awards	10.2	9.4	$	68.9	$	215.5
IPO Executive Service-Vesting Awards	1.1	1.1	6.3		26.2
IPO Executive Performance Condition Awards	1.1	1.1	5.2		13.0

Ordinary Service-Vesting Awards	0.7	0.7	2.8		16.0
Ordinary Performance-Vesting Awards	0.1	0.1	0.6		3.0

Total Restricted Stock Units	13.2	12.4	$	83.8	$	273.7

Other IPO-Related Awards
Unvested TOG Common Units	2.4	2.2	$	24.3	$	40.9
Unvested Class A Common Stock	1.8	1.7	17.1		35.1
Total Other IPO-Related Awards	4.2	3.9	$	41.4	$	76.0

	Unvested Units at IPO	Unvested Units Outstanding as of December 31, 2022	Compensation Expense for the year ended December 31, 2022		Unrecognized Compensation Expense as of December 31, 2022
TPH and RPH Units
TPH units	66.6	50.3	$	426.9	$	1,211.6
RPH units	0.6	0.4	81.7		209.7
Total TPH and RPH Units	67.2	50.7	$	508.6	$	1,421.3

Restricted Stock Units

Under the Company’s 2021 Omnibus Equity Incentive Plan (the “Omnibus Plan”), the Company is permitted to grant equity awards representing ownership interests in TPG Inc.’s Class A common stock. On January 13, 2022, the Omnibus Plan became effective and the Company authorized for issuance 30,694,780 shares of TPG Inc.’s Class A common stock, which, pursuant to the Omnibus Plan’s evergreen provision, such share reserve was increased to 43,492,763 shares of TPG Inc.’s Class A common stock on January 6, 2023.

For the year ended December 31, 2022, the Company recorded equity-based compensation expense of $83.8 million.

IPO and Ordinary Service-Vesting Awards

Under the Omnibus Plan, the Company granted equity awards that are subject to service-based vesting, primarily over a four to six-year period from the date of grant (“Service-Vesting Awards”). Holders of the Service-Vesting Awards participate in dividends whether the awards are unvested or vested.

The Company awarded 10.2 million of restricted stock units to employees and certain non-employees of the Company in conjunction with the IPO. Additionally, for the year ended December 31, 2022, the Company issued 0.7 million of ordinary Service-Vesting Awards. The related expense associated with awards granted to certain non-employees of the Company is recognized in general, administrative and other in our Consolidated Statements of Operations and totaled $7.1 million for the year ended December 31, 2022. This excludes 2.2 million of restricted stock units granted to certain executives (“Executive Awards”) in conjunction with the IPO.

The fair value is based on the grant date fair value, which considers the public share price of the Company’s Class A common stock. The following table presents the rollforward of the Company’s unvested Service-Vesting Awards for the year ended December 31, 2022 (awards in millions):


	Service-Vesting Awards	Weighted-Average Grant Date Fair Value
Balance at December 31, 2021	—	$	—
Granted	10.9	29.42
Vested, settled	(0.2)	29.50
Forfeited	(0.6)	29.48
Balance at December 31, 2022	10.1	$	29.41

As of December 31, 2022, there was approximately $231.5 million of total estimated unrecognized compensation expense related to unvested Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 3.5 years.

Subsequent to December 31, 2022, we granted 3.7 million in Ordinary Service-Vesting Awards. The units will vest in equal tranches over a period of three years.

Ordinary Performance-Vesting Awards

Under the Omnibus Plan, the Company also granted 0.1 million of ordinary equity awards that are subject to both service and performance conditions (“Performance-Vesting Awards”). The weighted-average grant date fair value per share was $26.93 for these awards. For year ended December 31, 2022, the Company recorded equity-based compensation expense of $0.6 million. Further, as of December 31, 2022, there was approximately $3.0 million of total estimated unrecognized compensation expense related to unvested Performance-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 3.1 years.

IPO Executive Awards

Under the Omnibus Plan, the Company also granted 2.2 million of Executive Awards in order to incentivize and retain key members of management and further their alignment with our shareholders in conjunction with the IPO. The Executive Awards includes awards of (i) 1.1 million restricted stock units subject to service-based vesting over a five-year service period beginning with the second anniversary of the grant date (“Executive Service-Vesting Awards”) and (ii) 1.1 million market and service based restricted stock units (“Executive Performance Condition Awards”). Each Executive Performance Condition Award is comprised of two parts: (i) a time-based component requiring a five-year service period (“Type I”) and (ii) a market price component with a target Class A common stock share price at either $44.25 within five years or $59.00 within eight years (“Type II”). Dividend equivalents are paid on vested and unvested Executive Service-Vesting Awards when the dividend occurs. Dividend equivalents accrue for vested and unvested Executive Performance Condition Awards and are paid only when both the applicable service and performance conditions are satisfied.

The fair value of the Executive Service-Vesting Awards, $32.5 million, is based on the grant date fair value, which considers the public share price of the Company’s Class A common stock. Compensation expense for those awards is recognized on a straight-line basis. The grant date fair value of the Executive Performance Condition Awards made during the year ended December 31, 2022 was $18.2 million and was based on a Monte-Carlo simulation valuation model. Compensation expense for those awards is recognized using the accelerated attribution method on a tranche by tranche basis.

