TPG Inc (TPG) 2024 Q4 法說會逐字稿

Good morning and welcome to the TPG's fourth quarter 2024 earnings conference call. Currently all callers have been placed in a listen-only mode and following management prepared remarks, the call will be open to your questions. (Operator Instructions) Please be advised that today's call is being recorded. Please go to the TPG's IR website to obtain the earnings materials.

早安，歡迎參加 TPG 2024 年第四季財報電話會議。目前，所有來電者都已進入只聽模式，在管理層準備好發言後，我們將在電話會議上回答您的問題。（操作員指示）請注意，今天的通話正在錄音。請造訪 TPG 的 IR 網站以取得收益資料。

I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. Thank you, you may again.

現在我將電話轉給 TPG 投資者關係主管 Gary Stein。謝謝，歡迎再來。

Thanks, operator, and welcome everyone. Joining me this morning are Jon Winkelried, Chief Executive Officer; and Jack Weingart, Chief Financial Officer. In addition, our Executive Chairman and Co-Founder, Jim Coulter; and our President, Todd Sisitsky are also here and will be available for the Q&A portion of this morning's call.

謝謝接線員，歡迎大家。今天早上與我一起出席的還有執行長 Jon Winkelried；以及財務長傑克溫加特 (Jack Weingart)。此外，我們的執行主席兼聯合創始人 Jim Coulter；以及我們的總裁 Todd Sisitsky 也出席了今天上午的電話會議，並將參加問答環節。

I'd like to remind you this call may include forward-looking statements that do not guarantee future events or performance. Please refer to TPG's earnings release and SEC filings for factors that could cause actual results to differ materially from these statements. TPG undertakes no obligation to revise or update any forward-looking statements except as required by law.

我想提醒您，本次電話會議可能包含不保證未來事件或表現的前瞻性陳述。請參閱 TPG 的收益報告和 SEC 文件，以了解可能導致實際結果與這些聲明有重大差異的因素。除法律要求外，TPG 不承擔修改或更新任何前瞻性聲明的義務。

Within our discussion and earnings release, we're presenting GAAP and non-GAAP measures, and we believe certain non-GAAP measures that we discussed on this call are relevant in assessing the financial performance of the business.

在我們的討論和收益發布中，我們提出了 GAAP 和非 GAAP 指標，我們認為在本次電話會議上討論的某些非 GAAP 指標與評估業務的財務表現有關。

These non-GAAP measures are reconciled to the nearest GAAP figures in TPG's earnings release, which is available on our website. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase and interest in any TPG fund.

這些非公認會計準則 (non-GAAP) 指標與 TPG 收益報告中最接近的 GAAP 數據相協調，該報告可在我們的網站上查閱。請注意，本次電話會議中的任何內容均不構成出售要約或購買任何 TPG 基金及對任何 TPG 基金感興趣之要約邀請。

Looking briefly at our results for the fourth quarter, we reported GAAP net income attributable to TPG Inc of $13 million and after-tax distributable earnings of $261 million or $0.62 per share of Class A common stock. We declared a dividend of $0.53 per share of Class A Common stock, which will be paid on March 7, 2025, to holders of record as of February 21, 2025.

簡單回顧一下我們第四季度的業績，我們報告稱，歸屬於 TPG Inc 的 GAAP 淨收入為 1,300 萬美元，稅後可分配收益為 2.61 億美元，或每股 A 類普通股 0.62 美元。我們宣布每股 A 類普通股發放 0.53 美元的股息，將於 2025 年 3 月 7 日支付給截至 2025 年 2 月 21 日登記在冊的股東。

I'll now turn the call over to Jon.

我現在將電話轉給喬恩。

Thanks, Gary. Good morning, everyone. To begin, I'd like to take a moment to remember the life and legacy of David Bonderman or Bondo, to those of us who have the privilege to call him a friend and colleague. David was a legendary investor and an innovative leader in the alternative asset industry.

謝謝，加里。大家早安。首先，我想花點時間回憶一下大衛邦德曼或邦多的一生和遺產，對於我們這些有幸稱他為朋友和同事的人來說。David 是一位傳奇投資者和另類資產行業的創新領導者。

He co-founded TPG in 1992 after following an unconventional path to investing, and his unique and collaborative style continues to resonate within our firm. David was known for architecting some of the most complex and transformative deals in our industry and pioneering private equity in Asia.

1992 年，他透過一條非傳統的投資道路與他人共同創立了 TPG，他獨特的合作風格在我們公司持續產生共鳴。David 因策劃行業內一些最複雜、最具變革性的交易以及在亞洲開創私募股權而聞名。

His passion and relentless quest for knowledge extended far beyond investing into music, sports and environmental conservation. While we're deeply saddened by David's passing, we will honor his legacy by continuing to apply the same level of intellectual curiosity, enthusiasm and creative problem solving to our work at TPG.

他對知識的熱情和不懈追求遠遠超出了對音樂、體育和環境保護的投資。雖然我們對大衛的去世深感悲痛，但我們將繼續以同樣的求知欲、熱情和創造性解決問題的態度對待TPG的工作，以此來紀念他的精神遺產。

In my comments this morning, I'll review the strong progress we've made in 2024 across investing, fundraising, and business building. I'll then share our strategic priorities and outlook for 2025.

在今天早上的評論中，我將回顧我們在 2024 年在投資、籌款和業務建設方面取得的重大進展。然後我將分享我們的策略重點和 2025 年的展望。

Starting with our progress in 2024. First, we entered the year having recently closed our acquisition of Angelo Gordon. We were focused on integrating our firms and bringing our people and capabilities together. We successfully executed on those objectives and are operating as one fully integrated firm. Importantly, we have begun to realize the revenue synergies and business building opportunities enabled by the combination.

從我們 2024 年的進展開始。首先，我們剛完成對 Angelo Gordon 的收購。我們專注於整合我們的公司並將我們的人才和能力聚集在一起。我們成功實現了這些目標，並作為一家完全整合的公司運作。重要的是，我們已經開始意識到合併帶來的收入綜效和業務建設機會。

Second, we exceeded the ambitious fundraising targets we set for ourselves, raising $30 billion in 2024. Third, we expected to make significant progress on organic growth and innovation, which we did. For example, we raised nearly $2 billion for our inaugural GP-led secondaries fund, TGS, which we believe is the largest first-time fund of its kind. And we successfully launched the transition infrastructure strategy with $2 billion in anchor commitments ahead of a first close.

其次，我們超額完成了為自己設定的雄心勃勃的籌款目標，到 2024 年籌集了 300 億美元。第三，我們期望在有機成長和創新方面取得重大進展，事實也確實如此。例如，我們為首支由 GP 主導的二級市場基金 TGS 籌集了近 20 億美元，我們認為這是同類基金中規模最大的首次基金。我們在首次結束前已成功啟動了過渡基礎設施策略，並承諾投資 20 億美元。

And finally, in an evolving market backdrop, we continue to execute interesting and creative transactions, deploying $33 billion and realizing $23 billion across the firm. Looking ahead to 2025, we positioned ourselves to deliver accelerated growth. We expect to raise significantly more capital in 2025 compared to 2024.

最後，在不斷變化的市場背景下，我們繼續執行有趣且富有創意的交易，在整個公司部署了 330 億美元並實現了 230 億美元的收益。展望2025年，我們已準備好實現加速成長。我們預計 2025 年籌集的資金將比 2024 年大幅增加。

In addition, to several flagship campaigns such as TPG Capital and Healthcare Partners, we expect a number of our newer strategies to continue to contribute meaningfully to our growth. Jack will discuss this in more detail.

此外，除了 TPG Capital 和 Healthcare Partners 等幾項旗艦活動外，我們預計我們的許多新策略將繼續為我們的成長做出有意義的貢獻。傑克將更詳細地討論這一點。

We are actively expanding our client relationships across the full breadth of our franchise as well as discussing large cross firm strategic partnerships. We expect these efforts to drive greater inflows in 2025. We're also growing our presence in important distribution channels such as private wealth and are on track to launch our new Evergreen private equity vehicle targeting the retail channel.

我們正在積極擴大我們特許經營範圍內的客戶關係，並討論建立大型跨公司策略合作夥伴關係。我們預計這些努力將在 2025 年帶來更多的資金流入。我們也在私人財富等重要通路中擴大影響力，並計畫推出針對零售通路的全新 Evergreen 私募股權投資工具。

And building on the success we've had with TPG AG, we continue to evaluate inorganic opportunities that further increase the scale, origination capabilities and diversification of our franchise.

基於我們與 TPG AG 所取得的成功，我們將繼續評估無機投資機會，以進一步擴大我們的特許經營規模、發起能力和多樣化。

Now, I'd like to review some highlights from the fourth quarter and full year 2024. First, we had a very strong year in capital formation, raising $30 billion which represents a 54% increase from 2023 on a pro forma basis. We successfully grew private equity and infrastructure fundraising year over year, raising $14 billion in 2024.

現在，我想回顧一下 2024 年第四季和全年的一些亮點。首先，我們在資本形成方面度過了非常強勁的一年，籌集了 300 億美元，按準備基礎計算，比 2023 年增長了 54%。我們成功逐年增加私募股權和基礎設施融資，到 2024 年籌集了 140 億美元。

In the fourth quarter, we held a first close for our inaugural Rise Climate Transition Infrastructure Fund. We secured anchor commitments of $2 billion from three large strategic clients ahead of formally launching our campaign and closed on $1.3 billion in the quarter. We are excited to expand our Rise Climate franchise into an adjacent asset class and to address the substantial and growing need for transition infrastructure capital.

第四季度，我們首次完成了 Rise Climate Transition Infrastructure Fund 的募款。在正式啟動我們的活動之前，我們從三個大型策略客戶那裡獲得了 20 億美元的錨定承諾，並在本季度完成了 13 億美元的投資。我們很高興將我們的 Rise Climate 特許經營權擴展到相鄰的資產類別，並滿足對過渡基礎設施資本的巨大且不斷增長的需求。

Importantly, this is our first infrastructure investing strategy as a firm, and we see significant opportunity to grow our capabilities into this major asset class over time.

