0001880661-24-000044 | 10-Q | XBRL Viewer

$ 1,121,009

$ 665,188

$ 893,560

13,184

^[1]

13,183

^[1]

$ 13,182

Variable Interest Entity, Primary Beneficiary

314,953

418,977

Total assets

10,071,258

9,369,672

Accrued interest

403,719

171,796

Total liabilities

6,765,042

6,008,538

8,280

6,057

Participation rights receivable

13,184

13,183

596,055

570,806

Due to affiliates and other

1,293

434

Total assets

618,812

590,480

Accrued interest

191

67,816

5,484

Secured borrowings, net

245,721

245,567

Total liabilities

$ 313,728

$ 251,242

[1]

The Company’s consolidated total assets and liabilities as of June 30, 2024 and December 31, 2023 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. See Notes 2, 7 and 8 to the Condensed Consolidated Financial Statements

Summary of Significant Accounting Policies - Schedule of Management Fee Rates (Details)	Jun. 30, 2024
Committed capital \| Minimum
Management fee base	0.50%
Committed capital \| Maximum
Management fee base	2.00%
Actively invested capital \| Minimum
Management fee base	0.25%
Actively invested capital \| Maximum
Management fee base	2.00%
Net funded capital commitments \| Minimum
Management fee base	0.50%
Net funded capital commitments \| Maximum
Management fee base	1.75%
Cost of investments \| Minimum
Management fee base	0.33%
Cost of investments \| Maximum
Management fee base	1.00%
NAV \| Minimum
Management fee base	0.50%
NAV \| Maximum
Management fee base	1.50%

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

Jun. 30, 2024

Dec. 31, 2023

Assets

$ 1,121,009

$ 665,188

^[1]

13,184

13,183

Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]

$ 314,953

$ 418,977

^[1]

$ 6,938,373

$ 6,724,112

Intangible assets

594,400

649,508

Goodwill

436,079

Other assets

653,260

462,625

Total assets

10,071,258

9,369,672

Liabilities

Accounts payable and accrued expenses

403,719

171,796

Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration]

$ 344,841

$ 143,175

Related Party

Debt obligations

^[1]

$ 1,229,379

$ 945,052

Accrued performance allocation compensation

4,172,369

4,096,052

Other liabilities

614,734

652,463

Total liabilities

6,765,042

6,008,538

Commitments and contingencies (Note 12)

Equity

Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of June 30, 2024 and December 31, 2023)

Additional paid-in-capital

832,373

613,476

Accumulated deficit

(118,513)

(34,681)

Other non-controlling interests

2,591,991

2,781,977

Total equity

3,306,216

3,361,134

Total liabilities and equity

10,071,258

9,369,672

Class A Common Stock

Equity

Common stock, value, issued

103

Class B Common Stock

Equity

Common stock, value, issued

$ 262

$ 282

[1]

Equity-Based Compensation - Schedule of Unvested Awards (Details) - $ / shares shares in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Service Awards
Service Awards
Beginning balance (in shares)	23.3
Granted (in shares)	5.3	3.8
Vested, unsettled (in shares)	(3.9)
Forfeited (in shares)	(0.6)
Ending balance (in shares)	24.1
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 30.62
Granted (in usd per share)	39.64
Vested, unsettled (in usd per share)	30.57
Forfeited (in usd per share)	30.37
Ending balance (in usd per share)	$ 32.64
Market Condition Awards
Service Awards
Beginning balance (in shares)	5.0
Granted (in shares)	0.0
Vested, unsettled (in shares)	(0.1)
Forfeited (in shares)	(0.2)
Ending balance (in shares)	4.7
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 20.10
Granted (in usd per share)	0
Vested, unsettled (in usd per share)	17.58
Forfeited (in usd per share)	16.58
Ending balance (in usd per share)	$ 20.30
TPH Units
Service Awards
Beginning balance (in shares)	37.2
Granted (in shares)	1.2
Vested, unsettled (in shares)	(0.3)
Forfeited (in shares)	(1.2)
Ending balance (in shares)	36.9
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 24.54
Granted (in usd per share)	37.94
Vested, unsettled (in usd per share)	27.17
Forfeited (in usd per share)	24.77
Ending balance (in usd per share)	$ 27.17
RPH Units
Service Awards
Beginning balance (in shares)	0.3
Granted (in shares)	0.0
Vested, unsettled (in shares)	0.0
Forfeited (in shares)	(0.0)
Ending balance (in shares)	0.3
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 457.10
Granted (in usd per share)	0
Vested, unsettled (in usd per share)	0
Forfeited (in usd per share)	457.10
Ending balance (in usd per share)	$ 457.10
TOG Units
Service Awards
Beginning balance (in shares)	45.4
Granted (in shares)	0.1
Vested, unsettled (in shares)	(0.4)
Forfeited (in shares)	(0.1)
Ending balance (in shares)	45.0
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 25.43
Granted (in usd per share)	39.75
Vested, unsettled (in usd per share)	27.48
Forfeited (in usd per share)	25.36
Ending balance (in usd per share)	$ 25.43
Class A Common Stock
Service Awards
Beginning balance (in shares)	1.1
Granted (in shares)	0.0
Vested, unsettled (in shares)	(0.5)
Forfeited (in shares)	0.0
Ending balance (in shares)	0.6
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 29.50
Granted (in usd per share)	0
Vested, unsettled (in usd per share)	29.50
Forfeited (in usd per share)	0
Ending balance (in usd per share)	$ 29.50

Debt Obligations - Schedule of Fair Values of Debt (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Senior Notes \| Senior Notes due 2034 \| Level II
Debt Instrument [Line Items]
Long-term debt, fair value	$ 602,148	$ 0
Subordinated Debt \| Subordinated Notes \| Level I
Debt Instrument [Line Items]
Long-term debt, fair value	415,360	0
Secured Debt \| Secured Borrowings - Tranche A \| Level II
Debt Instrument [Line Items]
Long-term debt, fair value	193,340	193,461
Secured Debt \| Secured Borrowings - Tranche B \| Level II
Debt Instrument [Line Items]
Long-term debt, fair value	$ 47,506	$ 47,240

Equity-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

14. Equity-Based Compensation

Restricted Stock Awards

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. As of June 30, 2024, the share reserve available for issuance under the Omnibus Plan was 31,731,096.

In conjunction with the IPO in 2022, TPG employees, certain of the Company’s executives and certain non-employees received one-time 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.

In conjunction with the Angelo Gordon Acquisition, described in Note 3 to the Condensed Consolidated Financial Statements, the Company agreed to grant an aggregate of 8.4 million Service Awards to former Angelo Gordon employees to promote retention post-closing, of which 7.9 million are outstanding to date. These units generally vest over a term of five years.

In November 2023, the Company also granted a long-term performance incentive award to the Company’s Chief Executive Officer, Jon Winkelried. The award is further discussed under Executive Awards in this Note.

Further, in the ordinary course of business, the Company also grants equity awards that are subject to either service conditions (“Service Awards”), a combination of service and performance conditions (“Performance Condition Awards”) or a combination of service and market conditions (“Market Condition Awards”).

The following table summarizes the outstanding restricted stock unit awards as of June 30, 2024 (in millions, including share data):


	Units Outstanding as of June 30, 2024	Compensation Expense for the Three Months Ended				Compensation Expense for the Six Months Ended				Unrecognized Compensation Expense as of June 30, 2024
		June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restricted Stock Units
Special Purpose Awards:
Service Awards	16.7	$	33.5	$	13.1	$	67.8	$	29.2	$	401.5
Market Condition Awards	4.7	7.8		1.3		13.0		2.6		70.5

Ordinary Awards:
Service Awards	7.4	21.4		10.6		42.3		20.5		219.5
Performance Condition Awards	0.1	—		0.3		(1.7)		0.5		—
Total Restricted Stock Units	28.9	$	62.7	$	25.3	$	121.4	$	52.8	$	691.5

For the three and six months ended June 30, 2024, the Company recorded total restricted stock unit compensation expense of $62.7 million and $121.4 million, respectively. For the three and six months ended June 30, 2023, the Company recorded total restricted stock unit compensation expense of $25.3 million and $52.8 million respectively. The expense associated with awards granted to certain non-employees of the Company is recognized in general, administrative and other in our Condensed Consolidated Statements of Operations and totaled $0.9 million and $1.8 million for the three and six months ended June 30, 2024 and $0.7 million and $1.4 million for the three and six months ended June 30, 2023, respectively.

For the three and six months ended June 30, 2024, the Company had 49,843 and 4,067,245 restricted stock units vest at a fair value of $2.2 million and $161.5 million, respectively (excluding vested, but unsettled units). The restricted stock units were settled by issuing 27,943 shares of TPG Inc. Class A Common stock, net of withholding tax of $0.9 million for the three months ended June 30, 2024 (excluding vested, but unsettled units) and by issuing 2,513,255 shares of TPG Inc. Class A Common stock, net of withholding tax of $61.8 million, for the six months ended June 30, 2024. For the three and six months ended June 30, 2023, the Company had 33,899 and 464,516 restricted stock units vest at a fair value of $1.0 million and $15.6 million, respectively. The restricted stock units were settled by issuing 18,748 and 271,417 shares of TPG Inc. Class A Common stock, net of withholding tax of $0.5 million and $6.5 million, respectively.

Service Awards

For the six months ended June 30, 2024 and 2023 the Company granted 5.3 million and 3.8 million Service Awards, respectively. The grant date fair value was the public share price on their respective grant date. The following table presents the rollforward of the Company’s unvested Service Awards for the six months ended June 30, 2024 (awards in millions):


	Service Awards	Weighted-Average Grant Date Fair Value
Balance at December 31, 2023	23.3	$	30.62
Granted	5.3	39.64
Vested	(3.9)	30.57
Forfeited	(0.6)	30.37
Balance at June 30, 2024	24.1	$	32.64

As of June 30, 2024, there was approximately $621.0 million of total estimated unrecognized compensation expense related to unvested Service Awards, which is expected to be recognized over the weighted average remaining requisite service period of 3.3 years.

Performance Condition Awards

In 2022 the Company also granted 0.1 million of Ordinary Performance Condition Awards. As these awards were deemed improbable of vesting in a prior period, the Company is no longer recognizing equity-based compensation expense associated with these awards and will continue to monitor the awards until the end of the respective performance period.

Market Condition Awards

IPO Executive Awards

Under the Omnibus Plan and in conjunction with the IPO, the Company also granted 2.2 million of IPO Executive Awards in order to incentivize and retain key members of management and further their alignment with our shareholders. The IPO Executive Awards include 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 (included in Special Purpose Service Awards) and (ii) 1.1 million market and service based restricted stock units (included in Special Purpose Market Condition Awards). Each Market Condition Award is comprised of two parts: (i) a time-based component requiring a five-year service period 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. Dividend equivalents are paid on vested and unvested Service Awards when the dividend occurs. Dividend equivalents accrue for vested and unvested Market Condition Awards and are paid only when both the applicable service and performance conditions are satisfied.

Compensation expense for Service Awards is recognized on a straight-line basis and for the Market Condition Awards using the accelerated attribution method on a tranche by tranche basis. As of June 30, 2024, the first market price component of a Class A common stock share price of $44.25 was met, which triggered a vesting event of 0.1 million Market Condition Awards.

Executive Awards

Under the Omnibus Plan, the Company granted a long-term performance incentive award to the Company’s Chief Executive Officer, Jon Winkelried, on November 30, 2023. The award comprised of 2.6 million Executive Service Awards (included in Special Purpose Service Awards) and 3.9 million Executive Market Condition Awards (included in Special Purpose Market Condition Awards) and is intended to incentivize Mr. Winkelried to drive shareholder value in a manner that is aligned with stockholder interests, reward him for organic and inorganic Company growth, and bring his compensation in-line with peer competitors in order to promote and ensure retention.

The Service Awards vest ratably over a term of four years. The Market Condition Awards are scheduled to service vest ratably over a period of five years, and are only earned upon achievement of a stock price vesting condition that will be met when the 30-day volume weighted average trading price of a share of Class A common stock meets or exceeds certain stock price hurdles. 25% of each service vesting tranche of the Market Condition Awards are eligible to be earned and vest following achievement of each of the following Class A common stock prices: $52.50, $58.45, $64.05 and $70.00. These stock price hurdles represent a premium of 150%, 167%, 183% and 200% of the closing price of a share of Class A common stock on the date of grant. The first market hurdle must be achieved by January 13, 2029, and the remaining hurdles by January 13, 2030. If the applicable market hurdles are not achieved by the specified periods, the applicable Market Condition Awards will be forfeited. Dividend equivalents are paid on vested and unvested Service Awards when the dividend occurs. Dividend equivalents accrue for vested and unvested Market Condition Awards and are paid only if and when both the applicable service and market conditions are satisfied.

Compensation expense for the Service Awards is recognized on a straight-line basis and for the Market Condition Awards using the accelerated attribution method on a tranche by tranche basis.

The following table presents the roll forwards of the Company’s unvested Market Condition Awards for the six months ended June 30, 2024 (awards in millions):


	Market Condition Awards	Weighted Average Grant Date Fair Value
Balance at December 31, 2023	5.0	$	20.10
Granted	—	—
Vested, unsettled	(0.1)	17.58
Forfeited	(0.2)	16.58
Balance at June 30, 2024	4.7	$	20.30

As of June 30, 2024, there was approximately $70.5 million of total estimated unrecognized compensation expense related to unvested Market Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.8 years.

Other Awards

As a result of the Reorganization and the IPO in 2022, the Company’s current partners hold restricted indirect interests in Common Units through TPG Partner Holdings and indirect economic interests through RemainCo. TPG Partner Holdings and RemainCo are presented as non-controlling interest holders within the Company’s Consolidated Financial Statements. The interests in TPG Partner Holdings (“TPH Units”) and indirectly in RemainCo (“RPH Units”) are generally subject to service, or, in certain cases, to both service and performance conditions. Holders of these interests participate in distributions regardless of the vesting status. Additionally, in conjunction with the Reorganization, the IPO and the acquisition of NewQuest, certain TPG partners and NewQuest principals were granted Common Units directly at TPG Operating Group and Class A common stock subject to both service and performance conditions, some of which are deemed probable of achieving.

In conjunction with the Angelo Gordon Acquisition, as described in Note 3 to the Condensed Consolidated Financial Statements, the Company granted 43.8 million of unvested Common Units to former Angelo Gordon partners (included in

Common Units below), which are considered compensatory under ASC 718. These units generally vest over a term of five years and participate in distributions at the TPG Operating Group along with all vested equity.