The following table presents the rollforwards of the Company’s unvested Executive Awards for the year ended December 31, 2022 (awards in millions):


	Executive Service-Vesting Awards	Grant Date Fair Value		Executive Performance Condition Awards	Weighted Average Grant Date Fair Value
Balance at December 31, 2021	—	$	—	—	$	—
Granted	1.1	29.50		1.1	16.58
Vested	—	—		—	—
Forfeited	—	—		—	—
Balance at December 31, 2022	1.1	$	29.50	1.1	$	16.58

Below is a summary of the grant date fair value based on the Monte-Carlo simulation valuation model.


Vesting Condition	Grant Date Fair Value
Type I	$	17.58
Type II	$	15.59


Significant Assumptions	Type I			Type II
TPG Class A common stock share price as of valuation date	$	29.50		$	29.50
Volatility	35.0		%	35.0		%
Dividend Yield	4.0		%	4.0		%
Risk-free rate	1.46		%	1.65		%
Cost of Equity	10.7		%	10.7		%

As of December 31, 2022, there was approximately $26.2 million of total estimated unrecognized compensation expense related to unvested Executive Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 4.0 years. There was approximately $13.0 million of unrecognized compensation expense related to unvested Executive Performance Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.8 years.

TPH and RPH Awards

We account for the TPH Units and RPH Units as compensation expense in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). The unvested TPH and RPH Units are recognized as equity-based compensation subject to primarily service vesting conditions and in certain cases performance conditions, which are currently deemed probable of achieving. The Company recognized compensation expense of $508.6 million for the year ended December 31, 2022. The Company had no such compensation expense for the year ended December 31, 2021. There is no additional dilution to our stockholders related to these interests. Contractually these units are only related to non-controlling interest holders of the TPG Operating Group, and there is no impact to the allocation of income and distributions to TPG Inc. Therefore, we have allocated these expense amounts to our non-controlling interest holders.

The following table presents the rollforwards of the Company’s unvested TPH Units and RPH Units for the period commencing on January 13, 2022 and ending on December 31, 2022 (units in millions):


	TPH Units			RPH Units
	Partnership Units	Grant Date Fair Value		Partnership Units	Grant Date Fair Value
Balance at January 13, 2022	34.0	$	23.60	0.6	$	457.10
Granted	34.2	25.06		—	—
Vested	(17.4)	24.41		(0.2)	457.10
Forfeited	(0.5)	24.78		—	—
Balance at December 31, 2022	50.3	$	24.38	0.4	$	457.10

As of December 31, 2022, there was approximately $1,421.3 million of total estimated unrecognized compensation expense related to unvested TPH and RPH Units.

Other IPO-Related Awards

In accordance with ASC 718 the Other IPO-Related Awards are also recognized as equity-based compensation. The expense for the year ended December 31, 2022 totaled $41.4 million. The Company had no such expense for the year ended December 31, 2021. As TPG Operating Group holders would accrete pro-rata or benefit directly upon forfeiture of those awards, this compensation expense was allocated pro-rata to all controlling and non-controlling interest holders of TPG Inc. The weighted average grant date fair value of the TOG Units was $27.29 and of Class A common stock was $29.50. Total unrecognized compensation expense related to outstanding unvested awards as of December 31, 2022 was $76.0 million, of which our TOG Units and Class A common stock represented $40.9 million and $35.1 million, respectively.

Other compensation matters

TPG provides voluntary defined contribution plans for its U.S. and U.K. employees who meet certain eligibility requirements. The current defined contribution plan for U.S. employees is a 401(k) profit-sharing plan that was adopted in May 1996. The current defined contribution plan for U.K. employees is a pension plan that was adopted in January 2010. Employees may elect to make contributions up to legally established limits. Both plans provide for employer contributions at the Company’s discretion. The Company’s contribution expenses were $12.7 million, $10.9 million and $11.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Compensation includes a significant performance-based component in the form of discretionary bonuses. The Company incurred discretionary bonus expense of $205.4 million, $340.9 million and $293.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Certain employees of the Company receive awards from TPG RE Finance Trust, Inc. (“TRTX”), a publicly traded real estate investment trust, externally managed and advised by TPG RE Finance Trust Management, L.P., a wholly-owned subsidiary of the Company, for services provided to TRTX. Generally, these awards vest over four years for employees and at grant date for directors of TRTX.

The awards granted to certain employees of the Company are recorded in other assets and due to affiliates on the grant date in the Consolidated Statements of Financial Condition. The grant date fair value of the asset is amortized through compensation and benefits expense on a straight-line basis over the vesting period in the Consolidated Statements of Operations. Compensation and benefits expense is offset by related management fees earned by the Company from TRTX. During the year ended December 31, 2022, the Company recognized less than $0.01 million of management fees and compensation and benefits expense. For the year ended December 31, 2021, the Company recognized $9.5 million of such expense.

Accounts Payable and Accrued Expenses, and Other Liabilities - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Trade accounts payable	$ 44,186	$ 37,429
Accrued expenses	53,985	96,922
Accounts payable and accrued expenses	$ 98,171	$ 134,351

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes the granted and outstanding awards for the year ended December 31, 2022 (in millions, including share data):


	Shares / Units Granted for the year ended December 31, 2022	Shares / Units Outstanding as of December 31, 2022	Compensation Expense for the year ended December 31, 2022		Unrecognized Compensation Expense as of December 31, 2022
Restricted Stock Units
IPO Service-Vesting Awards	10.2	9.4	$	68.9	$	215.5
IPO Executive Service-Vesting Awards	1.1	1.1	6.3		26.2
IPO Executive Performance Condition Awards	1.1	1.1	5.2		13.0

Ordinary Service-Vesting Awards	0.7	0.7	2.8		16.0
Ordinary Performance-Vesting Awards	0.1	0.1	0.6		3.0