重要的是，這是我們作為一家公司的第一個基礎設施投資策略，我們看到了隨著時間的推移將我們的能力擴展到這個主要資產類別的巨大機會。

In credit, we raised more than $12 billion for the year, which exceeded our $10 billion target. We raised nearly $3 billion in the fourth quarter among our diversified set of strategies including direct lending, structured credit and credit solutions.

在信貸方面，我們今年籌集了超過 120 億美元的資金，超過了 100 億美元的目標。我們在第四季度透過包括直接貸款、結構化信貸和信貸解決方案在內的多元化策略籌集了近 30 億美元。

In addition, we continue to be extremely active in introducing our credit teams to our most important firmwide client relationships. Many of the dialogues are focused on scaled, multi-product credit commitments and we anticipate meaningful conversions in 2025.

此外，我們繼續非常積極地向我們的信貸團隊介紹我們最重要的全公司客戶關係。許多對話都集中在規模化、多產品信貸承諾上，我們預期 2025 年將實現有意義的轉變。

Throughout the year, we also continue to deliver organic innovation. This includes our new Rise Climate Transition Infrastructure fund which I just discussed. Last week, we announced the fund's first investment, the $2.2 billion take private of Altus Power, one of the largest US commercial scale providers of clean electric power. This also represents the first take private transaction for our Impact platform.

在這一年中，我們也將繼續實現有機創新。這包括我剛才討論過的新的「崛起氣候轉型基礎設施」基金。上週，我們宣布了該基金的首筆投資，即斥資 22 億美元私有化美國最大的商業規模清潔電力供應商之一 Altus Power。這也代表了我們的 Impact 平台首次實現私有化交易。

For our first GP-led secondaries fund, after holding a final close in the back half of the year, the fund is approximately 70% committed or deployed. We expect to be back in the market later this year with our second vintage, which we believe can scale meaningfully as we continue to build a market leading strategy.

對於我們的第一隻由 GP 主導的二級市場基金，在下半年最終關閉後，該基金的承諾或部署率約為 70%。我們預計今年稍後帶著我們的第二個年份重返市場，我們相信，隨著我們繼續建立市場領先策略，我們的第二個年份可以實現有意義的擴展。

In the fourth quarter, we held a first close for our new hybrid solutions fund. This is a natural extension of our private equity and credit solutions franchises and is an excellent example of how we're collaborating across the firm to execute differentiated deals and build new businesses.

第四季度，我們首次關閉了新的混合解決方案基金。這是我們私募股權和信貸解決方案特許經營的自然延伸，也是我們如何在整個公司範圍內合作執行差異化交易和建立新業務的絕佳範例。

Our teams have already signed or closed five transactions to date. And just yesterday, we held a first close for [TECA], our new dedicated mid-cap strategy focused on developed markets in Asia. TECA leverages our long-standing presence in the region and it's consistent with our strong track record of building out adjacent strategies. We received commitments for nearly half of our target fund size and expect to immediately see the portfolio with two investments.

到目前為止，我們的團隊已經簽署或完成了五筆交易。就在昨天，我們首次完成了 [TECA] 的收盤，這是我們專注於亞洲已開發市場的全新中型股策略。TECA 利用我們在該地區的長期影響力，這與我們制定相鄰策略的良好記錄一致。我們已獲得接近目標基金規模一半的承諾，並期望立即看到包含兩項投資的投資組合。

And private wealth, we made important investments to grow our capabilities. This includes developing additional perpetually offered solutions like TPOP, our new private equity vehicle and continuing to grow the size of our private wealth team. Private wealth is a high priority growth area for the firm, and we believe 2025 will be an inflection point for us in this channel.

對於私人財富，我們進行了重要的投資以增強我們的能力。這包括開發額外的永久提供的解決方案，如 TPOP（我們的新私募股權工具），並繼續擴大我們的私人財富團隊規模。私人財富是公司的重點成長領域，我們相信 2025 年將成為我們在這一領域的轉捩點。

Finally, we delivered step function growth in our capital markets revenue in 2024, driven by the further integration of our broker dealer across our platforms and strategies. We expanded our product expertise in project finance and structured credit and notably began to capture incremental revenue from our credit platform during the year. We expect our capital markets business to be a significant contributor to revenue growth over time.

最後，由於我們的經紀交易商在我們平台和策略上的進一步整合，我們在 2024 年實現了資本市場收入的階梯式成長。我們擴大了在專案融資和結構化信貸方面的產品專業知識，並在年內開始從我們的信貸平台獲取增量收入。我們預計，我們的資本市場業務將隨著時間的推移成為收入成長的重要貢獻者。

Turning to deployment, we had a robust fourth quarter to close out one of our most active investing years on record. We deployed $10 billion of capital in the fourth quarter and $33 billion for the full year 2024 and I'll highlight a few examples.

談到部署，我們在第四季度表現強勁，結束了有史以來最活躍的投資年度之一。我們在第四季度部署了 100 億美元的資本，在 2024 年全年部署了 330 億美元的資本，我將重點介紹幾個例子。

The TPG Capital during the fourth quarter, we closed the acquisition of a majority stake in Surescripts, which is a unique healthcare IT network business that connects US providers, payers and pharmacies. Surescript's existing shareholders, all of whom are strategics, selected TPG as their partner to control and transform this important business due to our extensive track record in corporate partnerships and our leading healthcare and technology franchises.

TPG Capital 在第四季度完成了對 Surescripts 多數股權的收購，Surescripts 是一家連接美國供應商、付款人和藥局的獨特醫療 IT 網路公司。Surescript 的現有股東均為策略股東，他們選擇 TPG 作為合作夥伴來控制和改造這一重要業務，因為我們在企業合作方面擁有豐富的業績記錄，並且擁有領先的醫療保健和技術特許經營權。

We also announced that Rise Climate and our portfolio company Intersect Power entered into a strategic partnership with Google. As part of this collaboration, Intercept Power is targeting $20 billion in renewable power investment by the end of the decade to support an innovative approach to data center development.

我們也宣布，Rise Climate 和我們的投資組合公司 Intersect Power 與 Google 建立了策略合作夥伴關係。作為合作的一部分，Intercept Power 計劃在未來十年內投資 200 億美元用於再生能源，以支持資料中心開發的創新方法。

Google is also a member of the Rise Climate Coalition, demonstrating the power of our strategic relationships to drive differentiated opportunities. In our credit strategies, we deployed nearly $5 billion in the fourth quarter and over $16 billion in 2024.

谷歌也是 Rise Climate Coalition 的成員，這證明了我們的策略關係在推動差異化機會方面的力量。在我們的信貸策略中，我們在第四季度部署了近 50 億美元，在 2024 年部署了超過 160 億美元。

Our middle market direct lending platform, Twin Brook, had a record year with over [$11 billion] of gross originations. During the year, Twin Brook transacted with nearly 70 unique sponsors, demonstrating our leading position in the lower middle market.

我們的中階市場直接貸款平台 Twin Brook 今年創下了歷史新高，總貸款額超過 [110 億美元]。在這一年中，Twin Brook 與近 70 個獨立贊助商進行了交易，彰顯了我們在中低階市場的領先地位。

Our incumbency among a growing base of high-quality sponsors and borrowers is a powerful embedded source of origination. We completed nearly 300 add-ons with over 100 existing borrowers in 2024. In structured credit, we deployed more than $3.5 billion during the year.

我們在不斷增長的高品質發起人和借款人群體中的地位是一個強大的內在起源來源。2024 年，我們完成了近 300 筆附加貸款，現有借款人超過 100 人。在結構化信貸方面，我們今年部署了超過 35 億美元。

We continue to leverage the power of our long-standing partnerships with some of the largest financial institutions in the world to help solve their financing and capital needs. We recently completed a significant capital relief trade with one of the largest banks in the US, and we upsized the forward flow arrangement with the leading consumer finance company to purchase $1.3 billion of whole loans.

我們繼續利用與世界上一些最大的金融機構的長期合作夥伴關係的力量來幫助他們解決融資和資本需求。我們最近與美國最大的銀行之一完成了一項重大的資本減免交易，並且我們擴大了與領先的消費金融公司的遠期流動安排，以購買 13 億美元的全部貸款。

And in credit solutions, our deployment pace has continued to accelerate as we find significantly greater value in the private markets. We're building a portfolio of bespoke bilaterally negotiated senior secured investments with significant downside protection.

在信貸解決方案方面，由於我們在私人市場中發現了更大的價值，我們的部署步伐持續加快。我們正在建立一個客製化的雙邊協商的優先擔保投資組合，具有顯著的下行保護。

We believe credit solutions is well positioned as a lender of choice, and our pipeline continues to build giving the growing number of companies seeking creative solutions to address their capital needs in a higher for longer rate environment.

我們相信信貸解決方案是首選貸款機構，並且我們的管道還在不斷擴大，為越來越多的公司尋求創造性的解決方案，以滿足他們在長期高利率環境下的資本需求。

Similarly, in real estate, higher rates and dislocation in certain parts of the market have continued to create interesting opportunities for our franchise. On a combined basis, TPG and TPG AG Real Estate deployed more than $2 billion in the fourth quarter and $6 billion during the year.

同樣，在房地產領域，更高的利率和市場某些部分的混亂繼續為我們的特許經營創造了有趣的機會。TPG 和 TPG AG Real Estate 在第四季度合計投入超過 20 億美元，全年共投入 60 億美元。

After taking a cautious deployment approach in 2022 and early '23, TPG Real Estate began to increase its investment pace at an attractive point in the cycle. TREP deployed nearly $2 billion of capital in 2024, primarily in residential, industrial and student housing sectors with over 40% invested in European assets.