The following table summarizes the outstanding Other Awards as of June 30, 2024 (in millions, including share data):


	Unvested Units/Shares Outstanding as of June 30, 2024	Compensation Expense for the Three Months Ended				Compensation Expense for the Six Months Ended				Unrecognized Compensation Expense as of June 30, 2024
		June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
TPH and RPH Units
TPH units	36.9	$	72.6	$	100.5	$	147.3	$	201.1	$	716.8
RPH units	0.3	14.1		19.1		28.8		38.3		103.0
Total TPH and RPH Units	37.2	$	86.7	$	119.6	$	176.1	$	239.4	$	819.8

Common Units and Class A Common Stock
Common Units	45.0	$	58.8	$	4.7	$	121.9	$	8.3	$	962.8
Class A Common Stock	0.6	4.4		4.3		8.8		8.7		8.9
Total Common Units and Class A Common Stock	45.6	$	63.2	$	9.0	$	130.7	$	17.0	$	971.7

TPH and RPH Units

The Company accounts for the TPH Units and RPH Units as compensation expense in accordance with 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, some of which are deemed probable of achieving. The Company recognized compensation expense of $86.7 million and $176.1 million for the three and six months ended June 30, 2024, respectively. The Company recognized compensation expense of $119.6 million and $239.4 million for three and six months ended June 30, 2023, respectively. 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, the Company has allocated these expense amounts to its non-controlling interest holders.

The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 2024 (units in millions):


	TPH Units			RPH Units
	Partnership Units	Grant Date Fair Value		Partnership Units	Grant Date Fair Value
Balance at December 31, 2023	37.2	$	24.54	0.3	$	457.10
Reallocated	1.2	37.94		—	—
Vested	(0.3)	27.17		—	—
Forfeited	(1.2)	24.77		(0.0)	457.10
Balance at June 30, 2024	36.9	$	27.17	0.3	$	457.10

Forfeited TPH Units were reallocated to certain existing unit holders in accordance with the applicable governing documents. The grant date fair value of the reallocated awards was determined based on the fair value of TPG’s common stock at the time of reallocation. As of June 30, 2024, there was approximately $819.8 million of total estimated unrecognized compensation expense related to outstanding unvested awards, of which TPH Units and RPH Units.

Common Units and Class A Common Stock

In accordance with ASC 718, all Other Awards are also recognized as equity-based compensation. The Company recognized compensation expense of $63.2 million and $130.7 million for the three and six months ended June 30, 2024, respectively. The expense for the three and six months ended June 30, 2023 totaled $9.0 million and $17.0 million, respectively. 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 following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the six months ended June 30, 2024 (awards in millions):


	Common Units			Class A Common Stock
	Partnership Units	Grant Date Fair Value		Partnership Units	Grant Date Fair Value
Balance at December 31, 2023	45.4	$	25.43	1.1	$	29.50
Granted	0.1	39.75		—	—
Vested	(0.4)	27.48		(0.5)	29.50
Forfeited	(0.1)	25.36		—	—
Balance at June 30, 2024	45.0	$	25.43	0.6	$	29.50

Forfeited Common Units were reallocated to certain existing unit holders in accordance with the applicable governing documents. The grant date fair value of the reallocated awards was determined based on the fair value of TPG’s common stock at the time of reallocation. Total unrecognized compensation expense related to outstanding unvested awards as of June 30, 2024 was $971.7 million.

In conjunction with the Acquisition discussed in Note 3 to the Condensed Consolidated Financial Statements, the Company granted liability-classified Common Unit awards to Angelo Gordon partners. Those awards represent the compensatory portion of the Earnout Payment under ASC 718 and as such, require both continuous service over a period of five years and the satisfaction of FRR targets during the Measurement Period defined in Note 3 to the Condensed Consolidated Financial Statements.

These liability-classified awards will be settled with a variable number of both vested and unvested Common Units upon the satisfaction of the FRR targets and do not participate in TPG Operating Group distributions before settlement. The fair value of these awards will be remeasured every reporting period and is based on the satisfaction of the respective FRR targets. For the three and six months ended June 30, 2024, the Company recognized compensation expense of $12.8 million and $21.9 million, respectively, related to its liability-classified awards with a corresponding increase in other liabilities. Compensation expense for those awards is recognized using the accelerated attribution method on a tranche by tranche basis. Total unrecognized compensation expense related to these awards as of June 30, 2024 was $103.3 million.

TRTX Awards

Certain employees of the Company receive awards (“TRTX 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, the TRTX Awards vest over four years for employees and at grant date for directors of TRTX.

The TRTX Awards granted to certain employees of the Company are recorded in other assets and due to affiliates in the Condensed 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 Condensed Consolidated Statements of Operations. Compensation and benefits expense is offset by related management fees earned by the Company from TRTX. During the three and six months ended June 30, 2024, the Company recognized $2.9 million and $7.1 million, respectively, of management fees and compensation and benefits expense. During the three and six months ended June 30, 2023, the Company recognized $2.0 million and $4.5 million, respectively, of management fees and compensation and benefits expense.

Operating Leases - Schedule of Annual Undiscounted Cash Flows (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 21,097
2025	39,316
2026	37,622
2027	38,271
2028	37,132
2029	88,270
Total future undiscounted operating lease payments	261,708
Less: imputed interest	(36,530)
Present value of operating lease liabilities	$ 225,178
Operating lease, liability, statement of financial position	Other liabilities

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

4. Investments

Investments consist of the following (in thousands):



	June 30, 2024		December 31, 2023
Equity method - performance allocations	$	5,822,109	$	5,664,550
Equity method - capital interests (includes assets pledged of $596,055 and $570,806 as of June 30, 2024 and December 31, 2023, respectively)	963,378		923,440
Investments held to maturity, at amortized cost (includes assets pledged of $75,679 and $77,723 as of June 30, 2024 and December 31, 2023, respectively)	81,855		83,512
Investments held for sale - fair value option	40,169		—
Equity method - fair value option	17,611		36,171
Equity method - other	11,327		11,761
Equity investments	1,924		4,678
Total investments	$	6,938,373	$	6,724,112

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net gains of investments held for sale, fair value option	$	408	$	—	$	408	$	—
Net (losses) gains of equity method investments, fair value option	(13,076)		2,918		(18,560)		20,293
Net losses of equity method investments - other	(828)		(538)		(944)		(809)
Net losses from equity investments	(3,156)		(1,534)		(2,754)		(3,822)
Total net (losses) gains from investment activities	$	(16,652)	$	846	$	(21,850)	$	15,662

Investments Held to Maturity, at Amortized Cost

In connection with the Acquisition described in Note 3, the Company acquired investments held to maturity, and the carrying value of these investments are included in investments on the Condensed Consolidated Statements of Financial Condition. The Company estimates an allowance for credit losses (“ACL”) on the investments classified as held to maturity securities. The fair value of investments held to maturity, excluding any reserves for credit losses, was $83.9 million and $83.8 million at June 30, 2024 and December 31, 2023, respectively.

Equity Method Investments, Fair Value Option

As of June 30, 2024, the Company held a 5.9% beneficial ownership interest in Nerdy Inc. (“NRDY”) consisting of 10.5 million shares of Class A common stock, with an aggregate fair value of $17.6 million. As of December 31, 2023, the Company held a 6.1% beneficial ownership interest in NRDY consisting of 10.5 million shares of Class A common stock, with an aggregate fair value of $36.2 million.

Equity Method Investments

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 three and six months ended June 30, 2024 and 2023, the Company did not recognize any impairment losses on an equity method investment without a readily determinable fair value.

Equity Investments

Equity investments represent proprietary investment securities held by the Company. At June 30, 2024 and December 31, 2023, the Company held equity investments with readily determinable fair values of $1.9 million and $4.7 million, respectively.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Other than the event noted in Note 15 to the Condensed Consolidated Financial Statements, there have been no additional events since June 30, 2024 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

Operating Leases - Schedule of Cash Flows Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 18,170	$ 14,981
Other non-cash changes in right-of-use assets	$ 528	$ 6,042

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. 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 variable interest entities, in which the Company is the primary beneficiary, held by TPG Operating Group II, L.P., a holding company (“TPG Operating Group”). As of June 30, 2024, TPG Inc. held approximately 28% of the outstanding Common Units of the TPG Operating Group.

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset impairment	$ 0	$ 0	$ 0	$ 0
Amortization of intangible assets	27,600,000	7,100,000	55,100,000	14,200,000
Goodwill	436,079,000		436,079,000		$ 436,079,000
Goodwill, impairment loss	$ 0	$ 0	$ 0	$ 0

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2024

Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

As discussed in Note 3 to the Condensed Consolidated Financial Statements, the Company completed the acquisition of Angelo Gordon on November 1, 2023, which resulted in the recognition of certain identifiable intangible assets and goodwill, which are presented as intangible assets and goodwill, respectively, on the Condensed Consolidated Statements of Financial Condition.

Intangible Assets

The following table summarizes the carrying values of intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):



	June 30, 2024						December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Contractual performance fee allocations(a)	$	331,600	$	(80,427)	$	251,173	$	331,600	$	(54,707)	$	276,893
Management contracts(a)	302,000		(34,424)		267,576		307,000		(20,553)		286,447
Technology(a)	46,000		(7,667)		38,333		46,000		(1,917)		44,083
Investor relationships	25,000		(6,250)		18,750		25,000		(5,208)		19,792
Trade name(a)	15,500		(1,879)		13,621		15,500		(500)		15,000
Other intangible assets(b)	8,494		(3,547)		4,947		8,494		(1,201)		7,293
Total intangible assets	$	728,594	$	(134,194)	$	594,400	$	733,594	$	(84,086)	$	649,508

_______________

(a)Includes intangible assets with a net carrying value of $498.3 million and $540.4 million as of June 30, 2024 and December 31, 2023, respectively, related to the acquisition of Angelo Gordon described in Note 3 to the Condensed Consolidated Financial Statements.

(b)Includes indefinite-lived intangible assets of $1.0 million as of June 30, 2024 and December 31, 2023.

No impairment losses on intangible assets were recorded during the three and six months ended June 30, 2024 and 2023.

Intangible asset amortization expense was $27.6 million and $55.1 million for the three and six months ended June 30, 2024, respectively, and $7.1 million and $14.2 million for the three and six months ended June 30, 2023, respectively.

The following table presents estimated remaining amortization expense for finite-lived intangible assets that existed as of June 30, 2024 (in thousands):


Remainder of 2024	$	55,113
2025	105,239
2026	99,949
2027	96,149
2028	76,244
Thereafter	160,712
Total	$	593,406

Goodwill

As of June 30, 2024 and December 31, 2023, the carrying value of the Company’s goodwill was $436.1 million.

No impairment losses on goodwill were recorded during the three and six months ended June 30, 2024 and 2023.

Equity - Schedule of Supplemental Non-Cash Financing Activities Related to Equity for the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Distributions to holders of other non-controlling interests	$ 6,564	$ 4,954
Deferred tax assets	227,116	0
Due to affiliates	205,373	0
Additional paid-in-capital	$ 21,743	$ 0

Debt Obligations - Schedule of Long-term Debt Instruments (Details)		1 Months Ended			2 Months Ended	6 Months Ended
	Apr. 14, 2023 USD ($)	Apr. 30, 2024	Sep. 30, 2023	Aug. 31, 2014 USD ($) creditFacility	Mar. 05, 2024 USD ($)	Jun. 30, 2024 USD ($) tranche	Mar. 04, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument, Redemption [Line Items]
Number of tranches \| tranche						2
Line of Credit
Debt Instrument, Redemption [Line Items]
Borrowing Capacity						$ 2,630,000,000
Line of credit facility, commitment fee percentage						0.30%
Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						1.00%
Line of Credit \| Federal Funds Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						0.50%
Line of Credit \| Maximum \| Base Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						2.00%
Line of Credit \| Maximum \| Risk-Free Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						3.00%
Line of Credit \| Maximum \| Sterling Overnight Index Average
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						3.00%
Line of Credit \| Minimum \| Base Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						1.00%
Line of Credit \| Minimum \| Risk-Free Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						2.00%
Line of Credit \| Minimum \| Sterling Overnight Index Average
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate						2.00%
Secured Debt
Debt Instrument, Redemption [Line Items]
Carrying Value						$ 1,229,379,000		$ 945,052,000
Debt instrument, call option, interest rate, percentage						4.00%
Senior Unsecured Revolving Credit Facility \| Line of Credit
Debt Instrument, Redemption [Line Items]
Borrowing Capacity						$ 1,200,000,000
Carrying Value						$ 0		$ 501,000,000
Interest Rate						6.44%		6.45%
Senior Unsecured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Borrowing Capacity						$ 1,200,000,000
Senior Unsecured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate			0.25%
Senior Unsecured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Debt instrument, basis spread on variable rate, per annum adjustment			0.10%
Senior Notes due 2034 \| Senior Notes
Debt Instrument, Redemption [Line Items]
principal amount					$ 600,000,000	600,000,000
Carrying Value						$ 593,727,000		$ 0
Interest Rate						5.88%		0.00%
Junior Subordinated Notes due 2064 \| Subordinated Debt
Debt Instrument, Redemption [Line Items]
principal amount						$ 400,000,000	$ 400,000,000
Carrying Value						$ 389,931,000		$ 0
Interest Rate						6.95%	6.95%	0.00%
Senior Unsecured Term Loan Agreement \| Term Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate, per annum adjustment					1.00%
Senior Unsecured Term Loan Agreement \| Line of Credit
Debt Instrument, Redemption [Line Items]
principal amount						$ 0
Carrying Value						0		$ 198,485,000
Interest Rate								6.45%
Senior Unsecured Term Loan Agreement \| Line of Credit \| Term Loans \| Base Rate
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate					0.00%
Senior Unsecured Term Loan Agreement \| Line of Credit \| Term Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate					0.10%
Secured Borrowings - Tranche A \| Secured Debt
Debt Instrument, Redemption [Line Items]
Borrowing Capacity						200,000,000
principal amount						200,000,000
Carrying Value						$ 196,558,000		$ 196,434,000
Interest Rate						5.33%		5.33%
Secured Borrowings - Tranche B \| Secured Debt
Debt Instrument, Redemption [Line Items]
Borrowing Capacity						$ 50,000,000
principal amount						50,000,000
Carrying Value						$ 49,163,000		$ 49,133,000
Interest Rate						4.75%		4.75%
364-Day Revolving Credit Facility \| Line of Credit
Debt Instrument, Redemption [Line Items]
Borrowing Capacity	$ 150,000,000					$ 150,000,000
Carrying Value						$ 0		$ 0
Interest Rate						7.34%		7.35%
Debt instrument, term	364 days	364 days
Subordinated Credit Facility \| Line of Credit
Debt Instrument, Redemption [Line Items]
Borrowing Capacity						$ 30,000,000
Carrying Value						$ 0		$ 0
Interest Rate						7.69%		7.70%
Subordinated Credit Facility \| Subordinated Debt \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Borrowing Capacity				$ 30,000,000.0
Debt instrument, basis spread on variable rate						2.25%
Number of credit facilities \| creditFacility				2
Subordinated Credit Facility \| Subordinated Debt \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument, Redemption [Line Items]
Debt instrument, basis spread on variable rate, per annum adjustment						0.10%
Subordinated Credit Facility One \| Subordinated Debt \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Borrowing Capacity				$ 15,000,000.0
Subordinated Credit Facility Two \| Subordinated Debt \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Borrowing Capacity				$ 15,000,000.0

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Investments - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity Securities without Readily Determinable Fair Value [Line Items]
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest	$ 83,900,000		$ 83,900,000		$ 83,800,000
Equity securities without readily determinable fair value, impairment loss, annual amount	0	$ 0	0	$ 0
Equity investments	1,924,000		1,924,000		4,678,000
Fair Value, Recurring
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investments, fair value option	17,611,000		17,611,000		36,171,000
Equity investments	$ 1,924,000		$ 1,924,000		$ 4,678,000
Class A Common Stock
Equity Securities without Readily Determinable Fair Value [Line Items]
Common shares outstanding (in shares)	102,813,336		102,813,336		80,596,501
Nerdy Inc \| Class A Common Stock
Equity Securities without Readily Determinable Fair Value [Line Items]
Common shares outstanding (in shares)	10,500,000		10,500,000		10,500,000
Nerdy Inc
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investment, ownership percentage	5.90%		5.90%		6.10%

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 21, 2024	Feb. 27, 2024	Dec. 31, 2023	Mar. 30, 2023
Income Tax Contingency [Line Items]
Deferred tax assets, net before valuation allowance	$ 333.4		$ 333.4				$ 109.3
Valuation allowance	98.3		98.3				92.6
Taxes payable	$ 234.4		$ 234.4				$ 24.6
Common units, units exchanged (in shares)								1,000,000
Effective income tax rate reconciliation, percent	(63.60%)	24.80%	(67.30%)	25.00%
Class A Common Stock
Income Tax Contingency [Line Items]
Common units, units exchanged (in shares)	19,703,580		19,703,580		1,998,593	17,704,987
Due To Affiliates \| Tax Receivable Agreement
Income Tax Contingency [Line Items]
Taxes payable	$ 211.9		$ 211.9

Debt Obligations

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt Obligations

8. Debt Obligations

On March 5, 2024, the Notes Issuer issued $600.0 million aggregate principal amount of Senior Notes due 2034 (“Senior Notes”). The Senior Notes will mature on March 5, 2034, unless earlier accelerated, redeemed or repurchased. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The Senior Notes bear interest at a rate of 5.875% per annum. Interest on the Senior Notes is payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024. The Senior Notes contain certain covenants which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.