Total Restricted Stock Units	13.2	12.4	$	83.8	$	273.7

Other IPO-Related Awards
Unvested TOG Common Units	2.4	2.2	$	24.3	$	40.9
Unvested Class A Common Stock	1.8	1.7	17.1		35.1
Total Other IPO-Related Awards	4.2	3.9	$	41.4	$	76.0

	Unvested Units at IPO	Unvested Units Outstanding as of December 31, 2022	Compensation Expense for the year ended December 31, 2022		Unrecognized Compensation Expense as of December 31, 2022
TPH and RPH Units
TPH units	66.6	50.3	$	426.9	$	1,211.6
RPH units	0.6	0.4	81.7		209.7
Total TPH and RPH Units	67.2	50.7	$	508.6	$	1,421.3

The following table presents the rollforward of the Company’s unvested Service-Vesting Awards for the year ended December 31, 2022 (awards in millions):


	Service-Vesting Awards	Weighted-Average Grant Date Fair Value
Balance at December 31, 2021	—	$	—
Granted	10.9	29.42
Vested, settled	(0.2)	29.50
Forfeited	(0.6)	29.48
Balance at December 31, 2022	10.1	$	29.41

The following table presents the rollforwards of the Company’s unvested Executive Awards for the year ended December 31, 2022 (awards in millions):


	Executive Service-Vesting Awards	Grant Date Fair Value		Executive Performance Condition Awards	Weighted Average Grant Date Fair Value
Balance at December 31, 2021	—	$	—	—	$	—
Granted	1.1	29.50		1.1	16.58
Vested	—	—		—	—
Forfeited	—	—		—	—
Balance at December 31, 2022	1.1	$	29.50	1.1	$	16.58

Below is a summary of the grant date fair value based on the Monte-Carlo simulation valuation model.


Vesting Condition	Grant Date Fair Value
Type I	$	17.58
Type II	$	15.59


Significant Assumptions	Type I			Type II
TPG Class A common stock share price as of valuation date	$	29.50		$	29.50
Volatility	35.0		%	35.0		%
Dividend Yield	4.0		%	4.0		%
Risk-free rate	1.46		%	1.65		%
Cost of Equity	10.7		%	10.7		%

The following table presents the rollforwards of the Company’s unvested TPH Units and RPH Units for the period commencing on January 13, 2022 and ending on December 31, 2022 (units in millions):


	TPH Units			RPH Units
	Partnership Units	Grant Date Fair Value		Partnership Units	Grant Date Fair Value
Balance at January 13, 2022	34.0	$	23.60	0.6	$	457.10
Granted	34.2	25.06		—	—
Vested	(17.4)	24.41		(0.2)	457.10
Forfeited	(0.5)	24.78		—	—
Balance at December 31, 2022	50.3	$	24.38	0.4	$	457.10

Organization (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net


	Balances prior to Reorganization		Impact of Reorganization		December 31, 2021
Assets of consolidated TPG Funds:
Cash and cash equivalents	$	972	$	(972)	$	—
Investments	254,453		(254,453)		—
Due from affiliates	1,862		(1,862)		—
Due from counterparty	97,768		(97,768)		—
Other assets	486		(486)		—
Total assets	$	355,541	$	(355,541)	$	—

Liabilities and Partners' Capital
Liabilities of consolidated TPG Funds:
Accounts payable and accrued expenses	$	1,183	$	(1,183)	$	—
Securities sold, not yet purchased	63,350		(63,350)		—
Due to affiliates	524		(524)		—
Due to counterparty	8,920		(8,920)		—
Other liabilities	2,524		(2,524)		—
Total liabilities	76,501		(76,501)		—

Partners’ capital controlling interests	65,481		(65,481)		—
Non-controlling interests in consolidated TPG Funds	213,559		(213,559)		—
Total partners’ capital	279,040		(279,040)		—
Total liabilities and partners' capital	$	355,541	$	(355,541)	$	—

Derivative Instruments - Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative liabilities of Public SPACs	$ 700	$ 13,000
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative liabilities of Public SPACs	667	13,048
Public warrants \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative liabilities of Public SPACs	667	11,662
Forward purchase agreements \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative liabilities of Public SPACs	$ 0	$ 1,386

Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

TPG consolidates VIEs in which it is considered the primary beneficiary as described in Note 2 to the Consolidated Financial Statements. TPG’s investment strategies differ by TPG Fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance allocations. The Company does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments.

The assets of consolidated VIEs may only be used to settle obligations of these consolidated VIEs. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities.

The Company holds variable interests in certain VIEs which are not consolidated as it is determined that the Company is not the primary beneficiary. The Company’s involvement with such entities is in the form of direct equity interests and fee arrangements. The fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance allocations. Accordingly, disaggregation of TPG’s involvement by type of VIE would not provide more useful information. TPG may have an obligation as general partner to provide commitments to unconsolidated VIEs. For the years ended December 31, 2022 and 2021, TPG did not provide any amounts to unconsolidated VIEs other than its obligated commitments.

The maximum exposure to loss represents the loss of assets recognized by TPG relating to non-consolidated entities and any amounts due to non-consolidated entities.