在 2022 年和 2023 年初採取謹慎的部署方式後，TPG Real Estate 開始在週期的有利時機加快投資步伐。TREP 在 2024 年部署了近 20 億美元的資本，主要用於住宅、工業和學生住房領域，其中超過 40% 投資於歐洲資產。

We focused on executing transactions of scale arising from liquidity and valuation pressures and acquired high quality assets from motivated sellers, including public companies, pension funds and banks. TPG AG Real Estate also had a busy year, deploying over $3 billion of capital and acquiring more than 90 properties globally.

我們專注於執行因流動性和估值壓力而產生的規模交易，並從積極的賣家（包括上市公司、退休基金和銀行）收購高品質資產。TPG AG Real Estate 也度過了忙碌的一年，投入了超過 30 億美元的資金，並在全球收購了 90 多處房產。

This was broadly diversified across our US, Europe and Asia businesses, and notably our Asia platform launched its first real estate credit strategy in South Korea with an important strategic partner. The fourth quarter was also strong from the monetization perspective. We generated $7 billion of realizations in the quarter and $23 billion for a full year, a 50% increase from 2023 on a pro forma basis.

我們的業務廣泛分佈於美國、歐洲和亞洲，尤其是我們的亞洲平台與重要的戰略合作夥伴在韓國推出了其首個房地產信貸戰略。從貨幣化角度來看，第四季也表現強勁。我們在本季實現了 70 億美元的收益，全年實現了 230 億美元的收益，以備考基礎計算比 2023 年增長了 50%。

Importantly, our realized performance revenues total of $105 million this quarter, which is the highest level since early 2022. Jack will provide more details on what drove this result, but I wanted to highlight a changing dynamic in our transaction activity.

重要的是，本季我們實現的業績收入總計 1.05 億美元，這是自 2022 年初以來的最高水準。傑克將提供更多有關導致這一結果的細節，但我想強調我們的交易活動中不斷變化的動態。

During the two-year period from 2022 to 2023, We deployed nearly 1.5 times the amount of capital we realized across our private equity strategies. While our deployment pace has remained very strong in 2024, our realization stepped up meaningfully in private equity, and we returned more capital than we invested during the year. As we talk to our clients, our DPI has consistently been a point of differentiation and strength.

在 2022 年至 2023 年的兩年期間，我們在私募股權策略中部署的資本金額幾乎是實現資本金額的 1.5 倍。雖然我們的部署步伐在 2024 年仍然保持強勁，但我們在私募股權方面的實現卻顯著提升，並且我們在這一年中返還的資本超過了投資。當我們與客戶交談時，我們的 DPI 一直是我們的差異點和優勢。

Before I wrap up, I want to make a few comments about our global partner meeting that we hosted in Brooklyn a few weeks ago. Every two years, we bring our entire partnership together to discuss the investment landscape, our growth strategy and our culture.

在結束之前，我想就幾週前我們在布魯克林舉辦的全球合作夥伴會議發表一些評論。每兩年，我們都會召集整個合作夥伴討論投資前景、成長策略和文化。

Since our IPO, we've doubled our AUM to nearly $250 billion and during the meeting, we spoke extensively about our path to doubling our AUM again to $500 billion over the next several years. We set some very ambitious goals for ourselves, and the full force of our partnership is engaged in driving the next leg of growth for TPG.

自首次公開募股以來，我們的資產管理規模已翻番，達到近 2,500 億美元。在會議期間，我們詳細討論了在未來幾年內將資產管理規模再次翻倍至 5,000 億美元的途徑。我們為自己設定了一些非常雄心勃勃的目標，我們的合作夥伴關係將全力推動 TPG 的下一輪成長。

With that, I'll turn the call over to Jack.

說完這些，我會把電話轉給傑克。

Thanks, John. Thank you all for joining us today. I'll begin with the discussion of our financial results and investment performance before wrapping up with our outlook for the year. As Jon noted, 2024 was an outstanding year across the firm, including a strong finish in the fourth quarter with after-tax distributable earnings of $261 million, our highest level yet as a public company.

謝謝，約翰。感謝大家今天的參與。我將首先討論我們的財務表現和投資業績，然後總結我們對今年的展望。正如喬恩所指出的，2024 年是整個公司表現出色的一年，其中第四季度表現強勁，稅後可分配收益達到 2.61 億美元，這是我們作為上市公司迄今為止的最高水平。

Our fee related revenue in the fourth quarter was $461 million consistent with the third quarter. This included $19 million in FRPR primarily attributable to incentive fees from one of our direct lending SMAs.

我們第四季的費用相關收入為 4.61 億美元，與第三季持平。其中包括 1,900 萬美元的 FRPR，主要來自我們其中一項直接貸款 SMA 的獎勵費用。

For the full year, FRR of $1.8 billion increased 37% year over year, primarily driven by the contribution from TPG AG following the closing of the acquisition in November of 2023. We reported fee-related earnings of $190 million for the fourth quarter and $764 million for the full year, which increased 26% compared to 2023.

全年 FRR 為 18 億美元，年增 37%，主要得益於 2023 年 11 月收購完成後 TPG AG 的貢獻。我們報告第四季度的費用相關收益為 1.9 億美元，全年費用相關收益為 7.64 億美元，與 2023 年相比增長了 26%。

Our 2024 FRE margin was 42%, consistent with our previous guidance that we would exceed 40%. As Jon mentioned, realized performance allocations totaled $105 million in the fourth quarter, which is the second highest quarter since we went public three years ago.

我們的 2024 年 FRE 利潤率為 42%，與我們先前超過 40% 的預期一致。正如喬恩所提到的，第四季實現的績效分配總額為 1.05 億美元，這是我們三年前上市以來第二高的季度。

This reflects the strength and increased diversification of our business as well as our ongoing efforts to drive monetizations across the firm. It's important to highlight that $43 million or 41% was generated by our credit strategies, including structured credit solutions and middle market direct lending.

這反映了我們業務的實力和日益多樣化，以及我們為推動整個公司的貨幣化所做的持續努力。值得強調的是，4,300 萬美元（41%）來自我們的信貸策略，包括結構化信貸解決方案和中間市場直接貸款。

In addition, on the private equity side, our capital and growth platforms generated $35 million and $23 million respectively from monetizations primarily within the technology sector. For the full year, realized performance allocations were $195 million compared to $74 million in '23.

此外，在私募股權方面，我們的資本和成長平台分別從主要在科技領域的貨幣化中獲得了 3,500 萬美元和 2,300 萬美元的收益。就全年而言，實現的績效分配為 1.95 億美元，而 23 年為 7,400 萬美元。

Our clients remain very focused on DPI as a key performance metric, and our ability to drive successful realizations continues to be a real differentiator for TPG. This is particularly important as we look to significantly increase our capital raised in 2025.

我們的客戶仍然非常關注 DPI 作為關鍵績效指標，而我們推動成功實現的能力仍然是 TPG 的真正差異化因素。這尤其重要，因為我們希望在 2025 年大幅增加籌集的資金。

After tax attributable earnings for the fourth quarter totaled $261 million or $0.62 per share of Class A common stock, which increased 27% compared to the year ago quarter and 38% sequentially.

第四季稅後應佔收益總計 2.61 億美元，即每股 A 類普通股 0.62 美元，較去年同期成長 27%，較上一季成長 38%。

For the full year, after Tax DE of $837 million increased 43% versus the prior year, primarily due to significant growth in management fees from the addition of TPG AG as well as the meaningful increase in realized performance allocations I just discussed.

全年稅後 DE 為 8.37 億美元，較上年增長 43%，主要原因是 TPG AG 的加入導致管理費大幅增長，以及我剛才討論的已實現業績分配的顯著增加。

We finished 2024 with $246 billion of total assets under management, up 11% year over year. This was driven by $30 billion of capital raised and $19 billion of value creation, partially offset by $23 billion of realizations over the last 12 months.

截至 2024 年，我們管理的總資產為 2,460 億美元，年增 11%。這是由 300 億美元的募集資金和 190 億美元的價值創造所推動的，但被過去 12 個月 230 億美元的實現部分抵消。

It's also important to note that even with a strong investment pace, our dry powder increased from $51 billion to nearly $58 billion in 2024, which represents 41% of fee earning assets under management. AUM subject to fee earning growth was $28 billion at the end of the fourth quarter, which grew 15% year over year.

值得注意的是，即使投資步伐強勁，我們的現金儲備也從 510 億美元增加到 2024 年的近 580 億美元，佔管理費用資產的 41%。第四季末，受費用收入成長影響的資產管理規模為 280 億美元，較去年同期成長 15%。

This included $19 billion of AUM not yet earning fees, which increased 37% over the past year, primarily driven by successful fundraising across our credit platform, which generally earns fees on invested capital. Our net accrued performance balance was $974 million at the end of the fourth quarter.

其中包括尚未賺取費用的 190 億美元 AUM，在過去一年中增長了 37%，主要得益於我們信貸平台的成功融資，該平台通常會從投資資本中賺取費用。第四季末，我們的淨應計業績餘額為 9.74 億美元。

Even though we generated more than $100 million of performance related earnings for shareholders in the quarter, we still maintained a net accrued performance balance of nearly $1 billion due to strong value creation that I'll discuss shortly.

儘管本季我們為股東創造了超過 1 億美元的業績相關收益，但由於強勁的價值創造，我們仍然保持了近 10 億美元的淨應計業績餘額（我將在稍後討論）。

Our performance eligible AUM at the end of the fourth quarter totaled $209 billion or 85% of our total AUM, of which $163 billion is currently generating performance fees.

截至第四季末，我們的符合績效標準的資產管理規模總計 2,090 億美元，占我們總資產管理規模的 85%，其中 1,630 億美元目前正在產生績效費。

Turning to our portfolio, we've continued to generate strong investment performance with positive value creation across all our platforms for the fourth quarter and for the full year 2024. Our private equity portfolio in aggregate appreciated more than 3% in the fourth quarter and 10% over the last 12 months.