On March 4, 2024, the Notes Issuer issued $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064 (the “Subordinated Notes”). The Subordinated Notes bear interest at a rate of 6.950% per annum. Interest on the Subordinated Notes is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, subject to the Notes Issuer’s right, on one or more occasions, to defer the payment of interest on the notes for up to five consecutive years. The Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and subordinated obligations of the Notes Issuer and the Guarantors. The Subordinated Notes will mature on March 15, 2064, unless earlier accelerated, redeemed or repurchased. The Subordinated Notes may be redeemed at the Notes Issuer’s option (i) in whole at any time or in part from time to time on or after March 15, 2029 at a redemption price equal to their principal amount plus any accrued and unpaid interest, (ii) upon occurrence of a Tax Redemption Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 100% of their principal amount plus any accrued and unpaid interest or (iii) in whole, but not in part, at any time prior to March 15, 2029 upon the occurrence of a Rating Agency Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 102% of their principal amount plus any accrued and unpaid interest. The Subordinated Notes contain certain covenants which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.

The Company used the net proceeds from these offerings to repay all the outstanding borrowings under its Senior Unsecured Revolving Credit Facility and Senior Unsecured Term Loan and for general corporate purposes. Transaction costs related to the note issuances have been capitalized and are amortized over the life of each respective note.

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


					As of June 30, 2024				As of December 31, 2023
	Debt Origination Date	Maturity Date	Borrowing Capacity		Carrying Value		Interest Rate		Carrying Value		Interest Rate
Senior Unsecured Revolving Credit Facility(a)	March 2011	September 2028	$	1,200,000	$	—	6.44	%	$	501,000	6.45	%
Senior Notes(b)	March 2024	March 2034	600,000		593,727		5.88	%	—		—
Subordinated Notes(c)	March 2024	March 2064	400,000		389,931		6.95	%	—		—
Senior Unsecured Term Loan(d)	December 2021	N/A	—		—		N/A		198,485		6.45	%
Secured Borrowings - Tranche A(e)	May 2018	June 2038	200,000		196,558		5.33	%	196,434		5.33	%
Secured Borrowings - Tranche B(e)	October 2019	June 2038	50,000		49,163		4.75	%	49,133		4.75	%
364-Day Revolving Credit Facility(f)	April 2023	April 2025	150,000		—		7.34	%	—		7.35	%
Subordinated Credit Facility(g)	August 2014	August 2025	30,000		—		7.69	%	—		7.70	%
Total debt obligations			$	2,630,000	$	1,229,379			$	945,052

_______________

(a)The Senior Unsecured Revolving Credit Facility, as amended, has aggregate revolving commitments of $1.2 billion and is scheduled to mature on September 26, 2028. 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 Senior Unsecured Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. At June 30, 2024, the Company is in compliance with these covenants and conditions.

(b)On March 5, 2024, the Notes Issuer issued $600.0 million aggregate principal amount of Senior Notes due 2034 as described above.

(c)On March 4, 2024, the Notes Issuer issued $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064 as described above.

(d)The Senior Unsecured Term Loan was repaid in its entirety on March 6, 2024 with net proceeds from the issuance of Senior Notes and Subordinated Notes. Prior to prepayment, principal amounts outstanding under the Senior Unsecured Term Loan Agreement accrued 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%.

(e)The Company’s secured borrowings are issued using on-balance sheet securitization vehicles, as further discussed in Note 7 to the Condensed 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 is required to 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 June 30, 2024, the Company is in compliance with these covenants and conditions.

(f)On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility (the “364-Day Credit Facility”) with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. Borrowings under the 364-Day Credit Facility are subject to one of three interest rates depending on the type of drawdown requested. Alternate Base Rate (“ABR”) loans are denominated in US Dollars and subject to a variable interest rate computed daily as the higher of the Federal Funds Rate plus 0.50% or the one-month Term SOFR plus 1.00%, plus an applicable margin of between 1.00% and 2.00%, depending on the term of the loan. Term Benchmark Loans may be denominated in US Dollars or Euros, and are subject to a fixed interest rate computed as the SOFR rate for a period comparable to the term of the loan in effect two business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. Risk-Free Rate (“RFR”) loans are denominated in Sterling and subject to a fixed interest rate computed daily as the Sterling Overnight Index Average (“SONIA”) in effect five business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. The subsidiary is also required to a pay a quarterly facility fee equal to 0.30% per annum of the total facility capacity of $150.0 million, as well as certain customary fees for any issued loans. The Company entered into an equity commitment letter in connection with the 364-Day Credit Facility, committing to provide capital contributions, if and when required, to the consolidated subsidiary throughout the life of the facility. In April 2024, the consolidated subsidiary amended the 364-Day Credit Facility to extend the commitment termination date to April 11, 2025.

(g)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 2023, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2024 to August 2025. The interest rate for borrowings under the Subordinated Credit Facility is calculated at a term SOFR rate plus a 0.10% per annum adjustment and 2.25%.

The following table provides information regarding the fair values of the Company’s debt which are carried at amortized cost (in thousands):


	Fair Value as of
	June 30, 2024		December 31, 2023
Senior Notes(a)	$	602,148	$	—
Subordinated Notes(b)	415,360		—
Secured Borrowings - Tranche A(c)	193,340		193,461
Secured Borrowings - Tranche B(c)	47,506		47,240

_______________

(a)Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(b)Fair value is based on quoted prices in active markets since the debt is publicly listed and the notes are classified as Level I within the fair value hierarchy.

(c)Fair value is based on current market rates and credit spreads of the Company’s Senior Notes and debt with similar maturities. The notes are classified as Level II within the fair value hierarchy.

In the case of the Company’s Senior Unsecured Revolving Credit Facility, Subordinated Credit Facility, Senior Unsecured Term Loan and 364-Day Revolving Credit Facility, the fair values approximate the carrying amounts represented in the Condensed Consolidated Financial Statements due to their variable rate nature.

During the three and six months ended June 30, 2024, the Company incurred interest expense of $19.5 million and $36.6 million, respectively, on its debt obligations. During the three and six months ended June 30, 2023, the Company incurred interest expense of $7.1 million and $13.2 million, respectively, on its debt obligations.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Schedule of Disaggregation of Revenue

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41222
Entity Registrant Name	TPG Inc.
Entity Incorporation, State or Country Code	DE
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 Tax Identification Number	87-2063362
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	871-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001880661
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock
Trading Symbol	TPG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		96,265,766
Junior Subordinated Notes due 2064
Document Information [Line Items]
Title of 12(b) Security	6.950% Subordinated Notes due 2064
Trading Symbol	TPGXL
Security Exchange Name	NASDAQ
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,605,963
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		261,954,046

Acquisitions - Schedule of Business Acquisition, Pro Forma Information (Details) - Angelo Gordon - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 823,409	$ 1,642,761
Net income attributable to TPG Inc./controlling interest	$ 21,576	$ 34,479

Fair Value Measurement - Schedule of Significant Level 3 Inputs (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held for sale - fair value option	$ 40,169	$ 0
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held for sale - fair value option	40,169
Contingent consideration	159,307	156,299
Level III \| Discounted cash flow analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held for sale - fair value option	40,169
Level III \| Valuation, Market Approach \| Aggregate Annual Cash Holdback Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	132,211	126,779
Level III \| Valuation, Market Approach \| Earnout Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 27,096	$ 29,520
Level III \| Yield \| Discounted cash flow analysis \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held-for-sale, measurement input	0.189
Level III \| Discount rate \| Valuation, Market Approach \| Aggregate Annual Cash Holdback Amount \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.080	0.080
Level III \| Estimated revenue volatility \| Valuation, Market Approach \| Earnout Payment \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.211	0.228

Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	$ 2,605,133	$ 1,789,300
April 2025
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	150,000
August 2025
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	30,000
June 2026
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	60,000
December 2026
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	126,565
September 2028
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	1,200,000
December 2028
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	9,444
June 2030
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	29,124
March 2034
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	600,000
March 2064
Guarantor Obligations [Line Items]
Maximum obligations guaranteed	$ 400,000

Condensed Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	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)	Other Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022					79,240,058	229,652,641
Beginning balance at Dec. 31, 2022	$ 3,085,871			$ 509,672	$ 79	$ 230	$ 506,639	$ 2,724	$ 2,576,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	68,789			52,250				52,250	16,539
Equity-based compensation	310,270			18,420			18,420		291,850
Capital contributions	8,762								8,762
Dividends/distributions	(352,721)			(58,637)				(58,637)	(294,084)
Change in redemption value of redeemable non-controlling interest	15,161			657			657		14,504
Shares issued for net settlement of equity-based awards (in shares)					271,417
Shares issued for net settlement of equity-based awards	0				$ 0		0
Withholding taxes paid on net settlement of equity-based awards	(6,489)			(1,664)			(1,664)		(4,825)
Deferred tax effects resulting from changes in equity	(1,195)			(1,195)			(1,195)
Exchange of Common Units to TPG Inc. Class A Common stock and related deferred tax effects (in shares)					1,000,000	(1,000,000)
Exchange of Common Units to TPG Inc. Class A Common stock and related deferred tax effects	1,085			1,085	$ 1	$ (1)	1,085
Equity reallocation between controlling and non-controlling interest	0			7,570			7,570		(7,570)
Ending balance (in shares) at Jun. 30, 2023					80,511,475	228,652,641
Ending balance at Jun. 30, 2023	3,129,533			528,158	$ 80	$ 229	531,512	(3,663)	2,601,375
Beginning balance (in shares) at Mar. 31, 2023					80,492,727	228,652,641
Beginning balance at Mar. 31, 2023	3,001,444			509,216	$ 80	$ 229	522,888	(13,981)	2,492,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34,644			27,195				27,195	7,449
Equity-based compensation	154,565			9,100			9,100		145,465
Capital contributions	5,970								5,970
Dividends/distributions	(81,782)			(16,877)				(16,877)	(64,905)
Change in redemption value of redeemable non-controlling interest	16,343			748			748		15,595
Shares issued for net settlement of equity-based awards (in shares)					18,748
Shares issued for net settlement of equity-based awards	0				$ 0		0
Withholding taxes paid on net settlement of equity-based awards	(456)			(118)			(118)		(338)
Deferred tax effects resulting from changes in equity	(1,195)			(1,195)			(1,195)
Equity reallocation between controlling and non-controlling interest	0			89			89		(89)
Ending balance (in shares) at Jun. 30, 2023					80,511,475	228,652,641
Ending balance at Jun. 30, 2023	3,129,533			528,158	$ 80	$ 229	531,512	(3,663)	2,601,375
Beginning balance (in shares) at Dec. 31, 2023		80,596,501	281,657,626		80,596,501	281,657,626
Beginning balance at Dec. 31, 2023	3,361,134			579,157	$ 80	$ 282	613,476	(34,681)	2,781,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(66,584)			1,542				1,542	(68,126)
Equity-based compensation	429,247			77,723			77,723		351,524
Capital contributions	37,901								37,901
Dividends/distributions	(415,686)			(85,374)				(85,374)	(330,312)
Shares issued for net settlement of equity-based awards (in shares)					2,513,255
Shares issued for net settlement of equity-based awards	0				$ 3		(3)
Withholding taxes paid on net settlement of equity-based awards	(61,539)			(19,339)			(19,339)		(42,200)
Exchange of Common Units to TPG Inc. Class A Common stock and related deferred tax effects (in shares)					19,703,580	(19,703,580)
Exchange of Common Units to TPG Inc. Class A Common stock and related deferred tax effects	21,743			21,743	$ 20	$ (20)	21,743
Equity reallocation between controlling and non-controlling interest	0			138,773			138,773		(138,773)
Ending balance (in shares) at Jun. 30, 2024		102,813,336	261,954,046		102,813,336	261,954,046
Ending balance at Jun. 30, 2024	3,306,216			714,225	$ 103	$ 262	832,373	(118,513)	2,591,991
Beginning balance (in shares) at Mar. 31, 2024					100,726,778	263,952,639
Beginning balance at Mar. 31, 2024	3,296,318			720,358	$ 101	$ 264	779,513	(59,520)	2,575,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(57,578)			(13,977)				(13,977)	(43,601)
Equity-based compensation	212,970			40,438			40,438		172,532
Capital contributions	36,858								36,858
Dividends/distributions	(184,048)			(45,016)				(45,016)	(139,032)
Shares issued for net settlement of equity-based awards (in shares)					87,965
Shares issued for net settlement of equity-based awards	0				$ 0		0
Withholding taxes paid on net settlement of equity-based awards	(3,492)			(1,119)			(1,119)		(2,373)
Exchange of Common Units to TPG Inc. Class A Common stock and related deferred tax effects (in shares)					1,998,593	(1,998,593)
Exchange of Common Units to TPG Inc. Class A Common stock and related deferred tax effects	5,188			5,188	$ 2	$ (2)	5,188
Equity reallocation between controlling and non-controlling interest	0			8,353			8,353		(8,353)
Ending balance (in shares) at Jun. 30, 2024		102,813,336	261,954,046		102,813,336	261,954,046
Ending balance at Jun. 30, 2024	$ 3,306,216			$ 714,225	$ 103	$ 262	$ 832,373	$ (118,513)	$ 2,591,991

Operating Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 11,828	$ 6,708	$ 23,939	$ 13,339
Short-term lease costs	274	180	489	313
Variable lease cost	2,596	1,800	5,570	3,591
Sublease income	(364)	(852)	(1,292)	(1,668)
Total lease cost	$ 14,334	$ 7,836	$ 28,706	$ 15,575
Weighted-average remaining lease term	6 years 3 months 18 days	6 years 7 months 6 days	6 years 3 months 18 days	6 years 7 months 6 days
Weighted-average discount rate	5.11%	4.15%	5.11%	4.15%
Operating lease, expense	$ 12,000	$ 6,700	$ 24,200	$ 13,300

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Revenues consisted of the following (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Management fees	$	413,344	$	258,499	$	820,761	$	508,499
Monitoring fees	5,117		2,434		11,225		5,190
Transaction fees	37,112		14,802		73,298		17,275
Incentive fees	4,485		—		8,360		—
Expense reimbursements and other	62,742		51,368		121,451		107,610
Total fees and other	522,800		327,103		1,035,095		638,574

Performance allocations	200,877		262,346		490,520		578,053
Capital interests	20,517		13,825		42,650		29,792
Total capital allocation-based income	221,394		276,171		533,170		607,845

Total revenues	$	744,194	$	603,274	$	1,568,265	$	1,246,419

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, limited partners 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 10 to the Condensed Consolidated Financial Statements for amounts classified in due from affiliates.