The assets and liabilities recognized in the Company’s Consolidated Statements of Financial Condition related to its interest in these non-consolidated VIEs and its maximum exposure to loss relating to non-consolidated VIEs were as follows (in thousands):


	December 31,
	2022		2021
Investments (includes assets pledged of $475,110 and $492,276)	$	5,284,981	$	5,957,356
Due from affiliates	88,847		93,311
VIE-related assets	5,373,828		6,050,667
Potential clawback obligation	1,869,395		1,500,875
Due to affiliates	47,572		36,049
Maximum exposure to loss	$	7,290,795	$	7,587,591

RemainCo

In conjunction with the Reorganization described in Note 1 to the Consolidated Financial Statements, the TPG Operating Group and RemainCo entered into certain agreements to effectuate the go-forward relationship between the entities. The arrangements discussed below represent the TPG Operating Group’s variable interests in RemainCo, which do not provide the TPG Operating Group with the power to direct the activities that most significantly impact RemainCo’s performance and operations. As a result, RemainCo represents a non-consolidated VIE.

RemainCo Performance Earnings Agreement

In accordance with the TPG Operating Group’s agreement with RemainCo (the “RemainCo Performance Earnings Agreement”), RemainCo is entitled to distributions in respect of performance allocations from TPG Funds as described below. For certain existing TPG Funds that are advanced in their life cycles, which we refer to as the “Excluded Funds,”

RemainCo is generally entitled to receive distributions of performance allocations not previously designated for partners and employees or unaffiliated third parties, and the TPG Operating Group is not entitled to further performance allocations from the Excluded Funds. For TPG Funds of a more recent vintage and for future TPG Funds, which we collectively refer to as the “Included Funds,” RemainCo is entitled to a base performance allocation ranging from 10% to 15% (subject to limited exceptions, including TPG Funds acquired in a business combination or formed with meaningful participation by the counterparty of such business combination) depending upon the Included Fund (the “Base Entitlement”).

With respect to any TPG Fund that holds a first closing involving non-affiliated investors (a “First Closing”) on or after the fifth anniversary of the IPO, the Base Entitlement will step down ratably for each annual period following the fifth anniversary of the IPO through the fifteenth anniversary. RemainCo will not be entitled to distributions of performance allocations with respect to TPG Funds that have not held a First Closing on or prior to the fifteenth anniversary of the IPO. Once determined, RemainCo’s entitlement to the performance allocation percentage with respect to any TPG Fund will remain in effect for the life of the applicable fund.

RemainCo is obligated to fund its pro rata share of clawback obligations with respect to any TPG Fund (in proportion to the Base Entitlement with respect to such TPG Fund) either directly or through indemnity or similar obligations to the TPG Operating Group. In the event that the underlying assets of RemainCo are not sufficient to cover the clawback amount, the TPG Operating Group is obligated to cover any shortfall of the clawback. This shortfall covered by the TPG Operating Group would be required to be repaid by RemainCo out of future distributions.

Further, in the calendar years 2022, 2023 and 2024, if the amount otherwise available under the new discretionary performance allocation program is less than $110.0 million, $120.0 million and $130.0 million, respectively, our Chief Executive Officer can determine to increase the performance allocations available under such performance allocation program by an amount equal to the shortfall plus $10.0 million (which we refer to as “Performance Allocation Increases”), by allocating amounts to the holders of Promote Units that would have otherwise been distributable to RemainCo. The maximum Performance Allocation Increase in any year is $40.0 million.

RemainCo Administrative Services Agreement

Securitization Vehicles

During 2018, certain subsidiaries of the Company issued $200.0 million in privately placed securitization notes. Certain equity interests of these subsidiaries serve as collateral for the notes. The Company used one or more special purpose entities that are considered VIEs to issue notes to third-party investors in the securitization transactions. The notes issued by these VIEs are backed by the cash flows related to the Company’s equity method investments (“Participation Rights”) in certain funds. The Company determined that it is the primary beneficiary of the securitization vehicles because (i) its servicing responsibilities for the Participation Rights give the Company the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) its variable interests in the VIEs give the Company the obligation to absorb losses and the right to receive residual returns that could potentially be significant. In 2019, certain subsidiaries of the Company issued an additional $50.0 million in privately placed securitization notes.

The transfer of Participation Rights to the special purpose entities are considered sales for legal purposes. However, the Participation Rights and the related debt remain on the Company’s Consolidated Statements of Financial Condition. The Company recognizes interest expense on the secured borrowings issued by the special purpose entities.

The Participation Rights of the VIEs, cash and restricted cash serve as the sole source of repayment for the notes issued by these entities. Investors in the notes issued by the VIEs do not have recourse to the Company or to its other assets. Additionally, the Participation Rights and other assets directly held by the VIEs are not available to satisfy the general obligations of the Company.

As the primary beneficiary of these entities, the Company is exposed to credit, interest rate and market risk from the Participation Rights in the VIEs. However, the Company’s exposure to these risks did not change as a result of the transfer of Participation Rights to the VIEs. The Company may also be exposed to interest rate risk arising from the secured notes issued by the VIEs. The secured notes issued by the VIEs are shown on the Company’s Consolidated Statements of Financial Condition as secured borrowings, net of unamortized issuance costs as of December 31, 2022 and December 31, 2021 of $4.7 million and $5.1 million, respectively.