談到我們的投資組合，我們在第四季度和 2024 年全年繼續保持強勁的投資業績，所有平台都創造了積極的價值。我們的私募股權投資組合在第四季整體升值超過 3%，在過去 12 個月內升值 10% 以上。

Overall, the portfolio companies within our capital growth and Impact platforms continue to meaningfully outperform the broader market, with revenue growth of approximately 16% over the last 12 months.

總體而言，我們資本成長和影響力平台內的投資組合公司繼續大幅跑贏大盤，過去 12 個月的營收成長了約 16%。

In credit, our portfolio appreciated over 3% in the quarter and 13% over the last 12 months. In middle market direct lending, we've continued to maintain our disciplined credit underwriting and strong fund performance as we scaled.

在信貸方面，我們的投資組合在本季升值超過 3%，在過去 12 個月中升值 13%。在中端市場直接貸款領域，隨著規模的擴大，我們繼續保持嚴格的信用核保和強勁的基金表現。

As of December 31, Twin Brook's current fund Middle Market Direct Lending V is tracking above its targeted return range with a gross IRR of 18% and a net IRR of 14%. Our credit solutions platform also had strong results for the quarter and the year.

截至 12 月 31 日，Twin Brook 的現有基金 Middle Market Direct Lending V 的回報率高於其目標回報範圍，總 IRR 為 18%，淨 IRR 為 14%。我們的信用解決方案平台在本季和全年也取得了強勁的業績。

As our credit solutions funds generated net returns of more than 5% in the fourth quarter and from 11.5% to 14% for the full year. These returns far outpaced the US high yield bond index, which generated a return of just 17 basis points in the fourth quarter and 8.2% for the year.

我們的信貸解決方案基金在第四季度實現了超過5%的淨回報率，全年實現了11.5%至14%的淨回報率。這些回報率遠超過美國高收益債券指數，該指數第四季的回報率僅為 17 個基點，全年回報率為 8.2%。

In addition, our second essential housing fund generated a net return of 3.2% during the fourth quarter and 13% for 2024. Lastly, in structured credit, our asset-based credit fund's net IRR since inception remained above its target range at nearly 14% at the end of the fourth quarter.

此外，我們的第二隻基本住房基金在第四季度實現了 3.2% 的淨回報，2024 年實現了 13% 的淨回報。最後，在結構化信貸方面，我們的資產型信貸基金自成立以來的淨 IRR 在第四季度末仍保持在其目標範圍之上，接近 14%。

Our mortgage value partners fund with $6.5 billion of AUM generated a net return of 12% for the year with significantly less volatility than the broader market indices.

我們的抵押貸款價值合作夥伴基金管理著 65 億美元的資產，全年淨回報率為 12%，波動性遠低於大盤指數。

In real estate, TPG's Real Estate portfolio appreciated 3% in the fourth quarter and 10% over the last 12 months. This outperformance was primarily driven by the platform's continued focus on assets with positive secular demand trends and operating fundamentals, such as industrial, data centers, purpose-built single family rentals and student housing. Additionally, TPG AG Real Estate portfolio appreciated 60 basis points in the fourth quarter and more than 2% over the last 12 months.

在房地產領域，TPG 的房地產投資組合在第四季度上漲了 3%，在過去 12 個月中上漲了 10%。這種優異表現主要得益於該平台持續關注具有積極長期需求趨勢和營運基本面的資產，例如工業、資料中心、專用單戶出租和學生宿舍。此外，TPG AG 房地產投資組合在第四季度上漲了 60 個基點，在過去 12 個月中上漲了 2% 以上。

Turning to fundraising, we raised $8.8 billion during the fourth quarter and $30 billion for the full year, driven by continued broad-based credit fundraising and strong first closes across our climate private equity strategies.

在融資方面，我們在第四季度籌集了 88 億美元，全年籌集了 300 億美元，這得益於持續廣泛的信貸融資和我們氣候私募股權策略的強勁首次收盤。

As Jon noted, we raised more than $12 billion across our credit strategies in '24, which exceeded the $10 billion target we had set for the year. Additionally, we raised more than $14 billion in 2024 across our private equity and infrastructure strategies. Overall, our fundraising momentum remains strong.

正如喬恩所指出的，2024 年我們透過信貸策略籌集了超過 120 億美元的資金，超過了我們為該年度設定的 100 億美元的目標。此外，我們在 2024 年透過私募股權和基礎設施策略籌集了超過 140 億美元。整體而言，我們的籌款動能依然強勁。

We expect aggregate capital raising to increase significantly in 2025 compared to 2024, driven by the following. Number one, continued scaling of our credit platform as we successfully introduce and expand our client partnerships across our credit strategies.

我們預計，2025 年的總融資額將較 2024 年大幅增加，主要受下列因素推動。第一，隨著我們在信貸策略中成功引入和擴大客戶合作夥伴關係，我們的信貸平台不斷擴大。

Number two, additional closes for our climate private equity and infrastructure campaigns. Number three, the completion of our TPG growth campaign. Number four, initial closes for our next flagship buyout funds, TPG Capital and Healthcare Partners. Number five, initial closes for our next generation funds in our GP solutions and tech adjacency strategies and in Rise our broad-based impact private equity fund.

第二，我們氣候私募股權和基礎設施活動的額外結束。第三，我們的 TPG 成長活動已經完成。第四，我們的下一個旗艦收購基金 TPG Capital 和 Healthcare Partners 的首次關閉。第五，我們的 GP 解決方案和技術鄰接策略中的下一代基金以及 Rise 中的廣泛影響私募股權基金的首次關閉。

And six, increasing penetration of the high net worth market generally where we're building new products like TPOP and investing in our distribution team. Regarding the timing around TPOP, I'd like to note that we continue to make steady progress toward our goal of launching in the first quarter.

第六，我們正在不斷提高高淨值市場的滲透率，打造 TPOP 等新產品，並投資於我們的分銷團隊。關於 TPOP 的時間安排，我想指出的是，我們正繼續穩定地推進，朝著第一季推出的目標前進。

This would enable us to collect indications from our initial channel partners and position us to go live with the fund in the second quarter. Stepping back, I'd like to provide some perspective on 2024 and our outlook for '25.

這將使我們能夠從最初的通路合作夥伴那裡收集指示，並使我們能夠在第二季推出該基金。退一步來說，我想提供一些關於 2024 年和 2025 年展望的觀點。

We entered 2024 excited about our acquisition of Angelo Gordon and focused on putting the building blocks in place for our next wave of growth. We've made great progress and have begun to capitalize on the revenue synergies we discussed at the time of the acquisition.

進入 2024 年，我們對收購 Angelo Gordon 感到興奮，並專注於為下一波成長奠定基礎。我們取得了巨大進展，並開始利用收購時討論的營收綜效。

Financially, we always expected 2024 to be a transitional year with slower growth as we raise significant capital to scale our credit businesses that wouldn't flow into FAUM until 2025. And as our new climate P/E and infrastructure funds wouldn't activate until late last year.

從財務角度來看，我們一直預計 2024 年將是一個過渡年，成長將放緩，因為我們將籌集大量資金來擴大我們的信貸業務，而這些資金直到 2025 年才會流入 FAUM。而且我們的新氣候本益比和基礎設施基金直到去年年底才啟動。

Consistent with that expectation, fee earning AUM of $141 billion at the end of '24 grew approximately 3% versus year end '23. This was driven by several timing related factors. First, in our capital platform, step downs and monetizations exceeded fee earning capital during the year.

與此預期一致，24 年底的收費 AUM 為 1,410 億美元，較 23 年底成長約 3%。這是由幾個與時間相關的因素造成的。首先，在我們的資本平台上，今年的降級和貨幣化超過了收費資本。

Capital raised by approximately $2 billion as we focused on driving performance and realization activity in advance of launching TPG 10. Second, in the fourth quarter, the fee base in our first Rise Climate fund stepped down to actively invested capital after we activated TRC-2 at the end of September.

由於我們專注於在推出 TPG 10 之前推動業績和實現活動，因此籌集了約 20 億美元的資金。其次，在第四季度，我們在 9 月底啟動 TRC-2 後，第一隻 Rise Climate 基金的費用基礎下降為主動投資資本。

The step down was unusually large because there were a couple of signed investments in TRC-1 that had not yet closed as of year-end. Additionally, given the nature of our climate strategy, we often stage our commitments to invest additional capital as we build portfolio companies.

此次減持幅度異常大，因為截至年底，TRC-1 已有幾筆簽署的投資尚未完成。此外，鑑於我們的氣候策略的本質，我們經常在建立投資組合公司時承諾投入額外資本。

As the final investments in TRC-1 close and as we make these follow-on investments, we anticipate a meaningful increase in actively invested capital, FAUM and management fees for our Impact platform. Additionally, in our credit business, much like in private equity, we've been focused on taking advantage of attractive market conditions to drive monetization.

隨著 TRC-1 的最終投資結束以及我們進行這些後續投資，我們預計我們的 Impact 平台的主動投資資本、FAUM 和管理費將大幅增加。此外，在我們的信貸業務中，與私募股權非常相似，我們一直專注於利用有吸引力的市場條件來推動貨幣化。

Toward the end of the fourth quarter, we realized an incremental $840 million in proceeds that had not yet been distributed to LPs at year end. Pro forma for this distribution realizations and credit for the quarter were $3.2 billion rather than our reported $2.4 billion.

截至第四季末，我們實現了 8.4 億美元的增量收益，但截至年底尚未分配給 LP。本季分配實現和信貸的預測金額為 32 億美元，而不是我們報告的 24 億美元。

As we look ahead at 2025, we expect these factors to reverse, and we expect to see significant growth over the course of the year. In our capital business, FAUM should grow meaningfully this year as we hold first closes on our new flagship funds around mid-year.