Schedule of Management Fee Rates

Management fee rates generally range between the following:


Management fee base	Low		High
Committed capital	0.50	%	2.00	%
Actively invested capital	0.25	%	2.00	%
Net funded capital commitments	0.50	%	1.75	%
Cost of investments	0.33	%	1.00	%
NAV	0.50	%	1.50	%

Net Income (Loss) Per Class A Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Class A Common Share

13. Net Income (Loss) Per Class A Common Share

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.

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net (loss) income	$	(57,578)	$	40,011	$	(66,584)	$	75,685





Less:

Net income attributable to redeemable equity in Public SPACs	—		5,367		—		6,896
Net loss attributable to non-controlling interests in TPG Operating Group	(57,292)		(25,306)		(112,329)		(50,798)
Net income attributable to other non-controlling interests	13,691		32,755		44,203		67,337
Net income attributable to Class A Common Stockholders prior to distributions	(13,977)		27,195		1,542		52,250
Reallocation of earnings to unvested participating restricted stock units(a)	(1,637)		(1,723)		(9,197)		(5,419)
Net income attributable to Class A Common Stockholders - Basic	(15,614)		25,472		(7,655)		46,831

Net loss assuming exchange of non-controlling interest	(51,995)		(22,398)		(98,411)		(44,335)
Reallocation of income from participating securities assuming exchange of Common Units	—		1,596		—		—
Net income attributable to Class A Common Stockholders - Diluted	$	(67,609)	$	4,670	$	(106,066)	$	2,496
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	101,690,961		80,540,569		95,402,371		80,022,820
Exchange of Common Units to Class A Common Stock	263,074,137		228,652,641		269,155,636		229,144,354
Weighted-Average Shares of Common Stock Outstanding - Diluted	364,765,098		309,193,210		364,558,007		309,167,174
Net income (loss) available to Class A common stock per share
Basic	$	(0.15)	$	0.32	$	(0.08)	$	0.59
Diluted	$	(0.19)	$	0.02	$	(0.29)	$	0.01
Dividends declared per share of Class A Common Stock(b)	$	0.41	$	0.20	$	0.85	$	0.70

___________

(a)No undistributed losses were allocated to unvested participating restricted stock units during the three and six months ended June 30, 2024 and 2023, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.

(b)Dividends declared reflects the calendar date of the declaration for each distribution. The second quarter dividends were declared on August 6, 2024 and are payable on August 30, 2024.

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table summarizes the carrying values of intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):



	June 30, 2024						December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Contractual performance fee allocations(a)	$	331,600	$	(80,427)	$	251,173	$	331,600	$	(54,707)	$	276,893
Management contracts(a)	302,000		(34,424)		267,576		307,000		(20,553)		286,447
Technology(a)	46,000		(7,667)		38,333		46,000		(1,917)		44,083
Investor relationships	25,000		(6,250)		18,750		25,000		(5,208)		19,792
Trade name(a)	15,500		(1,879)		13,621		15,500		(500)		15,000
Other intangible assets(b)	8,494		(3,547)		4,947		8,494		(1,201)		7,293
Total intangible assets	$	728,594	$	(134,194)	$	594,400	$	733,594	$	(84,086)	$	649,508

_______________

(b)Includes indefinite-lived intangible assets of $1.0 million as of June 30, 2024 and December 31, 2023.

Schedule of Indefinite-Lived Intangible Assets

The following table summarizes the carrying values of intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):



	June 30, 2024						December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Contractual performance fee allocations(a)	$	331,600	$	(80,427)	$	251,173	$	331,600	$	(54,707)	$	276,893
Management contracts(a)	302,000		(34,424)		267,576		307,000		(20,553)		286,447
Technology(a)	46,000		(7,667)		38,333		46,000		(1,917)		44,083
Investor relationships	25,000		(6,250)		18,750		25,000		(5,208)		19,792
Trade name(a)	15,500		(1,879)		13,621		15,500		(500)		15,000
Other intangible assets(b)	8,494		(3,547)		4,947		8,494		(1,201)		7,293
Total intangible assets	$	728,594	$	(134,194)	$	594,400	$	733,594	$	(84,086)	$	649,508

_______________

(b)Includes indefinite-lived intangible assets of $1.0 million as of June 30, 2024 and December 31, 2023.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents estimated remaining amortization expense for finite-lived intangible assets that existed as of June 30, 2024 (in thousands):


Remainder of 2024	$	55,113
2025	105,239
2026	99,949
2027	96,149
2028	76,244
Thereafter	160,712
Total	$	593,406

Commitments and Contingencies - Narrative (Details)	1 Months Ended	6 Months Ended
Commitments and Contingencies - Narrative (Details)	Feb. 28, 2018 USD ($)	Jun. 30, 2024 USD ($) partner individual	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Maximum obligations guaranteed		$ 2,605,133,000	$ 1,789,300,000
Amount of debt on obligations related to the guarantees		1,101,300,000	$ 807,600,000
Unfunded investment commitments		536,500,000
Potential clawback, net of tax		58,300,000
Potential clawback obligation		1,947,800,000
Contractual obligations, clawback liability payments		$ 0
Hellas Investment
Loss Contingencies [Line Items]
Number of partners \| partner		2
Number of individuals \| individual		2
TPG and Apax-Related Parties \| Hellas Investment
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party	$ 9,500,000
TPG \| Hellas Investment
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party	$ 3,400,000

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Acquisition Date (in thousands):


	November 1, 2023
Purchase Price
Cash(a)	$	740,703
Amounts payable to seller(b)	16,334
Common Units(c)	233,894
Fair value of Aggregate Annual Cash Holdback Amount(d)	125,158
Fair value of Earnout Payment(e)	27,315
Total Purchase Price	$	1,143,404

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	383,868
Due from affiliates	184,252
Investments	1,046,375
Intangible assets	547,500
Other assets	172,282
Total assets	2,334,277
Accounts payable and accrued expenses	307,308
Due to affiliates	150,228
Accrued performance allocation compensation	744,903
Other liabilities	190,147
Total liabilities	1,392,586
Assets acquired/liabilities assumed	941,691

Total Purchase Price	1,143,404
Non-controlling interest of Angelo Gordon	4,172
Goodwill	$	205,885

___________

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

The fair value and weighted average estimated useful lives of the acquired identifiable intangible assets as of the Acquisition Date consist of the following (in thousands):


	Fair Value		Valuation Methodology	Estimated Average Useful Life (in years)
Investment management agreements	$	287,000	Multi-period excess earnings method ("MPEEM")	5-12.5
Acquired carried interest	199,000		Discounted cash flow analysis	6.5
Technology	46,000		Replacement cost analysis and relief from royalty analysis	4
Trade name	15,500		Relief from royalty method	5.5
Fair value of intangible assets acquired	$	547,500

Schedule of Business Acquisition, Pro Forma Information


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023

Revenues	$	823,409	$	1,642,761
Net income attributable to TPG Inc./controlling interest	21,576		34,479

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

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

The following table summarizes the outstanding restricted stock unit awards as of June 30, 2024 (in millions, including share data):


	Units Outstanding as of June 30, 2024	Compensation Expense for the Three Months Ended				Compensation Expense for the Six Months Ended				Unrecognized Compensation Expense as of June 30, 2024
		June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restricted Stock Units
Special Purpose Awards:
Service Awards	16.7	$	33.5	$	13.1	$	67.8	$	29.2	$	401.5
Market Condition Awards	4.7	7.8		1.3		13.0		2.6		70.5

Ordinary Awards:
Service Awards	7.4	21.4		10.6		42.3		20.5		219.5
Performance Condition Awards	0.1	—		0.3		(1.7)		0.5		—
Total Restricted Stock Units	28.9	$	62.7	$	25.3	$	121.4	$	52.8	$	691.5

The following table summarizes the outstanding Other Awards as of June 30, 2024 (in millions, including share data):


	Unvested Units/Shares Outstanding as of June 30, 2024	Compensation Expense for the Three Months Ended				Compensation Expense for the Six Months Ended				Unrecognized Compensation Expense as of June 30, 2024
		June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
TPH and RPH Units
TPH units	36.9	$	72.6	$	100.5	$	147.3	$	201.1	$	716.8
RPH units	0.3	14.1		19.1		28.8		38.3		103.0
Total TPH and RPH Units	37.2	$	86.7	$	119.6	$	176.1	$	239.4	$	819.8

Common Units and Class A Common Stock
Common Units	45.0	$	58.8	$	4.7	$	121.9	$	8.3	$	962.8
Class A Common Stock	0.6	4.4		4.3		8.8		8.7		8.9
Total Common Units and Class A Common Stock	45.6	$	63.2	$	9.0	$	130.7	$	17.0	$	971.7

Schedule of Nonvested Share Activity

The following table presents the rollforward of the Company’s unvested Service Awards for the six months ended June 30, 2024 (awards in millions):


	Service Awards	Weighted-Average Grant Date Fair Value
Balance at December 31, 2023	23.3	$	30.62
Granted	5.3	39.64
Vested	(3.9)	30.57
Forfeited	(0.6)	30.37
Balance at June 30, 2024	24.1	$	32.64

The following table presents the roll forwards of the Company’s unvested Market Condition Awards for the six months ended June 30, 2024 (awards in millions):


	Market Condition Awards	Weighted Average Grant Date Fair Value
Balance at December 31, 2023	5.0	$	20.10
Granted	—	—
Vested, unsettled	(0.1)	17.58
Forfeited	(0.2)	16.58
Balance at June 30, 2024	4.7	$	20.30

The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 2024 (units in millions):


	TPH Units			RPH Units
	Partnership Units	Grant Date Fair Value		Partnership Units	Grant Date Fair Value
Balance at December 31, 2023	37.2	$	24.54	0.3	$	457.10
Reallocated	1.2	37.94		—	—
Vested	(0.3)	27.17		—	—
Forfeited	(1.2)	24.77		(0.0)	457.10
Balance at June 30, 2024	36.9	$	27.17	0.3	$	457.10

The following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the six months ended June 30, 2024 (awards in millions):


	Common Units			Class A Common Stock
	Partnership Units	Grant Date Fair Value		Partnership Units	Grant Date Fair Value
Balance at December 31, 2023	45.4	$	25.43	1.1	$	29.50
Granted	0.1	39.75		—	—
Vested	(0.4)	27.48		(0.5)	29.50
Forfeited	(0.1)	25.36		—	—
Balance at June 30, 2024	45.0	$	25.43	0.6	$	29.50

Organization (Details)	Jun. 30, 2024
TPG Operating Group
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent	28.00%

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024				As of December 31, 2023
	Debt Origination Date	Maturity Date	Borrowing Capacity		Carrying Value		Interest Rate		Carrying Value		Interest Rate
Senior Unsecured Revolving Credit Facility(a)	March 2011	September 2028	$	1,200,000	$	—	6.44	%	$	501,000	6.45	%
Senior Notes(b)	March 2024	March 2034	600,000		593,727		5.88	%	—		—
Subordinated Notes(c)	March 2024	March 2064	400,000		389,931		6.95	%	—		—
Senior Unsecured Term Loan(d)	December 2021	N/A	—		—		N/A		198,485		6.45	%
Secured Borrowings - Tranche A(e)	May 2018	June 2038	200,000		196,558		5.33	%	196,434		5.33	%
Secured Borrowings - Tranche B(e)	October 2019	June 2038	50,000		49,163		4.75	%	49,133		4.75	%
364-Day Revolving Credit Facility(f)	April 2023	April 2025	150,000		—		7.34	%	—		7.35	%
Subordinated Credit Facility(g)	August 2014	August 2025	30,000		—		7.69	%	—		7.70	%
Total debt obligations			$	2,630,000	$	1,229,379			$	945,052

_______________

(b)On March 5, 2024, the Notes Issuer issued $600.0 million aggregate principal amount of Senior Notes due 2034 as described above.

(c)On March 4, 2024, the Notes Issuer issued $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064 as described above.

Schedule of Fair Values of Debt

The following table provides information regarding the fair values of the Company’s debt which are carried at amortized cost (in thousands):


	Fair Value as of
	June 30, 2024		December 31, 2023
Senior Notes(a)	$	602,148	$	—
Subordinated Notes(b)	415,360		—
Secured Borrowings - Tranche A(c)	193,340		193,461
Secured Borrowings - Tranche B(c)	47,506		47,240

_______________

(a)Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(b)Fair value is based on quoted prices in active markets since the debt is publicly listed and the notes are classified as Level I within the fair value hierarchy.

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.