The following table depicts the total assets and liabilities related to VIE securitization transactions included in the Company’s Consolidated Statements of Financial Condition (in thousands):


	December 31,
	2022		2021
Cash and cash equivalents	$	33,612	$	24,719
Restricted cash	13,166		13,135
Participation rights receivable (a)	475,110		492,276
Due from affiliates	436		1,146
Total assets	$	522,324	$	531,276

Accrued interest	$	191	$	191
Due to affiliates and other	280		22,470
Secured borrowings, net	245,259		244,950
Total liabilities	$	245,730	$	267,611

_______________

(a)Participation rights receivable related to VIE securitization transactions are included in investments in the Company’s Consolidated Statements of Financial Condition.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Fort Worth, Texas
Auditor Firm ID	34

Investments - Summarized Financial Information Relating to the Statements of Operation (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended			13 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 18, 2022
Equity Securities without Readily Determinable Fair Value [Line Items]
Interest, dividends and other		$ 100	$ 500	$ 500
Expenses		1,944,799	916,566	817,556
Net (losses) gains from investment activities		(110,131)	353,219	(5,839)
Net income (loss)	$ (61,940)	(56,235)	4,655,997	1,438,932	$ 6,222
TPG Funds And Public SPACs
Equity Securities without Readily Determinable Fair Value [Line Items]
Interest, dividends and other		1,362,962	2,467,862	1,078,999
Expenses		1,855,509	1,871,086	1,540,721
Net (losses) gains from investment activities		4,475,193	23,141,140	9,103,461
Net income (loss)		$ 3,982,646	$ 23,737,916	$ 8,641,739

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Principles of Consolidation

Intangible Assets and Goodwill - Carrying Amounts of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangibles		$ 1,096	$ 1,121
Goodwill		230,194	230,194
Total intangible assets and goodwill		366,381	394,745
NewQuest
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill, acquired during period	$ 203,694
Contractual performance fee allocations
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		102,591	122,598
Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		10,625	16,874
Investor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		$ 21,875	$ 23,958

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Use of EstimatesThe preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues, expenses, and investment income during the reporting periods. Actual results could differ from those estimates and such differences could be material to the Consolidated Financial Statements.

Non-Controlling Interests

Equity Method – Performance Allocations and Capital Interests

Equity Method Investments – Other

Equity Method – Fair Value Option

Equity Investments

Non-Controlling InterestsNon-controlling interests consists of ownership interests held by third-party investors in certain entities that are consolidated, but not 100% owned. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the Consolidated Financial Statements. Allocation of income to non-controlling interest holders is based on the respective entities’ governing documents.

Revenues

Revenues consisted of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Management fees	$	931,291	$	731,974	$	699,492
Fee credits	(11,461)		(13,630)		(20,012)
Monitoring fees	14,330		14,324		19,837
Transaction fees	97,909		90,606		44,528
Incentive fees	5,183		—		9,521
Expense reimbursements and other	209,383		154,630		130,000
Total fees and other	1,246,635		977,904		883,366

Performance allocations	720,106		3,792,861		1,203,520
Capital interests	36,146		205,622		27,952
Total capital allocation-based income	756,252		3,998,483		1,231,472

Total revenues	$	2,002,887	$	4,976,387	$	2,114,838

Fees and Other

Revenue Streams

Customer

Performance Obligations satisfied over time or

point in time(a)

Variable or Fixed Consideration

Revenue Recognition

Classification of Uncollected Amounts (b)

Management Fees

TPG Funds, limited partners and other vehicles

Asset management services are satisfied over time (daily) because the customer receives and consumes the benefits of the advisory services daily

Consideration is variable since over time the management fee varies based on fluctuations in the basis of the calculation of the fee

Management fees are recognized each reporting period based on the value provided to the customer for that reporting period

Due from affiliates – unconsolidated VIEs

Monitoring Fees

Portfolio companies

In connection with the investment advisory services provided, the Company earns monitoring fees for providing oversight and advisory services to certain portfolio companies over time

Consideration is variable when based on fluctuations in the basis of the calculation of the fee

Consideration is fixed when based on a fixed agreed-upon amount

Monitoring fees are recognized each reporting period based on the value provided to the customer for that reporting period

Due from affiliates – portfolio companies

Transaction Fees

Portfolio companies, third-parties and other vehicles

The company provides advisory services, debt and equity arrangements, and underwriting and placement services for a fee at a point in time

Consideration is fixed and is based on a point in time

Transaction fees are recognized on or shortly after the transaction is completed

Due from affiliates – portfolio companies

Other assets - other

Incentive Fees

TPG Funds and other vehicles

Investment management services performed over a period of time that result in achievement of minimum investment return levels

Consideration is variable since incentive fees are contingent upon the TPG Fund or vehicles achieving more than the stipulated investment threshold return

Incentive fees are recognized at the end of the performance measurement period if the investment performance is achieved

Due from affiliates – unconsolidated VIEs

Expense

Reimbursements and other

TPG Funds, portfolio companies and third-parties

Expense reimbursements incurred at a point in time relate to providing investment, management and monitoring services. Other revenue is performed over time.

Expense reimbursements and other are fixed consideration

Expense reimbursements and other are recognized as the expenses are incurred or services are rendered

Due from affiliates – portfolio companies and unconsolidated VIEs

Other assets – other

_________________

(a)There were no significant judgments made in evaluating when a customer obtains control of the promised service for performance obligations satisfied at a point in time.

(b)See Note 1 5 to the Consolidated Financial Statements for amounts classified in due from affiliates.

Management Fees

Monitoring Fees

Transaction Fees

Fee Credits

Incentive Fees

Expense Reimbursements and Other

Capital Allocation-Based Income (Loss)

Investment Income

Income from equity method investments

Income from equity method investments for which the fair value option was elected

Income from equity investments

Net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs

Unrealized gains (losses) from derivative liabilities of Public SPACs

Unrealized gains (losses) from derivative liabilities of Public SPACs includes unrealized gains and losses from changes in fair value of warrants and FPAs.