展望 2025 年，我們預計這些因素將會逆轉，我們預計今年將顯著成長。在我們的資本業務中，FAUM 今年應該會實現顯著成長，因為我們將在年中左右首次關閉我們的新旗艦基金。

Likewise, in Rise Climate, we expect accelerated FAUM growth through both continued fundraising for TRC-2 and continued deployment and AIC growth in TRC-1. On management fees, we expect to see growth in the first half of the year, driven by continued progress on credit deployment as well as fundraising for our climate and transition infrastructure funds.

同樣，在 Rise Climate 中，我們預計透過繼續為 TRC-2 籌集資金以及繼續在 TRC-1 中部署和 AIC 成長，FAUM 將會加速成長。在管理費方面，我們預計上半年將出現成長，這得益於信貸部署的持續進展以及氣候和過渡基礎設施基金的融資。

We expect our growth to accelerate in the back half of the year with the activation of our new capital funds. Additionally, as we progress through our climate and capital campaigns, we expect catch up fees to step up throughout the year and into 2026.

我們預計，隨著新資本基金的投入，我們的成長將在下半年加速。此外，隨著我們氣候和資本運動的進展，我們預計補繳費用將在全年乃至 2026 年不斷增加。

We expect continued strength in capital markets revenue, driven by a solid pace of transaction volumes and the ongoing expansion of our broker dealer capabilities across all our platforms, including credit and impact. We expect our compensation and benefits expense to increase as we continue to invest in our teams to drive organic growth with a particular focus on private wealth and institutional distribution capabilities.

我們預計資本市場收入將繼續保持強勁，這得益於交易量的穩步增長以及我們所有平台（包括信貸和影響）經紀交易商能力的不斷擴展。我們預計，隨著我們繼續投資於團隊以推動有機成長，特別是注重私人財富和機構分銷能力，我們的薪資和福利支出將會增加。

We also expect to see a seasonal step up of approximately $15 million in the first quarter, driven by employer tax expense associated with our annual RSU vesting which just occurred in January. Taking all of this into account, we expect our FRE margin to decline modestly in the first quarter and then expand throughout the year as we grow FRR and realize additional operating leverage. We expect to exit 2025 with an FRE margin in the mid-40s.

我們也預期第一季將出現約 1500 萬美元的季節性成長，這主要是由於 1 月剛發生的年度 RSU 歸屬相關的雇主稅費支出所致。考慮到所有這些因素，我們預計我們的 FRE 利潤率將在第一季小幅下降，然後隨著 FRR 的成長和額外營運槓桿的實現，全年將會擴大。我們預計到 2025 年，FRE 利潤率將達到 40% 左右。

Wrapping up, we're very pleased with the strong investment and financial performance we delivered for our stakeholders in 2024. We also made substantial progress across key drivers of our business, including fundraising, deployment and organic growth.

總而言之，我們對 2024 年為利害關係人帶來的強勁投資和財務表現感到非常滿意。我們還在融資、部署和有機成長等業務關鍵驅動因素方面取得了實質進展。

We're entering 2025 with significant momentum, and we have multiple levers to generate accelerated growth during the year. We're excited about the opportunities to continue to provide differentiated returns to our clients and build long term value for our shareholders.

我們正以強勁的勢頭邁入 2025 年，我們擁有多種槓桿來在這一年實現加速成長。我們很高興有機會繼續為客戶提供差異化的回報並為股東創造長期價值。

Now, I'll turn the call the operator to take your questions.

現在，我將把電話轉給接線員來回答你們的問題。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作員指示） 摩根大通的肯‧沃辛頓。

Hi. Good morning. Thanks for taking the question. I wanted to follow up on your annual TPG Partners meeting. You mentioned the doubling of AUM in the coming years. Where do you place a bigger presence in an opportunity for insurance in your list of priorities, which you commented being credit climate growth in wealth as you highlighted, what is important?

你好。早安.感謝您回答這個問題。我想跟進您的年度 TPG 合作夥伴會議。您提到未來幾年 AUM 將翻倍。在您的優先事項清單中，您將保險機會放在哪個更重要的位置，您評​​論說，財富的信貸環境增長是最重要的，什麼是重要的？

And were there themes that either reoccurred throughout your gathering or that you think might be helpful to shareholders as we think about the next couple of years here?

在我們思考未來幾年時，是否有一些主題在您的會議期間反覆出現，或者您認為這些主題可能對股東有幫助？

Yeah. Thanks, Ken. I appreciate that. Let me frame it in the following way. This is what I did at the partner meeting, and we spent a lot of time talking about each of these drivers. But I think the easiest way to frame it is there's five core growth drivers that we think about in terms of doubling our AUM again.

是的。謝謝，肯。我很感激。讓我以下列方式來闡述它。這就是我在合夥人會議上所做的，我們花了很多時間討論每一個驅動因素。但我認為最簡單的表達方式是，在再次翻倍我們的 AUM 方面，我們考慮了五個核心成長動力。

The first would be -- and some of these you'll recognize, but the first would be continuing to grow our core. I think as you know, we've always talked about our investing performance and the quality of our performance as well as the relationships that we have with our clients.

第一個是──其中一些你們會認識到，但第一個是繼續發展我們的核心。我想如你所知，我們一直在談論我們的投資績效、績效品質以及我們與客戶的關係。

And on the back of that, I think we have been -- since our we've been able to grow our fund over fund sizes anywhere between 10% to 30%. And that's been a core objective of ours and we continue to be focused on our ability to grow in an appropriate way, vintage over vintage.

在此基礎上，我認為我們已經能夠將我們的基金規模擴大 10% 到 30%。這是我們的核心目標，我們將繼續專注於以適當的方式持續成長。

So number one is growing our core. Number two would be continue our track record of organic innovation, which we've talked a lot about on this call. And importantly, scaling what we've built. I think as you know, I think we've had a very good track record of growing our firm through organic innovation, a series of step-out strategies.

因此，首要的是發展我們的核心。第二點是繼續保持我們的有機創新記錄，我們在這次電話會議上已經談了很多。重要的是，擴大我們已經建立的規模。我想，正如你所知，我們透過有機創新和一系列的拓展策略，在公司發展方面有著非常好的記錄。

And we generally see the opportunities built into them and then try to scale over time. I think examples of that are important that we've already mentioned, but just to reiterate are things like our secondary strategy, TGS the fund raise that we're engaged in now for our tech adjacency strategy, TECA, which I mentioned, where we closed on nearly half of our target for our first fund, which is our first growth equity strategy in Asia.

我們通常會看到其中蘊含的機會，然後嘗試隨著時間的推移擴大規模。我認為我們已經提到的例子很重要，但需要重申的是我們的二級策略，TGS，我們現在正在為我們的技術鄰接策略TECA籌集資金，我提到過，我們的第一個基金已完成目標的近一半，這是我們在亞洲的第一個成長型股權策略。

Hybrid, which I talked about, transition infra, which is off to a very strong start. All of these are sort of pillars of organic growth that are off to a very strong start, play an important role in our overall mix of products and capabilities and all have the ability to grow and scale into their next-generation funds.

我之前談到的混合、基礎設施轉型已經取得了巨大的進展。所有這些都是有機成長的支柱，它們開局非常強勁，在我們的整體產品和能力組合中發揮著重要作用，並且都具有成長和擴展到下一代基金的能力。

The third is inorganic additions to our business. Obviously, when we went public, we talked about continuing to diversify our platform. We successfully did that with Angelo Gordon. I think we've executed very well in terms of the integration. As I said, we're operating as one firm.

第三是對我們業務的無機補充。顯然，當我們上市時，我們談到了繼續使我們的平台多樣化。我們與 Angelo Gordon 成功做到了這一點。我認為我們在整合方面做得非常好。正如我所說，我們作為一家公司運作。

But there are other areas we think that we can based upon our capabilities and what we've learned about integrating strategies and integrating firms, I think there are other areas where we can continue to be opportunistic and aggressive about adding inorganically.

但我們認為，基於我們的能力以及我們在整合策略和整合公司方面所學到的知識，我們可以在其他領域繼續抓住機會，積極地進行無機補充。

Areas just generally speaking, like continuing to expand our infrastructure capabilities like digital infra as one example. Another might be geographic in terms of expanding our footprint. Europe is an example where we spent some time, but there are a number of other areas as well.

一般來說，例如繼續擴大我們的基礎設施能力，例如數位基礎設施。就擴大我們的足跡而言，另一個可能是地理因素。歐洲就是一個例子，我們在那裡花了一些時間，但也有一些其他地區。

The fourth would be what we talked about on wealth and continuing to penetrate with both expanding our capabilities, expanding the breadth of our distribution capabilities on the private well site as well as product development.

第四是我們談論的財富和持續滲透，擴大我們的能力，擴大我們在私人油井場的分銷能力廣度以及產品開發。

TPOP, which both of us mentioned, we are in the process of rolling it out and launching at the end of this quarter and beginning to form capital into the second quarter into the middle of the year. There are other areas where I think we feel we can continue to develop traction in that part of the market.

我們倆都提到的 TPOP，我們正在推出它，並將在本季末推出，並在第二季到今年年中開始形成資本。我認為，我們可以在其他領域繼續發展該部分市場。

We have, as you know, a BDC on the credit side, which is TCAP, which we can continue to expand its penetration. We at some point will be focused on introducing an asset-based credit product. And then there are areas where I think we can penetrate in these types of products in our real estate franchise, given the exceptional performance of our real estate franchise and the ability to product development into that part of the market as well.

如您所知，我們在信用方面有一個 BDC，即 TCAP，我們可以繼續擴大其滲透率。我們在某些​​時候會專注於推出以資產為基礎的信貸產品。鑑於我們房地產特許經營的出色表現以及向該部分市場進行產品開發的能力，我認為我們可以將這些類型的產品滲透到我們的房地產特許經營的某些領域。

And then lastly is insurance, which obviously is kind of a category in a separate category but is also goes back to the inorganic strategy. And on the insurance side, I think we continue to work on building our insurance capital base across several different vectors.