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Related Party Transactions

Net Income (Loss) Per Class A Common Share - Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income	$ (57,578)	$ 40,011	$ (66,584)	$ 75,685
Net income attributable to redeemable equity in Public SPACs	0	5,367	0	6,896
Net loss attributable to non-controlling interests in TPG Operating Group	(57,292)	(25,306)	(112,329)	(50,798)
Net income attributable to other non-controlling interests	13,691	32,755	44,203	67,337
Net income attributable to Class A Common Stockholders prior to distributions	(13,977)	27,195	1,542	52,250
Reallocation of earnings to unvested participating restricted stock units	(1,637)	(1,723)	(9,197)	(5,419)
Net income attributable to Class A Common Stockholders - Basic	(15,614)	25,472	(7,655)	46,831
Net loss assuming exchange of non-controlling interest	(51,995)	(22,398)	(98,411)	(44,335)
Reallocation of income from participating securities assuming exchange of Common Units	0	1,596	0	0
Net income attributable to Class A Common Stockholders - Diluted	$ (67,609)	$ 4,670	$ (106,066)	$ 2,496
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic (in shares)	101,690,961	80,540,569	95,402,371	80,022,820
Exchange of Common Units to Class A Common Stock (in shares)	263,074,137	228,652,641	269,155,636	229,144,354
Weighted-Average Shares of Common Stock Outstanding - Diluted (in shares)	364,765,098	309,193,210	364,558,007	309,167,174
Net income (loss) available to Class A common stock per share
Basic (in usd per share)	$ (0.15)	$ 0.32	$ (0.08)	$ 0.59
Diluted (in usd per share)	(0.19)	0.02	(0.29)	0.01
Dividends declared per share of Class A Common Stock (in usd per share)	$ 0.41	$ 0.20	$ 0.85	$ 0.70

Related Party Transactions

6 Months Ended

Jun. 30, 2024

10. Related Party Transactions

Due From and Due To Affiliates

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



	June 30, 2024		December 31, 2023
Portfolio companies	$	91,463	$	60,227
Partners and employees	1,676		2,293
Other related entities	55,922		63,224
Unconsolidated VIEs	165,892		293,233
Due from affiliates	$	314,953	$	418,977

Portfolio companies	$	10,403	$	8,461
Partners and employees	267,015		51,647
Other related entities	19,754		26,805
Unconsolidated VIEs	47,669		56,262
Due to affiliates	$	344,841	$	143,175

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.

Tax Receivable Agreement

Pursuant to the Exchange Agreement, certain employees and partners of TPG Partner Holdings are authorized to exchange Common Units for an equal number of shares of Class A Common Stock. During the six months ended June 30, 2024, these partners and employees exchanged 19,703,580 Common Units, as described in Note 15 to the Condensed Consolidated Financial Statements. These exchanges resulted in an increase in the Company’s tax basis of its investment in the TPG Operating Group and is subject to the Tax Receivable Agreement. At June 30, 2024, the Company recorded a Tax Receivable Agreement liability in the amount of $211.9 million in connection with the exchanges which is included in the partners and employees balance in due to affiliates in the Condensed Consolidated Statements of Financial Condition.

Fund Investments

Certain of the Company’s investment professionals and other individuals have made 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 six months ended June 30, 2024 and 2023 totaled $59.1 million and $56.4 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 Condensed Consolidated Financial Statements.

Loans to Affiliates

From time to time, the Company may enter into transactions in which it arranges short-term funding for affiliates, such as portfolio companies, as part of the Company’s capital markets activities. Under this arrangement, the Company may draw all or substantially all of its availability for borrowings under the 364-Day Credit Facility. Borrowings made under this facility are generally expected to be repaid promptly as these short-term fundings are intended to be syndicated to third parties.

RemainCo Administrative Services Agreement

In exchange for services provided by TPG Operating Group, RemainCo pays 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 three and six months ended June 30, 2024 were $4.3 million and $8.6 million, respectively, and recorded in fees and other in the Condensed Consolidated Statements of Operations. The fees earned by the Company for the three and six months ended June 30, 2023 were $4.5 million and $9.1 million, respectively.

Other Related Party Transactions

The Company has entered into contracts to provide services or facilities for a fee from a former affiliate. As of April 2024, the contracts to provide services to such party have ended. A portion of these fees are recognized as fees and other in the Condensed Consolidated Statements of Operations in the amount of $2.9 million and $10.9 million for the three and six months ended June 30, 2024, respectively, and $6.8 million and $14.1 million for the three and six months ended June 30, 2023, respectively. During the six months ended June 30, 2024 and 2023, these related parties made payments associated with these arrangements of $12.6 million, and $16.5 million, respectively.

Investments in SPACs

The Company has invested in and sponsored SPACs which were 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 entitled the holder to purchase one share of Class A ordinary shares at a fixed exercise price) were sold to investors. Each SPAC provided 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 related to gross proceeds received from the IPO and could only be used for the initial business combination and any possible investor redemptions. If the SPAC was unable to complete a business combination within a specified time frame, typically within 24 months of the IPO close date, the SPACs redeemed all public shares. The ownership interest in each SPAC which was not owned by the Company was reflected as redeemable equity attributable to Public SPACs in the accompanying Condensed Consolidated Financial Statements. As of August 16, 2023, the Company no longer had any investment in consolidated Public SPACs.

The Company consolidated 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 were eliminated in consolidation.

On April 17, 2023, TPG Pace Beneficial II Corp. (“YTPG”) redeemed all of its Class A Ordinary Shares at a per-share redemption price of approximately $10.00, because YTPG did not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association. As of April 17, 2023, the YTPG Class A Ordinary Shares were deemed cancelled and represented only the right to receive the redemption amount. FPAs entered into by YTPG at the time of its IPO were terminated on April 17, 2023. After April 17, 2023, YTPG ceased all operations except for those required to wind up its business.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Intangible Assets and Goodwill - Estimated Remaining Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 55,113
2025	105,239
2026	99,949
2027	96,149
2028	76,244
Thereafter	160,712
Net Carrying Value	$ 593,406

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,977)	$ 27,195	$ 1,542	$ 52,250

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ / shares in Units, $ in Thousands, shares in Millions		6 Months Ended
	Nov. 01, 2023 USD ($) installment $ / shares shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill		$ 436,079	$ 436,079
Angelo Gordon
Business Acquisition [Line Items]
Cash	$ 740,703	$ 16,300
Amounts payable to seller	16,334
Common Units	233,894
Total Purchase Price	1,143,404
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	383,868
Investments	1,046,375
Intangible assets	547,500
Other assets	172,282
Total assets	2,334,277
Accounts payable and accrued expenses	307,308
Accrued performance allocation compensation	744,903
Other liabilities	190,147
Total liabilities	1,392,586
Assets acquired/liabilities assumed	941,691
Total Purchase Price	1,143,404
Non-controlling interest of Angelo Gordon	4,172
Goodwill	205,885
Payments to acquire businesses gross, cash on hand	270,700
Payments to acquire businesses gross, proceeds from credit facility	470,000
Cash held in escrow	$ 100,000
Business acquisition, share price (in usd per share) \| $ / shares	$ 28.18
Business combination, number of installments \| installment	3
Business combination, consideration transferred, payable in installment	$ 50,000
Angelo Gordon \| Vested Common Unit
Recognized amounts of identifiable assets acquired and liabilities assumed
Equity interest issued in the business acquisition (in shares) \| shares	9.2
Angelo Gordon \| Acquisition Common Units
Recognized amounts of identifiable assets acquired and liabilities assumed
Equity interest issued in the business acquisition (in shares) \| shares	43.8
Angelo Gordon \| Restricted Stock Units, Acquisition Service Awards
Recognized amounts of identifiable assets acquired and liabilities assumed
Equity interest issued in the business acquisition (in shares) \| shares	8.4
Angelo Gordon \| Affiliated Entity
Recognized amounts of identifiable assets acquired and liabilities assumed
Due from affiliates	$ 184,252
Due to affiliates	150,228
Angelo Gordon \| Aggregate Annual Cash Holdback Amount
Business Acquisition [Line Items]
Fair value of contingent consideration	125,158
Recognized amounts of identifiable assets acquired and liabilities assumed
Maximum contingent consideration	150,000
Angelo Gordon \| Earnout Payment
Business Acquisition [Line Items]
Fair value of contingent consideration	27,315
Recognized amounts of identifiable assets acquired and liabilities assumed
Maximum contingent consideration	$ 400,000

Equity-Based Compensation - Schedule of Outstanding Awards, Compensation Expense, and Remaining Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 227,542	$ 155,166	$ 455,450	$ 312,459
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	0.6		0.6
Compensation expense	$ 4,400	4,300	$ 8,800	8,700
Unrecognized compensation expense	$ 8,900		$ 8,900
Total Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	28.9		28.9
Compensation expense	$ 62,700	25,300	$ 121,400	52,800
Unrecognized compensation expense	$ 691,500		$ 691,500
Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	16.7		16.7
Compensation expense	$ 33,500	13,100	$ 67,800	29,200
Unrecognized compensation expense	$ 401,500		$ 401,500
Market Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	4.7		4.7		5.0
Compensation expense	$ 7,800	1,300	$ 13,000	2,600
Unrecognized compensation expense	$ 70,500		$ 70,500
Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	7.4		7.4
Compensation expense	$ 21,400	10,600	$ 42,300	20,500
Unrecognized compensation expense	$ 219,500		$ 219,500
Performance Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	0.1		0.1
Compensation expense	$ 0	300	$ (1,700)	500
Unrecognized compensation expense	$ 0		$ 0
Total TPH and RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	37.2		37.2
Compensation expense	$ 86,700	119,600	$ 176,100	239,400
Unrecognized compensation expense	$ 819,800		$ 819,800
TPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	36.9		36.9		37.2
Compensation expense	$ 72,600	100,500	$ 147,300	201,100
Unrecognized compensation expense	$ 716,800		$ 716,800
RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	0.3		0.3		0.3
Compensation expense	$ 14,100	19,100	$ 28,800	38,300
Unrecognized compensation expense	$ 103,000		$ 103,000
Total Common Units and Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	45.6		45.6
Compensation expense	$ 63,200	9,000	$ 130,700	17,000
Unrecognized compensation expense	$ 971,700		$ 971,700
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares / Units Outstanding (in shares)	45.0		45.0
Compensation expense	$ 58,800	$ 4,700	$ 121,900	$ 8,300
Unrecognized compensation expense	$ 962,800		$ 962,800

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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

Jun. 30, 2024

Dec. 31, 2023

^[1]

$ 6,938,373

$ 6,724,112

Potential clawback obligation

314,953

418,977

1,947,800

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary | Nonrelated Party

Maximum exposure to loss

3,103,282

3,162,861

Potential clawback obligation

941,879

903,119

1,947,842

1,910,247

Variable Interest Entity, Not Primary Beneficiary | Related Party

165,892

293,233

Variable Interest Entity, Primary Beneficiary

47,669

56,262

1,293

434

Schedule of Dividends Declared

67,816

5,484

Assets pledged

$ 596,055

$ 570,806

[1]

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of the Board of Directors of the Company.

Date Declared

Record Date

Payment Date

Dividend per Class A Common Share

May 15, 2023

May 25, 2023

June 5, 2023

0.20

August 8, 2023

August 18, 2023

September 1, 2023

0.22

November 7, 2023

November 17, 2023

December 1, 2023

0.48

February 13, 2024

February 23, 2024

March 8, 2024

0.44

Total 2023 Dividend Year (through Q4 2023)

1.34

May 8, 2024

May 20, 2024

June 3, 2024

0.41

August 6, 2024

August 16, 2024

August 30, 2024

0.42

Total 2024 Dividend Year (through Q2 2024)

0.83

Schedule of Supplemental Non-Cash Financing Activities Related to Equity for the Condensed Consolidated Statements of Cash Flows

The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Distributions to holders of other non-controlling interests	$	6,564	$	4,954
Deferred tax assets	227,116		—
Due to affiliates	205,373		—
Additional paid-in-capital	21,743		—

Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

7. Variable Interest Entities

TPG consolidates VIEs in which it is considered the primary beneficiary as described in Note 2 to the Condensed 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 three and six months ended June 30, 2024 and 2023, 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 Condensed 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):


	June 30, 2024		December 31, 2023
Investments (includes assets pledged of $596,055 and $570,806 as of June 30, 2024 and December 31, 2023, respectively)	$	941,879	$	903,119
Due from affiliates	165,892		293,233
Potential clawback obligation	1,947,842		1,910,247
Due to affiliates	47,669		56,262
Maximum exposure to loss	$	3,103,282	$	3,162,861

Additionally, cumulative performance allocations of $5.8 billion and $5.7 billion as of June 30, 2024 and December 31, 2023, respectively, are subject to reversal in the event of future losses.

RemainCo

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 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 and recorded in expense reimbursements and other within revenues in the Condensed Consolidated Statements of Operations.

Securitization Vehicles

Certain subsidiaries of the Company issued $250.0 million in privately placed securitization 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.

As of June 30, 2024 and December 31, 2023, the carrying amount of secured notes issued by the VIEs was $245.7 million and $245.6 million, respectively, and is shown in the Company’s Condensed Consolidated Statements of Financial Condition as debt obligations, net of unamortized issuance costs of $4.3 million and $4.4 million, respectively.

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


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,280	$	6,057
Restricted cash	13,184		13,183
Participation rights receivable(a)	596,055		570,806
Due from affiliates	1,293		434
Total assets	$	618,812	$	590,480

Accrued interest	$	191	$	191
Due to affiliates and other	67,816		5,484
Secured borrowings, net	245,721		245,567
Total liabilities	$	313,728	$	251,242

_______________

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

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

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net (loss) income	$	(57,578)	$	40,011	$	(66,584)	$	75,685





Less:

Net income attributable to redeemable equity in Public SPACs	—		5,367		—		6,896
Net loss attributable to non-controlling interests in TPG Operating Group	(57,292)		(25,306)		(112,329)		(50,798)
Net income attributable to other non-controlling interests	13,691		32,755		44,203		67,337
Net income attributable to Class A Common Stockholders prior to distributions	(13,977)		27,195		1,542		52,250
Reallocation of earnings to unvested participating restricted stock units(a)	(1,637)		(1,723)		(9,197)		(5,419)
Net income attributable to Class A Common Stockholders - Basic	(15,614)		25,472		(7,655)		46,831

Net loss assuming exchange of non-controlling interest	(51,995)		(22,398)		(98,411)		(44,335)
Reallocation of income from participating securities assuming exchange of Common Units	—		1,596		—		—
Net income attributable to Class A Common Stockholders - Diluted	$	(67,609)	$	4,670	$	(106,066)	$	2,496
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	101,690,961		80,540,569		95,402,371		80,022,820
Exchange of Common Units to Class A Common Stock	263,074,137		228,652,641		269,155,636		229,144,354
Weighted-Average Shares of Common Stock Outstanding - Diluted	364,765,098		309,193,210		364,558,007		309,167,174
Net income (loss) available to Class A common stock per share
Basic	$	(0.15)	$	0.32	$	(0.08)	$	0.59
Diluted	$	(0.19)	$	0.02	$	(0.29)	$	0.01
Dividends declared per share of Class A Common Stock(b)	$	0.41	$	0.20	$	0.85	$	0.70

___________

(b)Dividends declared reflects the calendar date of the declaration for each distribution. The second quarter dividends were declared on August 6, 2024 and are payable on August 30, 2024.

