TPG Inc (TPG, Financial), a leading global alternative asset management firm, released its unaudited third quarter 2023 results on November 7, 2023. The company reported strong financial results despite a challenging market environment, with fee-related earnings growth of 29% year-over-year to $156 million.
Financial Highlights
TPG Inc's GAAP net income for the third quarter ended September 30, 2023, was $15 million, with basic net income per share of Class A common stock of $0.14. The company's Fee-Related Earnings for the same period were $156 million, marking a 29% increase year-over-year and resulting in a Fee-Related Earnings margin of 49%. The After-tax Distributable Earnings stood at $196 million (or $0.56 per share of Class A common stock).
Dividend and Acquisition
TPG Inc declared a quarterly dividend of $0.48 per share of Class A common stock for the third quarter ended September 30, 2023. The company also completed the acquisition of Angelo Gordon on November 1, 2023, marking a significant expansion into credit investing and adding complementary real estate capabilities.
Assets Under Management
As of September 30, 2023, TPG Inc's total assets under management (AUM) were $136 billion. On a combined basis with Angelo Gordon, the total AUM reached $212 billion. The acquisition of Angelo Gordon, along with the company's differentiated deal flow and strong investment track record, puts TPG Inc in an advantaged position to capitalize on a number of long-term secular trends shaping the alternatives industry today.
CEO Commentary
We delivered strong financial results for the third quarter despite a challenging market environment, with fee-related earnings growth of 29% year-over-year to $156 million,” said Jon Winkelried, Chief Executive Officer. “We’re pleased to have also closed our acquisition of Angelo Gordon, strengthening our position as a scaled, global alternative asset manager with $212 billion(1) of AUM across a broadly diversified set of strategies. The addition of Angelo Gordon, together with our differentiated deal flow and strong investment track record, puts us in an advantaged position to capitalize on a number of long-term secular trends shaping the alternatives industry today."
Explore the complete 8-K earnings release (here) from TPG Inc for further details.