最後是保險，它顯然是一個單獨類別中的一種，但也回歸了無機策略。在保險方面，我認為我們將繼續致力於在多個不同領域建立我們的保險資本基礎。

One is essentially just continuing to expand our relationships. If you look at the progress that we made in 2024 and where we're managing assets on behalf of insurance companies, we made very good progress in continuing to broaden our partnerships.

一是本質上繼續擴大我們的關係。如果你看看我們在 2024 年取得的進展以及我們代表保險公司管理資產的情況，我們在繼續擴大合作夥伴關係方面取得了非常好的進展。

Secondly, would be something that's on the M&A side, on the insurance side. We continue to do some work on that. We continue to look at a number of situations. The market continues to evolve in terms of the types of organizations that are looking for alternative asset management partnerships.

其次，是與併購和保險相關的一些事情。我們將繼續進行這方面的工作。我們繼續觀察多種情況。就尋求另類資產管理合作夥伴關係的組織類型而言，市場不斷發展。

We're not going to do something unless it fits us well unless we feel like it's the right fit from a perspective of growth over time. But we continue to work on it. We continue to see an interesting pipeline of opportunities.

我們不會去做某件事，除非它很適合我們，除非我們覺得從長期發展的角度來看它是合適的。但我們仍在繼續努力。我們繼續看到一系列有趣的機會。

And I think that over time, our expectation is that if we -- once we find the right partnership, its ability to really lever our growth across, in particular, our credit platform, but also beyond that, including what we're doing in infrastructure, infrastructure credit potentially as well as real estate and real estate credit, it will have a relative kind of leveraging effect across those strategies, but probably lever our credit platform most significantly.

我認為，隨著時間的推移，我們的期望是，一旦我們找到正確的合作夥伴關係，它就能夠真正促進我們的增長，特別是我們的信貸平台，但除此之外，還包括我們在基礎設施、基礎設施信貸以及房地產和房地產信貸領域所做的工作，它將對這些戰略產生相對的槓桿作用，但可能對我們的信貸平台的槓桿作用最為顯著。

So those are really the five pillars I think that we've talked about and spend a lot of time on, and that's where we expect most of our growth to come from.

所以，我認為這些確實是我們討論過並花費大量時間的五大支柱，我們預計我們的大部分成長將來自於此。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hi, good morning, everybody. Just maybe to build on that, Jon, when it comes to insurance, we've talked about it for a couple of quarters now. Maybe you just remind us how important is it for TPG to remain fairly balance sheet light and capital light as you valued various insurance opportunities out there.

大家好，早安。喬恩，也許是為了在此基礎上再進一步，當談到保險時，我們已經討論了幾個季度了。也許您只是提醒我們，當您重視各種保險機會時，TPG 保持相當輕的資產負債表和輕的資本是多麼重要。

And a bit of a follow up to that, not so much related to insurance, but to partnerships broadly. We've seen a number of alternative asset managers form partnerships with some of the larger traditional firms, more in the JV fashion, more in kind of product creation and distribution. How important is that for you guys as you're thinking about your plan over the next couple of years?

對此進行一些跟進，與保險關係不大，但與廣泛的合作關係有關。我們看到許多另類資產管理公司與一些較大的傳統公司建立了合作關係，更多的是以合資的方式，更多的是以產品創造和分銷的方式。當你們考慮未來幾年的計劃時，這對你們來說有多重要？

Yeah. Well, I think on the first part of your question relates to the balance sheet considerations and we've said this consistently. I think that we are open minded. I think the most important thing for us is finding the right partner in terms of quality, in terms of the ability to grow and the nature of how that partner wants to engage with us. And I think have put a pretty high bar on that and will continue to.

是的。嗯，我認為你問題的第一部分與資產負債表的考慮有關，我們一直在強調這一點。我認為我們思想開放。我認為對我們來說最重要的是找到一個在品質、成長能力以及與我們合作方式的性質方面都合適的合作夥伴。我認為我們已經為此設定了相當高的標準，並將繼續這樣做。

I think that we're mindful of the fact that I think that when you think about growth in the markets today, what we're finding and what we're observing is that there's an interesting convergence going on between the market and our shareholder base, I think appreciating and wanting us to continue to be focused on the, let's call it, the balance sheet light model and essentially drive our growth, FRE growth and some combination of FRE and PRE growth driving the value creation for our shareholders.

我認為，我們注意到這樣一個事實，當你思考當今市場的成長時，我們發現和觀察到的是，市場和我們的股東群體之間正在發生一種有趣的融合，我認為欣賞並希望我們繼續專注於我們所說的資產負債表輕型模型，並從本質上推動我們的成長、FRE 成長以及 FRE 和 PRE 成長的某種組合，從而為我們的股東創造價值。

But on the other hand, wanting some of the leveraging effects of having a strong balance sheet and having some inherent ability to leverage that balance sheet to drive growth. And so, I think in fact in conversations that you and I have had, I think you would call that, your cake and eat it too strategy.

但另一方面，我們希望獲得強大資產負債表的一些槓桿效應，並擁有利用資產負債表推動成長的一些固有能力。所以，我認為事實上在你我之間的對話中，你會稱之為「魚與熊掌兼得」策略。

And so, I think that we're trying to think through -- as we look at different opportunities, we're trying to think through that balance and to be honest with you, I think we're going to know it when we see it in terms of what feels right for us, but I don't think that we'll end up in a position where we transform ourselves into further -- when you think about the spectrum, I don't think we'll transform ourselves into a full on kind of balance sheet heavy model. I do not think we will do that.

所以，我認為我們正在努力思考——當我們看到不同的機會時，我們正在努力思考這種平衡，說實話，我認為當我們看到它時，我們會知道什麼對我們來說是正確的，但我不認為我們最終會處於一種將自己轉變為進一步的境地——當你考慮整個範圍時，我認為我們不會將自己轉變為一種完全依賴資產負債表的重型模式。我認為我們不會這麼做。

I think it'll be more of a hybrid structure when we find it, being mindful of, I think, what kind of quality growth looks like in the market. So that's how I would kind of think about that.

我認為，當我們找到它時，它將更像是一種混合結構，同時注意市場上的品質成長是什麼樣的。這就是我對此的看法。

And then with respect to other partnerships, I think what we see happening in the market is these partnerships are starting to evolve. Just to look at insurance as an example, when you look at some of the traditional insurance companies and their realization that the competitive dynamic, particularly in life and annuity has changed and evolved.

至於其他合作關係，我認為我們在市場上看到的是這些合作關係正在開始發展。以保險業為例，你會發現一些傳統保險公司意識到競爭態勢，特別是在人壽和年金領域，已經發生了變化和發展。

And so, you're starting to see a transformation in how some of the public companies on the insurance side and even some of the mutuals are starting to think about the importance of partnerships to enhance their asset management capabilities and naturally we are in that dialogue. I think that based upon our capabilities as investors, the breadth of our platform and some of the more innovative investment strategies that we've been able to build, we are naturally in that dialogue with a number of them.

因此，你開始看到一些保險公司甚至一些互助保險公司開始考慮合作關係對增強其資產管理能力的重要性，而我們自然也參與了這場對話。我認為，基於我們作為投資者的能力、我們平台的廣度以及我們已經能夠建立的一些更具創新性的投資策略，我們自然會與其中一些人進行對話。

And I think that it's -- I'm not sure that as we go forward that it will just be kind of one size fits all in terms of what these partnerships will look like. And we continue to -- we're engaged in exploring them with, I would say, several larger more traditional companies.

我認為——我不確定隨著我們繼續前進，這些合作關係是否會變得千篇一律。而且我們正在繼續——我想說，我們正在與幾家規模更大、更傳統的公司一起探索這些問題。

So that's on our radar screen as well and we'll continue to work on them and my guess is that, those will continue to play a role in terms of how our industry continues to adjust.

所以這也在我們的關注範圍內，我們會繼續努力，我猜想，這些將繼續在我們行業如何繼續調整方面發揮作用。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Great. Thank you. Good morning. Just coming back to your commentary around -- looking to double AUM over the next several years, it sounds like that could maybe be under five years. Maybe I'm putting words in your mouth, but is that fair? Just how are you thinking about that?

偉大的。謝謝。早安.回到您的評論——希望在未來幾年內將 AUM 翻一番，聽起來這可能只需要不到五年的時間。也許我是在強加於你的話，但這公平嗎？您對此有何看法？

You also mentioned five of the biggest drivers, just curious which of those do you see as the most meaningful or two? How much would you anticipate from organic versus inorganic? And then on the inorganic side maybe just remind us of your hurdles, that criteria, if you can elaborate on some of the areas that you're thinking about you mentioned broadly infrastructure and geographic expansion. Thank you.

您還提到了五個最大的驅動因素，只是好奇您認為哪一個或兩個是最有意義的？您預期有機物和無機物會有多少差異？然後在無機方面，也許只是提醒我們你的障礙，這些標準，如果你可以詳細說明你正在考慮的一些領域，你廣泛提到基礎設施和地理擴展。謝謝。

I think your characterizing to the time frame, Mike, is fair. And I use the word several years. And so, I think your characterization of it is fair and in the ballpark. I think that it's hard to predict exactly what kinds of opportunities are realizable when. So I'd leave it at that on the timing.

麥克，我認為你對時間框架的描述是公平的。我用了「幾年」這個詞。所以，我認為你對它的描述是公平且準確的。我認為很難準確預測什麼時候什麼樣的機會能夠實現。因此，關於時間安排，我的決定就到此為止。

I think that with respect to how to think about these drivers. I mean, maybe one way to characterize that. I tried to take a shot and this you'll have to have to give us some leeway on this, but I tried to take a shot at thinking about through a combination of fund over fund growth, organic innovation, growing those strategies and continuing to build into the wealth channel and just our normal fundraising, the expansion of our relationships into other products.