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2023 $ / shares shares	Nov. 01, 2023 shares	Jan. 18, 2022 $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				$ 227,542	$ 155,166	$ 455,450	$ 312,459
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) \| shares				27,943	18,748	2,513,255	271,417
Payment, tax withholding, share-based payment arrangement						$ 61,539	$ 6,489
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares				31,731,096		31,731,096
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				$ 4,400	$ 4,300	$ 8,800	8,700
Unrecognized compensation expense				8,900		8,900
Total Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award conversion ratio								1
Share-based payment arrangement, expense (reversal)				$ 62,700	$ 25,300	$ 121,400	$ 52,800
Vested in period (in shares) \| shares				49,843	33,899	4,067,245	464,516
Vested in period, fair value				$ 2,200	$ 1,000	$ 161,500	$ 15,600
Payment, tax withholding, share-based payment arrangement				900	500	61,800	6,500
Unrecognized compensation expense				691,500		691,500
Total Restricted Stock Units \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				900	700	$ 1,800	$ 1,400
Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares) \| shares						3,900,000
Granted (in shares) \| shares						5,300,000	3,800,000
Unrecognized compensation expense				$ 621,000		$ 621,000
Weighted average remaining requisite service period						3 years 3 months 18 days
Restricted Stock Units, Acquisition Service Awards \| Angelo Gordon
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares		8,400,000
Number of shares outstanding (in shares) \| shares				7,900,000		7,900,000
Award vesting period		5 years
IPO Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			2,200,000
IPO Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Share-based payment arrangement, expense (reversal)				$ 33,500	13,100	$ 67,800	$ 29,200
Granted (in shares) \| shares			1,100,000
Unrecognized compensation expense				401,500		401,500
Award service period			5 years
Restricted Stock Units, Executive Service Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Granted (in shares) \| shares	2,600,000
Performance Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				0	300	(1,700)	500
Granted (in shares) \| shares								100,000
Unrecognized compensation expense				0		0
Market Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				7,800	1,300	$ 13,000	2,600
Vested in period (in shares) \| shares						100,000
Granted (in shares) \| shares						0
Unrecognized compensation expense				70,500		$ 70,500
Weighted average remaining requisite service period						2 years 9 months 18 days
IPO Market Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares) \| shares						100,000
Granted (in shares) \| shares			1,100,000
IPO Market Condition Awards \| Type I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award service period			5 years
IPO 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			$ 44.25
Target common stock share price within eight years (in usd per share) \| $ / shares			$ 59.00
Executive Market Condition Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Granted (in shares) \| shares	3,900,000
Share-based compensation arrangement by share-based payment award, vesting condition trading period	30 days
Executive Market Condition Awards \| Type I \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Executive Market Condition Awards \| Type I \| Chief Executive Officer \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, purchase price of common stock (in usd per share) \| $ / shares	$ 52.50
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent	150.00%
Executive Market Condition Awards \| Type II \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Executive Market Condition Awards \| Type II \| Chief Executive Officer \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, purchase price of common stock (in usd per share) \| $ / shares	$ 58.45
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent	167.00%
Executive Market Condition Awards \| Type III \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Executive Market Condition Awards \| Type III \| Chief Executive Officer \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, purchase price of common stock (in usd per share) \| $ / shares	$ 64.05
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent	183.00%
Executive Market Condition Awards \| Type IV \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Executive Market Condition Awards \| Type IV \| Chief Executive Officer \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, purchase price of common stock (in usd per share) \| $ / shares	$ 70.00
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent	200.00%
Total Common Units and Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				63,200	9,000	$ 130,700	17,000
Unrecognized compensation expense				971,700		971,700
Acquisition Common Units \| Angelo Gordon
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Granted (in shares) \| shares		43,800,000
Total TPH and RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				86,700	119,600	176,100	239,400
Unrecognized compensation expense				819,800		819,800
TPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				72,600	100,500	$ 147,300	201,100
Vested in period (in shares) \| shares						300,000
Granted (in shares) \| shares						1,200,000
Unrecognized compensation expense				716,800		$ 716,800
RPH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				14,100	19,100	$ 28,800	38,300
Vested in period (in shares) \| shares						0
Granted (in shares) \| shares						0
Unrecognized compensation expense				103,000		$ 103,000
Other Liability-Classified Awards \| Angelo Gordon
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (reversal)				12,800		$ 21,900
Award service period						5 years
Unrecognized compensation expense				103,300		$ 103,300
TRTX Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Management fees and compensation and benefits expense				$ 2,900	$ 2,000	$ 7,100	$ 4,500

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations

At June 30, 2024, the guarantees had expiration dates as follows (in thousands):


Maturity Date	Guarantee Amount

April 2025	$	150,000
August 2025	30,000
June 2026	60,000
December 2026	126,565
September 2028	1,200,000
December 2028	9,444
June 2030	29,124
March 2034	600,000
March 2064	400,000
Total	$	2,605,133

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

Jun. 30, 2024

Dec. 31, 2023

Equity Securities without Readily Determinable Fair Value [Line Items]

Investments held to maturity, at amortized cost

$ 81,855

$ 83,512

Investments held for sale - fair value option

40,169

Equity method - fair value option

17,611

36,171

Equity investments

1,924

4,678

Total investments

^[1]

6,938,373

6,724,112

Variable Interest Entity, Primary Beneficiary

Equity Securities without Readily Determinable Fair Value [Line Items]

Investments held to maturity, at amortized cost

596,055

570,806

75,679

77,723

Equity method - performance allocations

Equity Securities without Readily Determinable Fair Value [Line Items]

Equity method - capital interests

5,822,109

5,664,550

Equity Securities without Readily Determinable Fair Value [Line Items]

Equity Securities without Readily Determinable Fair Value [Line Items]

963,378

923,440

Equity method - other

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

$ 11,327

$ 11,761

[1]

Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par or stated value per share (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	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 (in shares)	2,340,000,000	2,340,000,000
Common stock, shares issued (in shares)	102,813,336	80,596,501
Common stock outstanding (in shares)	102,813,336	80,596,501
Class B Common Stock
Common stock, par or stated value per share (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	261,954,046	281,657,626
Common stock outstanding (in shares)	261,954,046	281,657,626
Asset Pledged as Collateral
Assets pledged	$ 671,734	$ 648,529

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Operating activities:

Net (loss) income

$ (57,578)

$ 40,011

$ (66,584)

$ 75,685

Equity-based compensation

227,542

155,166

455,450

312,459

Performance allocation compensation

133,753

172,077

330,187

393,418

Net losses (gains) from investment activities

16,652

(846)

21,850

(15,662)

Capital allocation-based income

(221,394)

(276,171)

(533,170)

(607,845)

Depreciation and amortization

32,079

8,304

65,044

16,526

Other non-cash activities

20,119

19,210

Unrealized losses from investment activities of consolidated Public SPACs

Changes in operating assets and liabilities:

Accounts payable and accrued expenses

(8,213)

20,642

244,522

87,705

Accrued performance allocation compensation

8,097

(17,191)

(253,869)

(274,332)

Net cash provided by operating activities

651,288

540,302

Investing activities:

Acquisition of Angelo Gordon

(16,334)

Purchases of fixed assets

(16,115)

(4,954)

Net cash used in investing activities

(32,449)

(4,954)

Financing activities:

Proceeds from debt obligations

1,218,500

150,000

Repayment of debt obligations

(919,500)

(150,000)

Issuance costs on debt obligations

(16,632)

(900)

Withholding taxes paid on net settlement of equity-based awards

(61,539)

(6,489)

Dividends/Distributions

(421,747)

(350,629)

Redemption of redeemable equity

(400,000)

Net cash used in financing activities

(163,017)

(749,256)

Net change in cash, cash equivalents and restricted cash

455,822

(213,908)

Cash, cash equivalents and restricted cash, beginning of period

678,371

1,120,650

Cash, cash equivalents and restricted cash, end of period

1,134,193

906,742

1,134,193

906,742

Supplemental disclosures of other cash flow information:

Cash paid for income taxes

20,271

22,658

Cash paid for interest

16,821

14,148

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

1,121,009

893,560

1,121,009

893,560

Cash, cash equivalents and restricted cash, end of period

13,184

^[1]

13,182

13,184

^[1]

13,182

$ 1,134,193

$ 906,742

1,134,193

906,742

Consolidated Entity, Excluding VIE

Changes in operating assets and liabilities:

Purchases of investments

(242,218)

(196,703)

Proceeds from investments

648,609

360,743

Other assets

23,582

(15,620)

Other liabilities

(62,118)

(14,413)

Financing activities:

Contributions from holders of other non-controlling interests

37,901

8,762

Variable Interest Entity, Not Primary Beneficiary

Changes in operating assets and liabilities:

Assets held in Trust Accounts related to consolidated Public SPACs

395,303

Other assets and liabilities, net related to consolidated Public SPACs

$ 0

$ 294

[1]

Fair Value Measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. Fair Value Measurement

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


	June 30, 2024
	Level I		Level II		Level III		Total
Assets
Investments held for sale, fair value option(a)	$	—	$	—	$	40,169	$	40,169
Equity method investments, fair value option	17,611		—		—		17,611
Equity investments	1,924		—		—		1,924
Total assets	$	19,535	$	—	$	40,169	$	59,704

Liabilities
Aggregate Annual Cash Holdback Amount(b)	$	—	$	—	$	132,211	$	132,211
Earnout Payment(b)	—		—		27,096		27,096
Total liabilities	$	—	$	—	$	159,307	$	159,307

_______________

(a)Investments held for sale, fair value option are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.

(b)Contingent consideration related to the acquisition of Angelo Gordon described in Note 3 to the Condensed Consolidated Financial Statements.


	December 31, 2023
	Level I		Level II		Level III		Total
Assets
Equity method investments, fair value option	$	36,171	$	—	$	—	$	36,171
Equity investments	4,678		—		—		4,678
Total assets	$	40,849	$	—	$	—	$	40,849

Liabilities
Aggregate Annual Cash Holdback Amount(a)	$	—	$	—	$	126,779	$	126,779
Earnout Payment(a)	—		—		29,520		29,520
Total liabilities	$	—	$	—	$	156,299	$	156,299

_______________

(a)Contingent consideration related to the acquisition of Angelo Gordon described in Note 3 to the Condensed Consolidated Financial Statements.

The valuation methodology used in the determination of the changes in fair value of financial assets for which Level III inputs were used at June 30, 2024 included the discounted cash flow approach. The valuation methodology used in the determination of the changes in fair value of financial liabilities for which Level III inputs were used at June 30, 2024 and December 31, 2023 included a combination of the present value approach and multiple probability simulation 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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Investments held for sale, fair value option
Balance, beginning of period	$	—	$	—	$	—	$	—
Purchases	39,761		—		39,761		—
Unrealized gains, net	408		—		408		—
Balance, end of period	$	40,169	$	—	$	40,169	$	—

Financial liabilities
Balance, beginning of period	$	155,542	$	—	$	156,299	$	—

Unrealized losses, net	3,765		—		3,008		—


Balance, end of period	$	159,307	$	—	$	159,307	$	—

Total realized and unrealized gains and losses recorded for Level III investments held for sale, fair value option are reported in net gains (losses) from investment activities in the Condensed Consolidated Statements of Operations. Total realized and unrealized gains and losses recorded for Level III financial liabilities are reported in interest, dividends and other in the Condensed Consolidated Statements of Operations.

The following tables provide qualitative information about instruments categorized in Level III of the fair value hierarchy as of June 30, 2024 and December 31, 2023. 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 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 June 30, 2024		Valuation Technique(s)	Unobservable Input(s)(a)	Range (Weighted Average)(b)
Assets
Investments held for sale, fair value option	$	40,169	Discounted cash flow	Yield	18.9%
	$	40,169

Liabilities
Aggregate Annual Cash Holdback Amount	$	132,211	Present value	Discount rate	8.0%
Earnout Payment	27,096		Multiple probability simulation	Estimated revenue volatility	21.1%
	$	159,307

_______________

(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 instruments.

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

Fair Value December 31, 2023

Valuation
Technique(s)

Unobservable

Input(s)(a)

Range (Weighted

Average)(b)

Liabilities

Aggregate Annual Cash Holdback Amount

126,779

Present value

Discount rate

8.0%

Earnout Payment

29,520

Multiple probability simulation

Estimated revenue volatility

22.8%

156,299

______________

(b)Inputs weighted based on fair value of instruments 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.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Principles of Consolidation

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (the “Condensed 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 Condensed 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 June 30, 2024.

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

Public SPACs are consolidated pursuant to U.S. GAAP, and the accompanying Condensed Consolidated Financial Statements include the assets, liabilities, revenues, expenses and cash flows of the consolidated Public SPACs.

All of the management fees and other amounts earned from the consolidated Public SPACs are eliminated in consolidation. In addition, the equivalent expense amounts recorded by the consolidated 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. or net income attributable to other non-controlling interests. As of June 30, 2024 and December 31, 2023, the Company did not have any investment in consolidated Public SPACs.

Use of Estimates

The preparation of the Condensed 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 Condensed 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 Condensed Consolidated Financial Statements.

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.

Investments Held for Sale - Fair Value Option

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 Condensed Consolidated Financial Statements.

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 Condensed Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Condensed 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” or the “Codification”) 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 Condensed 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.

Investments Held to Maturity

The Company holds investments in the notes issued by CLO funds that are held to maturity. The Company has the intent and ability to hold these investments until maturity. Held to maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. The effective interest method uses projected cash flows and includes uncertainties and contingencies that are difficult to predict and are subject to future events that may impact estimated interest income prospectively. Certain tranches of the notes were purchased at a discount and are being amortized back to par value until they mature at various dates between 2033 to 2035. If the Company failed to keep these investments as held to maturity it would be required to reclassify them as trading securities and would measure at fair value. Where applicable, impairment is recognized related to investments in the CLO funds in accordance with U.S. GAAP. The CLO funds evaluate securities for impairment on a security-by-security basis based on adverse changes in expected cash flows.

Those investments were fair valued in purchase accounting as discussed in Note 3 to the Condensed Consolidated Financial Statements.

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 Condensed Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Condensed 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 Condensed 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 Condensed 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 Condensed Consolidated Financial Statements.

Investments Held for Sale – Fair Value Option

Investments held for sale are held primarily for the purpose of selling in the near term. The Company elects the fair value option, in accordance with ASC Topic 825, Financial Instruments, for all investments held for sale with changes in fair value recognized in net gains (losses) from investment activities in the Condensed Consolidated Financial Statements. The fair value of such investments is based on discounted cash flows and yields, at period end. Management believes that the election of the fair value option for investments held for sale improves financial reporting by presenting the most relevant market indication of investments held for sale. Interest income on investments held for sale is calculated based upon the contractual rate of the loan and recorded in interest, dividends and other in the Condensed Consolidated Financial Statements. Up-front costs and certain other fees are expensed as incurred, or at the time of funding for the respective investment.

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 Condensed 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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Management fees	$	413,344	$	258,499	$	820,761	$	508,499
Monitoring fees	5,117		2,434		11,225		5,190
Transaction fees	37,112		14,802		73,298		17,275
Incentive fees	4,485		—		8,360		—
Expense reimbursements and other	62,742		51,368		121,451		107,610
Total fees and other	522,800		327,103		1,035,095		638,574

Performance allocations	200,877		262,346		490,520		578,053
Capital interests	20,517		13,825		42,650		29,792
Total capital allocation-based income	221,394		276,171		533,170		607,845

Total revenues	$	744,194	$	603,274	$	1,568,265	$	1,246,419

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, limited partners 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 10 to the Condensed Consolidated Financial Statements for amounts classified in due from affiliates.