Interest, dividends and other

Interest income is recognized as earned. Dividend income is recognized by the Company on the ex-dividend date, or in the absence of a formal declaration, on the date it is received.

Compensation and Benefits

Cash-based compensation and benefits includes (i) salaries and wages, (ii) benefits and (iii) discretionary cash bonuses. Bonuses are accrued over the service period to which they relate.

the derived service period. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense.Prior to the IPO, all performance allocation payments in the form of legal form equity made to the Company’s partners were paid pro rata based on ownership percentages in the underlying investment partnership and accounted for as distributions on the equity held by such partners during such period. For the period in 2022 prior to the IPO, there were no performance allocations earned, allocated or distributed with respect to partnership interests. Performance allocation compensation expense and accrued performance allocation compensation is the portion of performance allocations that TPG allocates to certain of its employees and certain other advisors of the Company. Performance allocations due to our partners and professionals are accounted for as compensation expense in conjunction with the recognition of the related performance allocations and, until paid, are recognized as accrued performance allocation compensation. Accordingly, upon a reversal of performance allocations, the related compensation expense, if any, is also reversed.

Net Income (Loss) Per Share of Class A Common Stock

Cash, Cash Equivalents and Restricted Cash

Cash, and Cash Equivalents and Restricted Cash, Cash and Cash Equivalents Held by Consolidated Public SPACs

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents Held by Consolidated Public SPACs

Assets Held in Trust Accounts

As of December 31, 2022 and December 31, 2021, TPG Pace Beneficial II Corp. (“YTPG”) assets held in Trust Accounts were deposited into a non-interest-bearing U.S. based account.

Derivatives of Public SPACs

Derivative Liabilities of Public SPACs

Financial derivative assets and liabilities related to our consolidated Public SPACs’ investment activities consist of warrant liabilities and forward purchase agreements.

Fair Value Measurement

The three levels of the fair value hierarchy under ASC 820 are as follows:

In certain instances, an investment that is measured and reported at fair value may be transferred into or out of Level I, II, or III of the fair value hierarchy.

Financial Instruments

Due from Due to Affiliates

Due from and Due to Affiliates

Redeemable Equity from Consolidated Public SPACs

Income Taxes

Segment

Regulated Entities

Recent Accounting Pronouncements and Recently Adopted Accounting Guidance

Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Investments - Narrative (Details) - USD ($)		1 Months Ended		12 Months Ended
Investments - Narrative (Details) - USD ($)	May 01, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 20, 2021
Equity Securities without Readily Determinable Fair Value [Line Items]
Net (gains) losses from investment activities of consolidated TPG Funds and Public SPACs				$ 12,382,000	$ 235,214,000	$ (257,960,000)
Gain on deconsolidation			$ 122,700,000	$ 0	0	401,695,000
Number of securities called by each warrant or earnout shares (in shares)				1
Class of warrants or earnout share contingency period							5 years
Equity securities without readily determinable fair value, impairment loss, annual amount				$ 0	0	4,300,000
Equity investments		$ 97,899,000		12,072,000	97,899,000
Net (losses) gains from investment activities				(110,131,000)	353,219,000	(5,839,000)
Variable Interest Entity, Primary Beneficiary
Equity Securities without Readily Determinable Fair Value [Line Items]
Proceeds receivable on sale of investments		492,276,000		475,110,000	492,276,000
Net (losses) gains from investment activities				$ 0	23,392,000	$ (18,691,000)
Nerdy Inc
Equity Securities without Readily Determinable Fair Value [Line Items]
Number of securities called by each warrant or earnout shares (in shares)				1
Fair Value, Recurring
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investments - fair value option		46,013,000		$ 20,907,000	46,013,000
Equity investments		$ 97,899,000		$ 12,072,000	$ 97,899,000
Earnout Warrants \| Nerdy Inc
Equity Securities without Readily Determinable Fair Value [Line Items]
Exercise price of warrants or earnout shares (in usd per share)				$ 11.50
Class A Common Stock
Equity Securities without Readily Determinable Fair Value [Line Items]
Common shares outstanding		0		79,240,058	0
Nerdy Inc \| Earnout Shares
Equity Securities without Readily Determinable Fair Value [Line Items]
Class of warrant or earnout shares, outstanding (in shares)				4,000,000
Nerdy Inc \| Earnout Warrants
Equity Securities without Readily Determinable Fair Value [Line Items]
Class of warrant or earnout shares, outstanding (in shares)				4,900,000
Nerdy Inc \| Class A Common Stock
Equity Securities without Readily Determinable Fair Value [Line Items]
Common shares outstanding				7,700,000
Nerdy Inc
Equity Securities without Readily Determinable Fair Value [Line Items]
Net (gains) losses from investment activities of consolidated TPG Funds and Public SPACs					$ 122,700,000
Equity method investment, ownership percentage		9.40%		9.00%	9.40%
Select Vehicles \| Former Affiliate
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investment, ownership percentage				30.00%
Former Affiliate
Equity Securities without Readily Determinable Fair Value [Line Items]
Gain on deconsolidation	$ 401,700,000
Proceeds receivable on sale of investments				$ 28,600,000
TPGS
Equity Securities without Readily Determinable Fair Value [Line Items]
Gain on deconsolidation		$ 109,900,000
Former Affiliate \| Former Affiliate
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investment, ownership percentage				11.00%
TPG Funds And Public SPACs
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investment, ownership percentage				100.00%

Net Income (Loss) Per Class A Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):


