Overview
TPG Inc. is a global alternative asset manager that invests on behalf of clients across private equity, credit, real estate and related strategies. Its six investment platforms are Capital, Growth, Impact, Credit, Real Estate and Market Solutions. TPG describes its purpose in terms of delivering attractive risk-adjusted returns for clients and building investment platforms for long-term growth.[1][2][3]
Headquartered in the United States, TPG has an international presence, with offices in 16 countries and investments spanning more than 33 countries. At year-end 2025, it managed approximately $303 billion in assets and employed more than 1,900 people. It reported $4.67 billion in total revenue for 2025.[4][5][1][6] [1][2][3][4][5][6]
Products & services
TPG offers alternative investment products through private funds, separately managed accounts and co-investment arrangements. Its private-equity products include TPG Capital, which pursues buyouts, carve-outs and large growth-equity investments; TPG Healthcare Partners, which invests across healthcare businesses; and TPG Asia, which invests across Asia-Pacific markets. TPG Growth targets growth equity and growth buyouts, while TPG Tech Adjacencies provides minority or structured capital to technology companies and liquidity to their existing shareholders.[7][8][9][10][11][12][13]
Its Impact products seek financial returns alongside measurable societal benefits. They include The Rise Funds and TPG Rise Climate, which invests across climate-related themes through buyouts, carve-outs and growth equity. The Credit platform offers stressed and distressed corporate-credit strategies through TPG Credit Solutions; senior-secured loans to smaller, primarily sponsor-backed companies through TPG Direct Lending; asset-based financing; and collateralized loan obligations investing predominantly in senior-secured bank loans. TPG Multi-Asset Credit combines public and private credit strategies in commingled funds and customized vehicles.[14][15][16][17][18][19][20][21]
Real Estate products include TPG Real Estate Partners (TREP), which makes thematic, opportunistic investments; TPG Real Estate Credit Opportunities (TRECO), which targets higher-yielding real-estate loans and securities; and TPG RE Finance Trust (TRTX), which originates and manages commercial mortgage loans and related debt. TPG Net Lease focuses on single-tenant commercial properties acquired through sale-leaseback transactions. In Market Solutions, TPG NewQuest invests in Asia-Pacific private-equity secondaries, while TPG GP Solutions participates in transactions led by other private-equity managers.[22][23][24][25][26][27] [7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27]
Geographic presence
TPG’s primary investment region is North America, where it generates the majority of its revenue from customer contracts. Its investments also extend across Europe and Asia-Pacific; its portfolio includes investments in more than 33 countries. TPG does not provide a regional percentage breakdown of revenue.[5][4]
TPG’s principal executive offices are in Fort Worth, Texas. Its other leased offices include locations in the United States, Europe, the Middle East and Asia-Pacific, among them New York, San Francisco, London, Amsterdam, Dubai, Hong Kong, Singapore and Tokyo. TPG reported more than 1,900 employees in offices across 16 countries at the end of 2025, but did not provide regional employee counts.[28][4] [5][4][28]
Business segments
TPG reports **one operating and reportable segment**; its six investment platforms are business groupings, not separately reported financial segments. Capital focuses on large-scale, control-oriented private equity; Growth invests in growth-stage and middle-market companies; and Impact seeks financial returns alongside measurable societal benefits. Credit spans corporate and asset-backed lending and tradable credit; Real Estate covers property investment, real estate credit and net lease strategies; and Market Solutions includes private-markets secondaries and other specialized investment products.[29][30][31][14][32][25][33]
At December 31, 2025, Credit and Capital each represented about 30% of TPG’s $303.0 billion in assets under management (AUM): Credit held $93.1 billion (30.7%) and Capital $90.9 billion (30.0%). Real Estate accounted for $38.2 billion (12.6%), Growth $32.2 billion (10.6%), Impact $31.3 billion (10.3%) and Market Solutions $17.4 billion (5.8%). These percentages describe the platforms’ shares of AUM, **not revenue or earnings**, which TPG does not report separately for these platforms.[34] [29][30][31][14][32][25][33][34][34][34][34][34][34][34]
Company history
TPG was founded in 1992 by David Bonderman and James Coulter, beginning with a private-equity business focused on large, control-oriented investments. It expanded internationally in 1994, establishing an Asia franchise and opening an office in Shanghai.[35][36][37]
TPG broadened its investment activities over the following decades. It established TPG Growth in 2007 to pursue growth-equity and middle-market investments, began a real-estate investing practice in 2009, and launched its impact-investing platform with The Rise Fund in 2016.[38][39][40] Jon Winkelried, who had shared management responsibility with Coulter since 2015, became sole CEO in 2021. TPG went public in 2022 and acquired credit and real-estate investment manager Angelo Gordon in 2023.[35][41][42] [35][36][37][38][39][40][41][42]
Sources
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