Management Fees

The Company provides investment management services to the TPG funds, limited partners, SMAs and clients, and other vehicles in exchange for a management fee. Management fees also include catch-up fees, also known as out of period management fees, which are fees paid in any given period that relate to a prior period, usually as the result of a new limited partner coming into a fund in a subsequent close. Management fees are determined quarterly based on an annual rate and are generally based upon a percentage of capital committed, net funded capital commitments, cost of investments, Net Asset Value (“NAV”) or 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 fee rates generally range between the following:


Management fee base	Low		High
Committed capital	0.50	%	2.00	%
Actively invested capital	0.25	%	2.00	%
Net funded capital commitments	0.50	%	1.75	%
Cost of investments	0.33	%	1.00	%
NAV	0.50	%	1.50	%

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. These amounts are generally applied as a reduction of the management fee that is otherwise billed to the investment fund and are recorded as a reduction of revenues in the Condensed Consolidated Statement of Operations. For the three and six months ended June 30, 2024, these amounts totaled $15.2 million and $29.8 million, respectively. For three and six months ended June 30, 2023, these amounts totaled $0.5 million and $1.0 million, respectively. Amounts payable to investment funds are recorded in due to affiliates in the Condensed Consolidated Financial Statements. See Note 10 to the Condensed Consolidated Financial Statements.

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 judgments when determining the transaction price.

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 in the scope of the revenue guidance as these fees are affected by changes in the fair value of investments over the performance period. The Company recognizes incentive fees only when these amounts are no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period. 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 Condensed 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”.

Open-end funds can issue and redeem interests to investors on an on-going basis at the then-current net asset values subject to the fund’s policies as specified in governing documents. The Company generally receives performance allocations from its open-end funds based on a percentage of annual fund profits, reduced by minimum return hurdles, and subject to prior year loss carry-forwards. Performance allocations are either paid in the first quarter following the performance year or during the calendar year if there are investor redemptions and are generally not subject to repayment by the Company. Performance allocations attributed to certain non-liquid investments (“side pocket investments”) owned by open-end funds is paid when the associated side pocket investments are realized.

Performance allocations for closed-end funds 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 Condensed 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 June 30, 2024 related to clawback, see Note 12 to the Condensed 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 varying geographical locations and earns transaction and monitoring fees from portfolio companies located in varying geographies, including North America, Europe and Asia-Pacific. The primary geographic region in which the Company invests in is North America and the majority of its revenues from contracts with customers are also generated in North America.

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 Condensed Consolidated Financial Statements.

Income from Investments Held for Sale – Fair Value Option

Income from investments held for sale – fair value option includes unrealized gains and losses resulting from changes in the fair value of these investments during the period. Income from investments held for sale – fair value option is recorded in net gains (losses) from investment activities on the Condensed Consolidated Financial Statements.

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 Condensed Consolidated Financial Statements.

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 Condensed Consolidated Financial Statements.

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 forward purchase agreements (“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.

Cash-Based 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 both 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. Compensation expense for awards that contain both performance and service conditions is recognized, if the Company deems it probable that the performance condition will be met, over the longer of the implicit or explicit service period. Compensation expense for awards to recipients with retirement eligibility provisions (allowing such recipient to continue vesting upon departure from TPG) is either expensed immediately or amortized to the retirement eligibility date. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense.

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.

Fair Value Measurement

ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure financial assets and liabilities reported at fair value. The observability of inputs is impacted by a number of factors, including the type of instrument, characteristics specific to the instrument, 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).

Financial instruments 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 financial instruments at the measurement date are used. The types of instruments generally included in Level I are publicly listed equities and debt.

Level II – Pricing inputs are other than quoted prices included within Level I that are observable for the financial instrument, either directly or indirectly. Level II pricing inputs include quoted prices for similar financial instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the instrument, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. The types of instruments 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 financial instrument. The inputs used in determination of fair value require significant judgment and estimation. The types of instruments generally included in Level III are privately held debt, equity securities and contingent consideration.

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 instrument is categorized in its entirety is determined based on the lowest level input that is significant to the instrument. Assessing the significance of a particular input to the valuation of an instrument in its entirety requires judgment and considers factors specific to the instrument. The categorization of an instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the perceived risk of that instrument.

In certain instances, an instrument 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 instrument, pricing services may use certain information with respect to transactions in such instruments, quotations from dealers, pricing matrices, market transactions of comparable instruments and various relationships between instruments. 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 instrument would qualify for treatment as a Level II or Level III instrument. 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 instruments may include common and preferred equity securities, corporate debt, other privately issued securities and contingent consideration. 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 Condensed Consolidated Financial Statements may differ materially from values that would have been used had a readily available market for the instruments existed and may differ materially from the values that may ultimately be realized. The period of time over which the underlying assets of the instruments will be liquidated is unknown.

Due From and Due to Affiliates

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 Condensed Consolidated Financial Statements.

Business Combinations

The Company accounts for business combinations using the acquisition method under ASC Topic 805, Business Combinations (“ASC 805”) under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and may incorporate management’s own assumptions and involve a significant degree of judgment. Management uses its best estimates and assumptions to accurately assign fair value to the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date as well as the useful lives of those acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets we have acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. Our estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates we are using to manage the underlying assets acquired. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual results. For business combinations accounted for under the acquisition method, the purchase consideration, including the fair value of certain elements of contingent consideration as of the acquisition date, in excess of the fair value of net assets acquired is recorded as goodwill.

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 June 30, 2024, 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 primarily 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 two to 20 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 Condensed Consolidated Financial Statements.

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 one to 10 years. Some of those leases include options to extend for additional terms ranging from one to 10 years. The Company’s other leases, including those for office equipment, vehicles and aircraft, 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 Condensed Consolidated Financial Statements.

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 Condensed Consolidated Financial Statements (see Note 11 to the Condensed Consolidated Financial Statements).

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.

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 Condensed 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 Condensed Consolidated Statements of Operations during the period the transaction occurred.

Repurchase Agreements

The Company, through its subsidiary, has financed the purchase of certain investments in the debt tranches of certain CLO Funds through a repurchase agreement. The Company records these investments as an asset and the related borrowings under the repurchase agreements are recorded as a liability on the Condensed Consolidated Statements of Financial Condition. The amount borrowed is the amount equal to the debt investment outstanding in the CLO. Interest income earned and interest expense incurred on the repurchase obligation are reported on the Condensed Consolidated Statements of Operations. Accrued interest receivable on investments is included in other assets and accrued interest payable on repurchase agreements is included in accounts payable and accrued expenses on the Condensed Consolidated Statements of Financial Condition.

Securities sold under agreements to repurchase are accounted for as collateralized financing transactions. The Company provides securities to counterparties to collateralize amounts borrowed under repurchase agreements on terms that permit the counterparties to repledge or resell the securities to others. Securities transferred to counterparties under repurchase agreements are included within investments in the Condensed Consolidated Statements of Financial Condition. Cash received under a repurchase agreement is recognized as a liability within other liabilities in the Condensed Consolidated Statements of Financial Condition. Interest expense is recognized on an effective yield basis and is included within interest expense in the Condensed Consolidated Statements of Operations.

Income Taxes

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 Condensed Consolidated Financial Statements 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 Condensed Consolidated Financial Statements.

Recent Accounting Pronouncements

On March 29, 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-02. Codification Improvements — Amendments to Remove References to the Concepts Statements, which amends the Codification to remove references to various FASB Concepts Statements and affect a variety of topics. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but are generally and not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025. The Company is currently evaluating the impact of adoption of ASU 2024-02 on its Condensed Consolidated Financial Statements and disclosures.

On March 21, 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC Topic 718, Compensation—Stock Compensation. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The Company is currently evaluating the impact of adoption of ASU 2024-01, but does not expect the adoption to have a material impact on its Condensed Consolidated Financial Statements and disclosures.

On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is primarily applicable to public companies and requires a significant expansion of the granularity of the income tax rate reconciliation as well as an expansion of other income tax disclosures. ASU 2023-09 requires a company to disclose specific income tax categories within the rate reconciliation table and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate. There are also additional disclosures related to income taxes paid disaggregated by jurisdictions, and to income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adoption of ASU 2023-09 on its Condensed Consolidated Financial Statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and included within each reported measure of segment profit or loss and an amount and description of the composition of other segment items. The ASU also requires public entities to provide all annual disclosures about a reportable segments profit or loss and assets in interim periods. Further, if the CODM uses more than one measure of a segments profitability, the entity would be permitted to disclose those additional measures. All disclosure requirements under ASU 2023-07 are applicable to public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact of adoption of ASU 2023-07 on its Condensed Consolidated Financial statements and disclosures.

On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the ASC. The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its Condensed Consolidated Financial Statements.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Related Party Transactions

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



	June 30, 2024		December 31, 2023
Portfolio companies	$	91,463	$	60,227
Partners and employees	1,676		2,293
Other related entities	55,922		63,224
Unconsolidated VIEs	165,892		293,233
Due from affiliates	$	314,953	$	418,977

Portfolio companies	$	10,403	$	8,461
Partners and employees	267,015		51,647
Other related entities	19,754		26,805
Unconsolidated VIEs	47,669		56,262
Due to affiliates	$	344,841	$	143,175

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Reduction of management fee	$ 15.2	$ 0.5	$ 29.8	$ 1.0
Minimum
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Estimated useful life	2 years		2 years
Remaining lease term	1 year		1 year
Renewal term	1 year		1 year
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		3 years
Maximum
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Estimated useful life	20 years		20 years
Remaining lease term	10 years		10 years
Renewal term	10 years		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		7 years

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. 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 its allocable share of taxable income generated by the TPG Operating Group. 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 in foreign jurisdictions. As of June 30, 2024 and December 31, 2023, the Company has recognized net deferred tax assets before the considerations of valuation allowances in the amount of $333.4 million and $109.3 million, respectively, which primarily relates to excess income tax basis versus book basis differences in connection with the Company’s investment in the TPG Operating Group. The excess of income tax basis in the TPG Operating Group is primarily due to the Reorganization and subsequent exchanges of Common Units for Class A common stock, including the exchanges of Common Units for Class A common stock on February 27, 2024 and May 21, 2024. As a result of the Reorganization and subsequent exchanges, the Company recorded deferred tax assets generated by the step-up in the tax basis of assets, that will be recovered as those underlying assets are sold or the tax basis is amortized. 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. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. 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 our deferred tax assets will be realized. As of June 30, 2024 and December 31, 2023, the Company has recognized a valuation allowance of $98.3 million and $92.6 million, respectively, which primarily relates to the Company’s investment in the TPG Operating Group. In evaluating the realizability of the deferred tax asset related to the Company’s investment in the TPG Operating Group, the Company determined that a portion of excess income tax basis in the TPG Operating Group will only reverse upon a sale of the Company’s interest in the TPG Operating Group which is not expected to occur in the foreseeable future. As of June 30, 2024 and December 31, 2023, the Company’s liability pursuant to the Tax Receivable Agreement related to the Reorganization and subsequent exchanges of TPG Operating Group partnership units for common stock was $234.4 million and $24.6 million, respectively. During the six months ended June 30, 2024, certain holders of Common Units exchanged 19,703,580 Common Units for an equal number of shares of Class A Common Stock as described in Note 15 to the Condensed Consolidated Financial Statements. In connection with these exchanges, the Company recorded an additional liability pursuant to the Tax Receivable Agreement of $211.9 million, which is included in due to affiliates within the Condensed Consolidated Statements of Financial Condition. The Company’s effective tax rate was (63.6)% and 24.8% for the three months ended June 30, 2024 and 2023, respectively and (67.3)% and 25.0% for the six months ended June 30, 2024 and 2023, 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) 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 and (ii) certain compensation expense that is not tax deductible. Applicable accounting standards provide that the Company may estimate an annual effective tax rate and apply that rate to year-to-date income for each interim period. However, because the Company’s forecast of income before taxes is highly variable due to changes in market conditions, the actual effective income tax rate for the year-to-date period represents a better estimate of the consolidated annual effective income tax rate. Accordingly, for the three and six months ended June 30, 2024 and 2023, the actual consolidated effective income tax rate was used to determine the Company’s income tax provision. During the three and six months ended June 30, 2024 and 2023, there were no material changes to the uncertain tax positions, and the Company does not expect there to be any material changes to uncertain tax positions within the next twelve months. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. 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 Condensed Consolidated Financial Statements. In December 2021, the Organization for Economic Cooperation and Development (“OECD”) released the Pillar Two Model rules (also referred to as the global minimum tax or Global Anti-Base Erosion “GloBE” rules), which were designed to ensure multinational enterprises pay a certain level of tax within every jurisdiction in which they operate. Several jurisdictions in which we operate have enacted these rules, with a January 1, 2024 effective date. The Company is monitoring developments and evaluating the potential impact. As of June 30, 2024, the Company has not accrued a top up tax related to Pillar Two. However, the Company continues to evaluate potential implications of these rules on future results.

The entire disclosure for income tax.

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Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Annual Administration \| Affiliated Entity
Variable Interest Entity [Line Items]
Related party transaction, rate	1.00%
Secured Debt \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unamortized issuance costs	$ 4,300	$ 4,400
Tranche A \| Secured Debt
Variable Interest Entity [Line Items]
Aggregate principal balance	250,000
Secured Notes \| Secured Debt
Variable Interest Entity [Line Items]
Aggregate principal balance	245,700	245,600
Equity method - performance allocations
Variable Interest Entity [Line Items]
Equity method investments	$ 5,822,109	$ 5,664,550

Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

15. Equity

The Company has three classes of common stock outstanding, Class A common stock, nonvoting 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. During the three months ended June 30, 2024, certain stockholders transferred to third parties 1,652,938 shares of the Company’s nonvoting Class A common stock at which point such shares converted automatically into shares of Class A common stock in accordance with their terms. As of June 30, 2024, 96,207,373 shares of Class A common stock and 6,605,963 shares of nonvoting Class A common stock were outstanding, 261,954,046 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding.

Dividends and distributions

Dividends and distributions are reflected in the Condensed Consolidated Statements of Changes in 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 table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of the Board of Directors of the Company.

Date Declared

Record Date

Payment Date

Dividend per Class A Common Share

May 15, 2023

May 25, 2023

June 5, 2023

0.20

August 8, 2023

August 18, 2023

September 1, 2023

0.22

November 7, 2023

November 17, 2023

December 1, 2023

0.48

February 13, 2024

February 23, 2024

March 8, 2024

0.44

Total 2023 Dividend Year (through Q4 2023)

1.34

May 8, 2024

May 20, 2024

June 3, 2024

0.41

August 6, 2024

August 16, 2024

August 30, 2024

0.42

Total 2024 Dividend Year (through Q2 2024)

0.83

Exchanges of Common Units

Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A Common Stock.