	Year Ended December 31, 2022
Numerator:
Net income (loss)	$	(56,235)
Less:
Net loss attributable to redeemable equity in Public SPACs prior to IPO	(517)
Net income attributable to other non-controlling interests prior to Reorganization and IPO	966
Net income attributable to TPG Group Holdings prior to Reorganization and IPO	5,256
Net income (loss) subsequent to IPO	(61,940)
Less:
Net income attributable to redeemable equity in Public SPACs subsequent to IPO	15,165
Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO	(180,824)
Net income attributable to other non-controlling interests subsequent to IPO	11,293
Net income attributable to Class A Common Stockholders prior to distributions	92,426
Reallocation of earnings to unvested participating restricted stock units	(4,994)
Net income attributable to Class A Common Stockholders - Basic	87,432
Net loss assuming exchange of non-controlling interest	(147,133)
Reallocation of income from participating securities assuming exchange of Common Units	132
Net income (loss) attributable to Class A Common Stockholders - Diluted	$	(59,569)
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	79,255,411
Exchange of Common Units to Class A Common Stock	229,652,641
Weighted-Average Shares of Common Stock Outstanding - Diluted	308,908,052
Net income (loss) available to Class A common stock per share
Basic	$	1.10
Diluted	$	(0.19)
Dividends declared per share of Class A Common Stock (a)	$	1.09

___________

(a)Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends were declared on February 15, 2023 and are payable on March 10, 2023.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s and its subsidiaries’ debt obligations (in thousands):


					As of December 31, 2022				As of December 31, 2021
	Debt Origination Date	Maturity Date	Borrowing Capacity		Carrying Value		Interest Rate		Carrying Value		Interest Rate
Senior Unsecured Revolving Credit Facility (a)	March 2011	July 2027	$	700,000	$	—	5.46	%	$	—	1.85	%
Subordinated Credit Facility (b)	August 2014	August 2024	30,000		—		6.71	%	—		2.35	%
Senior Unsecured Term Loan (c)	December 2021	December 2024	200,000		199,307		5.46	%	199,494		1.10	%
Secured Borrowings - Tranche A (d)	May 2018	June 2038	200,000		196,186		5.33	%	195,938		5.33	%
Secured Borrowings - Tranche B (d)	October 2019	June 2038	50,000		49,073		4.75	%	49,012		4.75	%
Total debt obligations			$	1,180,000	$	444,566			$	444,444

_______________

During the years ended December 31, 2022, 2021 and 2020, the Company incurred interest expense of $19.0 million, $14.3 million and $15.7 million, respectively, on its debt obligations.

At December 31, 2022 and 2021, the estimated fair value of the secured borrowings based on current market rates and credit spreads for debt with similar maturities was $231.5 million and $271.6 million, respectively, and the carrying value, excluding unamortized issuance costs, was $250.0 million at December 31, 2022 and 2021.

At December 31, 2022, the fair value of the Company’s Senior Unsecured Term Loan was $199.2 million, which approximates its carrying amount represented in the Consolidated Statements of Financial Condition due to its variable rate nature.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Schedule of Income before Income Tax, Domestic and Foreign

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

The income (loss) before income taxes includes the following components (in thousands):


	Year Ended December 31,
	2022		2021		2020
Income (loss) before income taxes
United States	$	80,872	$	3,171,385	$	1,756,113
International	(104,624)		1,493,650		(307,402)
	$	(23,752)	$	4,665,035	$	1,448,711

Schedule of Components of Income Tax Expense (Benefit)

The Company has provided U.S. federal, foreign and state and local corporate income tax for certain consolidated subsidiaries. The provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Current income taxes (benefit)
Federal	$	44,714	$	1,950	$	1,124
State and local	9,466		1,954		1,582
International	5,443		5,010		7,936
	59,623		8,914		10,642
Deferred income taxes (benefit)
Federal	(21,639)		(223)		(334)
State and local	(4,769)		(105)		(192)
International	(732)		452		(337)
	(27,140)		124		(863)
Income tax expense (benefit)	$	32,483	$	9,038	$	9,779

Schedule of Deferred Tax Assets and Liabilities

Income taxes are provided at the applicable statutory rates. The tax effects of temporary differences resulted in the following deferred tax assets and liabilities (in thousands):


	December 31,
	2022		2021
Deferred tax assets
Accruals	$	2,063	$	1,637
Investment basis differences	99,018		—
Equity based compensation	10,674		—
Lease liabilities	12,638		—
Fixed assets	369		384
Straight line rent	6		305
Net operating loss carryforwards	—		449
Other	603		125
	125,371		2,900
Less: valuation allowance	(80,340)		(442)
Deferred tax assets, net	$	45,031	$	2,458

Deferred tax liabilities
Accruals	$	42	$	25
Right-of-use assets	11,157		—
Fixed assets	155		585
Straight-line rent	—		7
Other	218		(314)
Deferred tax liabilities, net	$	11,572	$	303

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate of the Company’s income tax expense:


	Year Ended December 31,
	2022		2021		2020
U.S. federal taxes at statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to partners	(136.2)		(20.1)		(24.5)
State and local income taxes	(25.9)		—		0.1
Foreign Taxes, net of U.S. foreign tax credits	(17.3)		(0.8)		4.1
Equity based compensation	2.0		—		—
Change in TPG Operating Group Partnerships tax basis estimate	21.7		—		—
Return to Provision	3.9		—		—
Change in valuation allowance	(4.3)		—		—
Other	(1.7)		—		—
Effective income tax rate	(136.8	%)	0.2	%	0.7	%