我認為這是有關如何看待這些驅動因素的問題。我的意思是，也許有一種方法可以描述這一點。我嘗試了一下，你必須給我們一些迴旋餘地，但我嘗試著透過基金成長、有機創新、發展這些策略以及繼續建立財富管道和我們的正常籌款，將我們的關係擴展到其他產品。

For instance, we mentioned that with AG now fully integrated, our credit businesses are really benefiting from expanding relationships with large pools of capital, and we have -- if you looked at our pipeline sheet, what you would see is that there are a lot of new relationships that are opening up for our credit platform.

例如，我們提到，隨著 AG 的完全整合，我們的信貸業務確實受益於與大量資本池不斷擴大的關係，如果您查看我們的管道表，您會看到我們的信貸平台正在建立許多新的關係。

So if you look at all that, I think that without inorganic growth. I think that we feel like we wouldn't double, but we would get a significant amount of the way there. So let's call it something like [$250 million to $400 million], something like that. And then using organic levers between tuck-in strategies or add-in strategies that we think are interesting like the categories that I mentioned as well as insurance.

所以如果你看一下這一切，我認為這沒有無機成長。我認為我們感覺我們不會翻倍，但我們會取得顯著的成果。因此我們就稱之為 [2.5 億美元到 4 億美元] 之類的。然後在我們認為有趣的整合策略或附加策略之間使用自然槓桿，例如我提到的類別以及保險。

I think that, that either gets us there, puts us over the top and it could be -- don't hold me to those ratios because there could be some sort of mix of that depending upon the size of the opportunities that come along. One of the things I think we feel, though, pretty strongly about is that if we see the right kinds of opportunities on the inorganic front, I think we feel like we have developed -- clearly have developed the expertise to know how to execute on those deals and also to know how to integrate them because I think what we've learned in the course of the Angelo Gordon transaction has been invaluable on that.

我認為，這可以讓我們達到目標，也可以讓我們超越目標，而且可能是 — — 不要把我限制在這些比率上，因為根據隨之而來的機會的大小，可能會有某種混合。不過，我認為我們非常強烈地感覺到的一件事是，如果我們在無機方面看到正確的機會，我想我們會覺得我們已經發展了——顯然已經發展了專業知識，知道如何執行這些交易，也知道如何整合它們，因為我認為我們在 Angelo Gordon 交易過程中學到的東西在這方面是無價的。

And I think that if you know us well enough to know that I think the integration has gone extremely well. We're operating as one firm. We're starting new strategies together like hybrid, which is a co-sponsored strategy between PE and credit.

我認為，如果你夠了解我們，你就會知道，我們的整合進展非常順利。我們作為一家公司運作。我們正在共同啟動新的策略，例如混合策略，這是 PE 和信貸共同發起的策略。

You can't really do that in doing deals like we talked about last quarter, like Dish as an example, like DirecTV Dish and what we were able to put together on the credit side there, combined with our private equity capabilities. You can't do that unless these teams are operating well together. So that's how I'd frame it for you.

在進行我們上個季度討論的交易時，你實際上無法做到這一點，例如 Dish、DirecTV Dish，以及我們能夠在那裡整合信貸方面的東西，再加上我們的私募股權能力。除非這些團隊能夠良好協作，否則你無法做到這一點。這就是我為你構思的方式。

Glenn Schorr, Evercore.

格倫·肖爾（Glenn Schorr），Evercore。

Hello there. So I appreciate the aspiration versus target and there's a lot of moving parts, and we idiots always trying to pin you down to number, so I apologize. Curious within this conversation about the asset growth and all the drivers underneath.

你好呀。因此，我理解願望與目標之間的區別，其中有很多活動部分，而我們這些白痴總是試圖將你限制在一個數字上，所以我很抱歉。對這次談話中資產成長及其背後的所有驅動因素感到好奇。

How do you think about FRE alongside with that? Meaning, can it grow in lockstep with the asset growth given more drivers? And if you had any thoughts on how to define significantly more capital being raised next year, that would be great also. Appreciate it.

您對 FRE 有什麼看法？意思是，在更多的驅動下，它能否與資產成長同步成長？如果您對如何定義明年籌集的更多資金有任何想法，那就太好了。非常感謝。

Well, I think that I'll take a shot at it and then maybe Jack might have some perspective on this as well. But I think what -- if you look at the FRE growth dynamics and map that against the growth of our business, maybe like the visual that I would use or the way I would frame it conceptually, Glenn, is that I think that our FRE follows the growth of our strategies, the innovation, the organic innovation and it kind of stair steps because what ends up happening is we start these new strategies.

好吧，我想我會嘗試一下，然後也許傑克也會對此有一些看法。但是我認為——如果你看一下 FRE 成長動態，並將其與我們業務的成長進行映射，也許就像我使用的視覺效果或概念性構建方式一樣，Glenn，我認為我們的 FRE 遵循我們戰略、創新、有機創新的增長以及階梯式的增長，因為最終發生的事情是我們開始實施這些新戰略。

Vintage 1 is usually something that we kind of put together through some combination of partnerships that we have with strong relationships of ours, invest while we're doing that. Then raise more capital based upon people being able to tangibly see how we're investing, okay?

第一個年份通常是我們透過與現有的牢固合作關係組合起來的，並在進行投資的同時進行。然後，讓人們實際看到我們的投資方式，從而籌集更多資金，好嗎？

And that sort of is what we use to build into kind of version one. And there have been occasionally a few exceptions like exceptions to that, that are what I would call like a bit of an outlier like what Jim and the impact team did on [Climate 1] as an example in terms of raising a very large-scaled first-generation fund, which is unusual in our industry.

這就是我們用來建立第一個版本的東西。偶爾也有一些例外，我稱之為有點異常的情況，例如吉姆和影響團隊在 [Climate 1] 上所做的那樣，他們籌集了一隻非常大規模的第一代基金，這在我們的行業中並不常見。

But generally, that's kind of how we innovate. And then what happens is based upon the success of that, we then can go into [Vintage 2] in a more normalized kind of capital formation way which expands the capital base and leverages our ability to do that and leverages on the team.

但總的來說，這就是我們創新的方式。然後，基於這一點的成功，我們可以採用更規範化的資本形成方式進入 [Vintage 2]，從而擴大資本基礎並利用我們的能力並發揮團隊的作用。

What we generally try to do is we generally try to use existing resources to the best we can to lever into these organic builds and then as the capital base grows, we add resources to it. We add in order for it to be kind of both FRE accretive, margin accretive, et cetera.

我們通常會盡可能地利用現有資源來促進這些有機建設，然後隨著資本基礎的成長，我們會在其中添加資源。我們添加它是為了讓它既能增加 FRE，又能增加利潤，等等。

But it usually takes -- I mean, one of the things that if you study it, what you'll find is that organic innovation in our industry takes a long time to get to sort of scale fund sizes, but it pays off because obviously it's super accretive the way you build it, and it's very -- it's from a shareholder perspective, I think it's very value additive, and I think we've been able to do this consistently.

但它通常需要——我的意思是，如果你研究它，你會發現我們行業中的有機創新需要很長時間才能達到一定規模的基金規模，但它是有回報的，因為很明顯它以你建立它的方式具有超級增值性，而且它非常——從股東的角度來看，我認為它非常具有價值附加價值，我認為我們一直能夠做到這一點。

So I see it more like as a stair-step function, which for us, if you look at kind of where our platform is and where our margins are, and what we've said we are trying to accomplish in terms of scaling our various platforms as well as the way we build into it.

因此，我認為這更像是一個階梯式的功能，對於我們來說，如果你看看我們的平台在哪裡，我們的利潤在哪裡，以及我們說過我們在擴展我們的各種平台以及我們融入其中的方式方面試圖實現的目標。

For us, the key is that we continue to get to that level of scale where we really start to see that next stage of margin expansion because FRE is kind of growing faster than -- and we're scaling the infrastructure essentially. So that's how I would describe it. I don't know, Jack, if you would add anything to that.

對我們來說，關鍵是我們要繼續達到這樣的規模水平，我們真正開始看到下一階段的利潤擴張，因為 FRE 的成長速度比 - - 更快，而且我們基本上正在擴展基礎設施。這就是我的描述。傑克，我不知道你還有什麼要補充的。

Glenn, I would basically say what you're asking -- I think you're asking is about FRE margin expansion. And as we get to call it, $400 billion to $500 billion of AUM and scale FAUM similarly, we should definitely see more operating leverage. I mean I talked about our near-term target for FRE margin.

格倫，我基本上想說的是你所問的——我認為你所問的是關於 FRE 利潤率擴張的問題。當我們稱之為 4000 億美元到 5000 億美元的 AUM 和類似規模的 FAUM 時，我們肯定會看到更多的營運槓桿。我的意思是我談到了我們近期的 FRE 利潤率目標。

By the time we get to this kind of size, we should clearly be in the 50s. So not only should -- in my mind, not only should FRE expand alongside AUM, it should expand faster than AUM because we'll definitely be generating operating leverage on our expense base.

當我們達到這種規模時，我們顯然應該在 50 年代。因此，在我看來，FRE 不僅應該與 AUM 一起擴張，還應該比 AUM 擴張得更快，因為我​​們肯定會在我們的費用基礎上產生營運槓桿。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Good afternoon, folks. Question on the -- I guess it's a two part question. One on how you're seeing the the impact from the partnership with Intersect Power, your portfolio company and Rise Climate and Google in terms of the, I guess, just first of all, the financial impact to TPG from that partnership?

大家下午好。關於這個問題——我想這是一個由兩個部分組成的問題。第一個問題是，您如何看待與 Intersect Power（您的投資組合公司）以及 Rise Climate 和 Google 的合作帶來的影響，首先，我想，這種合作對 TPG 的財務影響是什麼？

And then longer term, the potential for more of these types of partnerships in growing the Impact platform broadly? And I guess just linking into the $500 billion to what extent do you see the opportunity and impact and the infrastructure, assuming that you're going to keep infrastructure in the Impact platform to this to be the fastest grower in your business overall, maybe even to get to the size comparable to the capital platform in five years.