On May 21, 2024, certain holders of Common Units exchanged 1,998,593 Common Units for an equal number of shares of Class A Common Stock. The exchange resulted in the issuance of 1,998,593 shares of Class A common stock and the cancellation of 1,998,593 shares of Class B common stock for no additional consideration.

On February 27, 2024, certain holders of Common Units exchanged 17,704,987 Common Units for an equal number of shares of Class A Common Stock. The exchange resulted in the issuance of 17,704,987 shares of Class A common stock and the cancellation of 17,704,987 shares of Class B common stock for no additional consideration. The issuance of the shares of Class A common stock to such holders of Common Units was registered pursuant to the Company’s registration statement on Form S-3 filed on November 2, 2023.

The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Distributions to holders of other non-controlling interests	$	6,564	$	4,954
Deferred tax assets	227,116		—
Due to affiliates	205,373		—
Additional paid-in-capital	21,743		—

Pursuant to the Exchange Agreement, on March 30, 2023 a pre-IPO Investor exchanged 1,000,000 Common Units of each TPG Operating Group partnership for 1,000,000 shares of Class A common stock. This exchange resulted in the issuance of 1,000,000 shares of Class A common stock and the cancellation of 1,000,000 shares of Class B common stock for no additional consideration.

The entire disclosure for equity.

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Fair Value Measurement - Schedule of Changes in Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financial Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 155,542	$ 0	$ 156,299	$ 0
Unrealized losses, net	3,765	0	3,008	0
Balance, end of period	159,307	0	159,307	0
Investments Held-For-Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	0
Purchases	39,761	0	39,761	0
Unrealized gains (loss), net	408	0	408	0
Balance, end of period	$ 40,169	$ 0	$ 40,169	$ 0

Equity - Schedule of Dividends Declared (Details) - $ / shares							3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 06, 2024	May 08, 2024	Feb. 13, 2024	Nov. 07, 2023	Aug. 08, 2023	May 15, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Dividends declared per share of Class A Common Stock (in usd per share)							$ 0.41	$ 0.20	$ 0.85	$ 0.70
Class A Common Stock
Class of Stock [Line Items]
Dividends declared per share of Class A Common Stock (in usd per share)		$ 0.41	$ 0.44	$ 0.48	$ 0.22	$ 0.20			$ 0.83		$ 1.34
Class A Common Stock \| Subsequent Event
Class of Stock [Line Items]
Dividends declared per share of Class A Common Stock (in usd per share)	$ 0.42

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Variable Interest Entities


	June 30, 2024		December 31, 2023
Investments (includes assets pledged of $596,055 and $570,806 as of June 30, 2024 and December 31, 2023, respectively)	$	941,879	$	903,119
Due from affiliates	165,892		293,233
Potential clawback obligation	1,947,842		1,910,247
Due to affiliates	47,669		56,262
Maximum exposure to loss	$	3,103,282	$	3,162,861


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,280	$	6,057
Restricted cash	13,184		13,183
Participation rights receivable(a)	596,055		570,806
Due from affiliates	1,293		434
Total assets	$	618,812	$	590,480

Accrued interest	$	191	$	191
Due to affiliates and other	67,816		5,484
Secured borrowings, net	245,721		245,567
Total liabilities	$	313,728	$	251,242

_______________

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

Schedule of Valuation of Financial Assets and Liabilities

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Acquisitions - Narrative (Details) $ in Thousands, shares in Millions		6 Months Ended
	Nov. 01, 2023 USD ($) installment shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 436,079	$ 436,079
Angelo Gordon
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 1,143,404
Acquisition of Angelo Gordon	$ 740,703	$ 16,300
Business combination, number of installments \| installment	3
Business combination, consideration transferred, payable in installment	$ 50,000
Goodwill	205,885
Angelo Gordon \| Aggregate Annual Cash Holdback Amount
Business Acquisition [Line Items]
Maximum contingent consideration	150,000
Angelo Gordon \| Earnout Payment
Business Acquisition [Line Items]
Maximum contingent consideration	$ 400,000
Angelo Gordon \| Vested Common Unit
Business Acquisition [Line Items]
Equity interest issued in the business acquisition (in shares) \| shares	9.2
Angelo Gordon \| Vested Common Unit \| Common Units
Business Acquisition [Line Items]
Equity interest issued in the business acquisition (in shares) \| shares	9.2
Angelo Gordon \| Unvested Common Unit \| Common Units
Business Acquisition [Line Items]
Equity interest issued in the business acquisition (in shares) \| shares	43.8

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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


	June 30, 2024
	Level I		Level II		Level III		Total
Assets
Investments held for sale, fair value option(a)	$	—	$	—	$	40,169	$	40,169
Equity method investments, fair value option	17,611		—		—		17,611
Equity investments	1,924		—		—		1,924
Total assets	$	19,535	$	—	$	40,169	$	59,704

Liabilities
Aggregate Annual Cash Holdback Amount(b)	$	—	$	—	$	132,211	$	132,211
Earnout Payment(b)	—		—		27,096		27,096
Total liabilities	$	—	$	—	$	159,307	$	159,307

_______________

(a)Investments held for sale, fair value option are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.

(b)Contingent consideration related to the acquisition of Angelo Gordon described in Note 3 to the Condensed Consolidated Financial Statements.


	December 31, 2023
	Level I		Level II		Level III		Total
Assets
Equity method investments, fair value option	$	36,171	$	—	$	—	$	36,171
Equity investments	4,678		—		—		4,678
Total assets	$	40,849	$	—	$	—	$	40,849

Liabilities
Aggregate Annual Cash Holdback Amount(a)	$	—	$	—	$	126,779	$	126,779
Earnout Payment(a)	—		—		29,520		29,520
Total liabilities	$	—	$	—	$	156,299	$	156,299

_______________

(a)Contingent consideration related to the acquisition of Angelo Gordon described in Note 3 to the Condensed Consolidated Financial Statements.

Schedule 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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Investments held for sale, fair value option
Balance, beginning of period	$	—	$	—	$	—	$	—
Purchases	39,761		—		39,761		—
Unrealized gains, net	408		—		408		—
Balance, end of period	$	40,169	$	—	$	40,169	$	—

Financial liabilities
Balance, beginning of period	$	155,542	$	—	$	156,299	$	—

Unrealized losses, net	3,765		—		3,008		—


Balance, end of period	$	159,307	$	—	$	159,307	$	—

Schedule 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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Investments held for sale, fair value option
Balance, beginning of period	$	—	$	—	$	—	$	—
Purchases	39,761		—		39,761		—
Unrealized gains, net	408		—		408		—
Balance, end of period	$	40,169	$	—	$	40,169	$	—

Financial liabilities
Balance, beginning of period	$	155,542	$	—	$	156,299	$	—

Unrealized losses, net	3,765		—		3,008		—


Balance, end of period	$	159,307	$	—	$	159,307	$	—

Schedule 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 June 30, 2024		Valuation Technique(s)	Unobservable Input(s)(a)	Range (Weighted Average)(b)
Assets
Investments held for sale, fair value option	$	40,169	Discounted cash flow	Yield	18.9%
	$	40,169

Liabilities
Aggregate Annual Cash Holdback Amount	$	132,211	Present value	Discount rate	8.0%
Earnout Payment	27,096		Multiple probability simulation	Estimated revenue volatility	21.1%
	$	159,307

_______________

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

Fair Value December 31, 2023

Valuation
Technique(s)

Unobservable

Input(s)(a)

Range (Weighted

Average)(b)

Liabilities

Aggregate Annual Cash Holdback Amount

126,779

Present value

Discount rate

8.0%

Earnout Payment

29,520

Multiple probability simulation

Estimated revenue volatility

22.8%

156,299

______________

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

Summary of Significant Accounting Policies

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Principles of Consolidation

Investments

Equity Method – Performance Allocations and Capital Interests

Investments Held to Maturity

Those investments were fair valued in purchase accounting as discussed in Note 3 to the Condensed Consolidated Financial Statements.

Equity Method Investments – Other

Equity Method – Fair Value Option

Equity Investments

Investments Held for Sale – Fair Value Option

Non-Controlling Interests

Revenues

Revenues consisted of the following (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Management fees	$	413,344	$	258,499	$	820,761	$	508,499
Monitoring fees	5,117		2,434		11,225		5,190
Transaction fees	37,112		14,802		73,298		17,275
Incentive fees	4,485		—		8,360		—
Expense reimbursements and other	62,742		51,368		121,451		107,610
Total fees and other	522,800		327,103		1,035,095		638,574

Performance allocations	200,877		262,346		490,520		578,053
Capital interests	20,517		13,825		42,650		29,792
Total capital allocation-based income	221,394		276,171		533,170		607,845

Total revenues	$	744,194	$	603,274	$	1,568,265	$	1,246,419

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, limited partners 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 10 to the Condensed Consolidated Financial Statements for amounts classified in due from affiliates.

Management Fees

Management fee rates generally range between the following:


Management fee base	Low		High
Committed capital	0.50	%	2.00	%
Actively invested capital	0.25	%	2.00	%
Net funded capital commitments	0.50	%	1.75	%
Cost of investments	0.33	%	1.00	%
NAV	0.50	%	1.50	%

Monitoring Fees

Transaction Fees

Incentive Fees

Expense Reimbursements and Other

Capital Allocation-Based Income (Loss)

Investment Income

Income from Equity Method Investments

Income from Investments Held for Sale – Fair Value Option

Income from Equity Method Investments for which the Fair Value Option Was Elected

Income from Equity Investments

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 forward purchase agreements (“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.

Cash-Based 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.

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

Cash, Cash Equivalents and Restricted Cash

Fair Value Measurement

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

In certain instances, an instrument 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.

Due From and Due To Affiliates

Business Combinations

Goodwill

Intangible Assets

Operating Leases

Redeemable Equity from Consolidated Public SPACs

Fixed Assets

Foreign Currency

Repurchase Agreements

Income Taxes

Recent Accounting Pronouncements

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

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

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024			2023
Lease cost(a):
Operating lease cost	$	11,828	$	6,708	$	23,939		$	13,339
Short-term lease costs	274		180		489			313
Variable lease cost	2,596		1,800		5,570			3,591
Sublease income	(364)		(852)		(1,292)			(1,668)
Total lease cost	$	14,334	$	7,836	$	28,706		$	15,575
Weighted-average remaining lease term					6.3			6.6
Weighted-average discount rate					5.11		%	4.15		%

__________

(a)Office rent expense for the three and six months ended June 30, 2024 was $12.0 million and $24.2 million respectively. Office rent expense for the three and six months ended June 30, 2023 was $6.7 million and $13.3 million, respectively.

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


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	18,170	$	14,981

Other non-cash changes in right-of-use assets	528		6,042

Schedule 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 June 30, 2024 (in thousands):


Year Due	Lease Amount
Remainder of 2024	$	21,097
2025	39,316
2026	37,622
2027	38,271
2028	37,132
2029	88,270
Total future undiscounted operating lease payments	261,708
Less: imputed interest	(36,530)
Present value of operating lease liabilities	$	225,178

Operating Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Operating Leases

11. Operating Leases

The following tables summarize the Company’s lease cost, cash flows, and other supplemental information related to its operating leases.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024			2023
Lease cost(a):
Operating lease cost	$	11,828	$	6,708	$	23,939		$	13,339
Short-term lease costs	274		180		489			313
Variable lease cost	2,596		1,800		5,570			3,591
Sublease income	(364)		(852)		(1,292)			(1,668)
Total lease cost	$	14,334	$	7,836	$	28,706		$	15,575
Weighted-average remaining lease term					6.3			6.6
Weighted-average discount rate					5.11		%	4.15		%

__________

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


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	18,170	$	14,981

Other non-cash changes in right-of-use assets	528		6,042

The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of June 30, 2024 (in thousands):


Year Due	Lease Amount
Remainder of 2024	$	21,097
2025	39,316
2026	37,622
2027	38,271
2028	37,132
2029	88,270
Total future undiscounted operating lease payments	261,708
Less: imputed interest	(36,530)
Present value of operating lease liabilities	$	225,178

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 21, 2024	Feb. 27, 2024	Dec. 31, 2023	Apr. 17, 2023	Mar. 30, 2023
Related Party Transaction [Line Items]
Common units, units exchanged (in shares)									1,000,000
Taxes payable	$ 234,400		$ 234,400				$ 24,600
Total revenues	$ 744,194	$ 603,274	$ 1,568,265	$ 1,246,419
Class A Common Stock
Related Party Transaction [Line Items]
Common units, units exchanged (in shares)	19,703,580		19,703,580		1,998,593	17,704,987
Series A Preferred Stock \| YTPG
Related Party Transaction [Line Items]
Preferred stock, redemption price per share (in usd per share)								$ 10.00
Tax Receivable Agreement \| Due To Affiliates
Related Party Transaction [Line Items]
Taxes payable	$ 211,900		$ 211,900
Related Party Investments \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 59,100	56,400
Annual Administration \| Related Party
Related Party Transaction [Line Items]
Related party transaction, rate			1.00%
Total revenues	4,300	4,500	$ 8,600	9,100
Other Related Party Transactions \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 2,900	$ 6,800	10,900	14,100
Total revenues			$ 12,600	$ 16,500

Debt Obligations - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 04, 2024	Apr. 14, 2023	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 05, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Interest expense, debt				$ 19,500	$ 7,100	$ 36,600	$ 13,200
Senior Notes \| Senior Notes due 2034
Line of Credit Facility [Line Items]
principal amount				$ 600,000		$ 600,000		$ 600,000
Interest Rate				5.88%		5.88%			0.00%
Senior Notes \| Senior Notes due 2034 \| TPG Operating Group
Line of Credit Facility [Line Items]
principal amount								$ 600,000
Interest Rate								5.875%
Subordinated Debt \| Junior Subordinated Notes due 2064
Line of Credit Facility [Line Items]
principal amount	$ 400,000			$ 400,000		$ 400,000
Interest Rate	6.95%			6.95%		6.95%			0.00%
Interest deferral period	5 years
Subordinated Debt \| Junior Subordinated Notes due 2064 \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Redemption price, percentage	100.00%
Subordinated Debt \| Junior Subordinated Notes due 2064 \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Redemption price, percentage	102.00%
Line of Credit \| 364-Day Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest Rate				7.34%		7.34%			7.35%
Debt instrument, term		364 days	364 days

Investments - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Net losses of equity method investments - other	$ (828)	$ (538)	$ (944)	$ (809)
Net losses from equity investments	(3,156)	(1,534)	(2,754)	(3,822)
Total net (losses) gains from investment activities	(16,652)	846	(21,850)	15,662
Investments Held-For-Sale
Net Investment Income [Line Items]
Net gains of investments, fair value option	408	0	408	0
Equity Method Investments
Net Investment Income [Line Items]
Net gains of investments, fair value option	$ (13,076)	$ 2,918	$ (18,560)	$ 20,293