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of unrecognized tax benefits, excluding interest and penalties (in thousands):


	Year Ended December 31,
	2022		2021		2020
Unrecognized tax benefits - January 1	$	1,965	$	1,760	$	1,459
Additions related to current year positions	259		359		363
Additions related to prior year positions	—		—		—
Reductions for tax positions of prior years	—		(119)		—
Settlements	—		—		—
Lapse of statute of limitations	—		—		—
Exchange rate fluctuations	(200)		(35)		(62)
Unrecognized tax benefits - December 31	$	2,024	$	1,965	$	1,760

Variable Interest Entities - Assets and Liabilities Recognized (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

^[1]

$ 5,329,868

$ 6,109,046

Potential clawback obligation

202,639

185,321

1,869,400

139,863

826,999

5,284,981

5,957,356

Potential clawback obligation

88,847

93,311

VIE-related assets

5,373,828

6,050,667

1,869,395

1,500,875

Variable Interest Entity, Primary Beneficiary

47,572

36,049

Maximum exposure to loss

7,290,795

7,587,591

436

1,146

Net Income (Loss) Per Class A Common Share

$ 280

$ 22,470

[1]

Net Income (Loss) Per Class A Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Basic and diluted net income (loss) per share of Class A common stock is presented from January 13, 2022 through December 31, 2022, the period following the Reorganization and IPO. There were no shares of Class A common stock outstanding prior to January 13, 2022, therefore no income per share information has been presented for any period prior to that date.

The Company calculates its basic and diluted income (loss) per share using the two-class method for all periods presented, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines income per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all income (distributed and undistributed) is allocated to common shares and participating securities based on their respective rights to receive dividends.

In computing the dilutive effect that the exchange of TPG Operating Group partnership units would have on net income available to Class A common stock per share, TPG considered that net income (loss) available to holders of shares of Class A common stock would increase due to the elimination of non-controlling interests in the TPG Operating Group, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the TPG Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.


	Year Ended December 31, 2022
Numerator:
Net income (loss)	$	(56,235)
Less:
Net loss attributable to redeemable equity in Public SPACs prior to IPO	(517)
Net income attributable to other non-controlling interests prior to Reorganization and IPO	966
Net income attributable to TPG Group Holdings prior to Reorganization and IPO	5,256
Net income (loss) subsequent to IPO	(61,940)
Less:
Net income attributable to redeemable equity in Public SPACs subsequent to IPO	15,165
Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO	(180,824)
Net income attributable to other non-controlling interests subsequent to IPO	11,293
Net income attributable to Class A Common Stockholders prior to distributions	92,426
Reallocation of earnings to unvested participating restricted stock units	(4,994)
Net income attributable to Class A Common Stockholders - Basic	87,432
Net loss assuming exchange of non-controlling interest	(147,133)
Reallocation of income from participating securities assuming exchange of Common Units	132
Net income (loss) attributable to Class A Common Stockholders - Diluted	$	(59,569)
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	79,255,411
Exchange of Common Units to Class A Common Stock	229,652,641
Weighted-Average Shares of Common Stock Outstanding - Diluted	308,908,052
Net income (loss) available to Class A common stock per share
Basic	$	1.10
Diluted	$	(0.19)
Dividends declared per share of Class A Common Stock (a)	$	1.09

___________

(a)Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends were declared on February 15, 2023 and are payable on March 10, 2023.

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par or stated value per share (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	2,340,000,000	2,340,000,000
Common stock, shares issued	79,240,058	0
Common shares outstanding	79,240,058	0
Class B Common Stock
Common stock, par or stated value per share (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	229,652,641	0
Common shares outstanding	229,652,641	0
Asset Pledged as Collateral
Proceeds receivable on sale of investments	$ 475,110	$ 492,276

Derivative Instruments - Narrative (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 700

$ 13,000

Unrealized gains (losses) on derivative liabilities of Public SPACs

^[1]

667

13,048

$ 12,382

$ 211,822

$ (239,269)

[1]

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Dividends Declared

The following is a summary of cash dividends declared per share on the Company’s Class A common stock during the year ended December 31, 2022:

Date Declared

Record Date

Payment date

Dividend per Class A Common Share

May 10, 2022

May 20, 2022

June 3, 2022

0.44

August 9, 2022

August 19, 2022

September 2, 2022

0.39

November 9, 2022

November 21, 2022

December 2, 2022

0.26

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	December 31,
	2022		2021
Investments (includes assets pledged of $475,110 and $492,276)	$	5,284,981	$	5,957,356
Due from affiliates	88,847		93,311
VIE-related assets	5,373,828		6,050,667
Potential clawback obligation	1,869,395		1,500,875
Due to affiliates	47,572		36,049
Maximum exposure to loss	$	7,290,795	$	7,587,591

The following table depicts the total assets and liabilities related to VIE securitization transactions included in the Company’s Consolidated Statements of Financial Condition (in thousands):


	December 31,
	2022		2021
Cash and cash equivalents	$	33,612	$	24,719
Restricted cash	13,166		13,135
Participation rights receivable (a)	475,110		492,276
Due from affiliates	436		1,146
Total assets	$	522,324	$	531,276

Accrued interest	$	191	$	191
Due to affiliates and other	280		22,470
Secured borrowings, net	245,259		244,950
Total liabilities	$	245,730	$	267,611

_______________

(a)Participation rights receivable related to VIE securitization transactions are included in investments in the Company’s Consolidated Statements of Financial Condition.