那麼從長遠來看，建立更多此類合作夥伴關係是否有可能廣泛地拓展 Impact 平台？我想，如果只考慮 5000 億美元，您在多大程度上看到了機會和影響以及基礎設施，假設您將保留 Impact 平台中的基礎設施，使其成為整個業務中增長最快的部分，甚至可能在五年內達到與資本平台相當的規模。

Sure. This is Jim Coulter. Let me give a report from the front on the climate impact side of the business where activity remains very high, while (technical difficulty) are obviously shifting in the background. The Intersect Google relationship that you talked about is a very important relationship. And I think it is indicative of what's happening on the ground in the climate marketplace.

當然。我是吉姆·庫爾特。讓我從業務的氣候影響方面進行正面報告，該方面的活動仍然非常活躍，而（技術難度）顯然正在後台發生變化。您談到的 Intersect Google 關係是一種非常重要的關係。我認為這表明了氣候市場目前的情況。

Let me give you four quick points on this. First of all, we get questions from time to time on our existing portfolio. It's fascinating for us because we launched the climate effort in the middle of a Trump administration not expecting the IRA, et cetera.

關於這一點，我簡單講四點。首先，我們時常會收到有關我們現有投資組合的問題。這對我們來說很有趣，因為我們在川普政府中期啟動了氣候努力，而川普政府並沒有預料到愛爾蘭共和軍等事件的發生。

So as we build that portfolio, most of the capital went in before the IRA, post the IRA as experienced investors in regulated industries. We knew which neighborhoods to stay out of. So we're seeing very muted effects in our portfolio. In fact, we just exited one of our positions, Nextracker and a company that has grown very strongly throughout all this. So portfolio effects seem quite muted so far.

因此，當我們建立該投資組合時，大部分資本在 IRA 之前投入，在 IRA 之後作為受監管行業的經驗豐富的投資者投入。我們知道要避開哪些街區。因此，我們的投資組合受到的影響非常小。事實上，我們剛剛退出了我們的一個職位，Nextracker，這是一家在這一切過程中發展非常強勁的公司。因此，到目前為止，投資組合效應似乎相當微弱。

Secondly, there's a lot of attention on the US right now. I would make sure that you pay attention to what's happening around the world. Last year, 65% of energy-related spending was on clean energy. And the question of how much drilling one is doing is dependent on whether you have fossil fuels to drill for which is not true in most of the world. So the robust opportunities internationally remain high.

其次，現在美國受到了廣泛關注。我會確保你專注於世界各地正在發生的事情。去年，65%的能源相關支出用於清潔能源。而鑽探量多少則取決於是否有化石燃料可供鑽探，但世界上大多數地方的情況並非如此。因此，國際上依然存在大量強勁機會。

Third, to your point on data centers, there's a lot of attention right now on what's happening in Washington. Hence, effect on things like offshore wind and EVs, which were areas we've been quite vocal about avoiding historically. While that debate has been going on, we're seeing an absolute explosion of spending around the grid in the US driven in part by data centers, but really more broad-based electrification of our economy.

第三，關於您提到的資料中心，現在大家非常關注華盛頓發生的事情。因此，這將對離岸風電和電動車等領域產生影響，而這些領域是我們過去一直強烈反對的。在這場爭論持續進行的同時，我們看到美國電網支出呈現爆炸性成長，部分原因是資料中心的推動，但實際上是我們經濟更廣泛的電氣化。

And that's giving rise for the opportunities that you're seeing in places like Intersect. And you'll see a series of announcements from us of other opportunities to build out clean power backbones for what's happening in AI. And whether it's DeepSeek or OpenAI, the one thing that's clear is more power will be needed.

這就為您在 Intersect 等地方看到的機會帶來了成長。您還將看到我們發布的一系列公告，其中涉及為人工智慧領域的發展建立清潔能源主幹的其他機會。無論是 DeepSeek 還是 OpenAI，有一點很明顯，那就是需要更強大的功能。

And we are very well positioned in that world to provide returns on that. So I think this really is opening up underneath the atmosphere except what's happening in Washington is really opening up a very large investment opportunity for us.

我們在這個領域處於非常有利的地位，可以提供回報。所以我認為這確實在幕後打開了大門，除了華盛頓正在發生的事情之外，這實際上為我們帶來了一個巨大的投資機會。

And the last point is while the debate goes on in Washington, pay attention to what's happening on the ground. If you look at our recent investments, whether it's Intersect, that could be tens of billions of dollars of spending at the company level at Intersect. Our largest deal in climate was a European-based home decarbonization. They don't really care much about what's happening with US policy.

最後一點是，當華盛頓進行辯論時，要注意當地發生的事情。如果你看看我們最近的投資，無論是 Intersect 或其他公司，在 Intersect 公司層級的支出可能高達數百億美元。我們在氣候領域最大的交易是歐洲家庭脫碳計畫。他們其實並不太關心美國政策的走向。

And we just did a take private that I think would not have been able to be done without some of the disruption in the market. So this disruption is creating opportunity. So on the ground, we continue to see a lot of opportunity. Our investor base is 70% outside of the US for the climate product.

我們剛剛完成了私有化，我認為如果沒有市場的一些混亂，這是不可能完成的。因此，這種顛覆正在創造機會。因此，在實際操作中，我們繼續看到很多機會。我們的氣候產品投資者 70% 在美國以外。

So far, we haven't seen any one step back, maybe some elongation to fundraising. But generally, long term, we feel very good about the trend. Obviously, a lot of that trend is going to be infra related, eventually credit related too, and we feel good about our launch there and our ability to continue to expand the product set.

到目前為止，我們還沒有看到任何人退縮，也許籌款有所延長。但總體而言，從長遠來看，我們對這一趨勢非常樂觀。顯然，許多趨勢將與基礎設施相關，最終也與信貸相關，我們對在那裡推出產品以及繼續擴展產品系列的能力感到滿意。

Mike Brown, Wells Fargo Securities.

富國證券的麥克布朗。

Okay. Great. Thanks for taking my question. So lots of commentary on the management fee dynamics in the fourth quarter and if there the pieces are in place for growth here in 2025, but just given some of the noise here, I was just hoping to maybe narrow in on the quarter-over-quarter movement in 1Q and maybe just the right range to consider here as we think about our forecast here for 1Q. Thank you.

好的。偉大的。感謝您回答我的問題。因此，關於第四季度管理費動態的評論很多，如果 2025 年的增長已經到位，但考慮到這裡的一些噪音，我只是希望縮小第一季度環比變動的範圍，也許只是在我們考慮第一季度的預測時考慮的正確範圍。謝謝。

Hey, Mike. I think what I said in my comments is we do expect obviously FAUM and FRR growth throughout this year. We've been working hard throughout '24 to put the building blocks in place for that. If you think about the trajectory of that growth during the year this year, it should accelerate towards the back half of the year as we add more funds to the fundraising pipeline.

嘿，麥克。我認為我在評論中所說的是，我們確實預計今年 FAUM 和 FRR 會成長。我們在整個24年裡一直努力工作，為此奠定基礎。如果你考慮今年的成長軌跡，那麼隨著我們向籌款管道增加更多資金，這種成長應該會在下半年加速。

I talked a bit about the kind of road map for fundraising for the year. One of the big events for this year is going to be the addition of our TPG Capital and Healthcare Partners funds, where we expect to increase the size of that capital base fund over fund, just like we did in the last cycle.

我談了一些有關今年籌款的路線圖。今年的一件大事是增加我們的 TPG Capital 和 Healthcare Partners 基金，我們預計該資本基礎基金的規模將逐年增加，就像我們在上一個週期所做的那樣。

And we expect to hold our first close around mid-year. So activation will depend upon when the current funds are fully deployed. But if you assume an activation in the back half of the year, that activation should accelerate FRR growth. So I'd expect moderate growth in the first quarter, accelerating towards the back half of the year.

我們預計將於年中左右舉行首次收盤儀式。因此，啟動將取決於當前資金何時完全部署。但如果你假設在下半年激活，那麼該激活應該會加速 FRR 的成長。因此我預計第一季將出現溫和成長，下半年將加速成長。

Arnaud Giblat, BNP.

法國國家銀行的阿諾吉布拉特（Arnaud Giblat）。

Yeah. Good morning. Just a quick question on Intersect. If I have heard well, it's an $20 billion opportunity with Google. I'm just wondering how the economics of this is captured whether this is through a fund or through co-invest or what are the economics with that deal?

是的。早安.關於 Intersect，我只想問一個簡單的問題。如果我沒聽錯的話，這對谷歌來說是一個價值 200 億美元的機會。我只是想知道這種交易的經濟效益是如何實現的，是透過基金還是透過共同投資，或者這種交易的經濟效益是什麼？

Secondly, if I could just have a quick follow-up in bridging the growth in AUM and fee-paying AUM in the capital and infra growth. I was wondering if there was any co-invest, I guess, that gets captured in the AUM that probably -- that would never then turn fee paying. Is there any of that or is this just a timing of activation thing?Thank you.

其次，我能否快速跟進一下在資本和基礎設施成長中如何彌合 AUM 成長和付費 AUM 成長之間的差距。我想知道是否有任何共同投資，我想，這些投資會被計入 AUM 中，可能 — — 這些投資永遠不會轉化為費用支付。有這些嗎？或者這只是啟動時間的問題？謝謝你。

Yeah. On Intersect, to be clear, that is a fund level investment and our opportunity to grow with that would be continued investment into Intersect as it moves forward with its strategy. But I think it's indicative of a larger trend, which is multiple opportunities like Intersect that are flowing into the market today because of this grid growth based on just a radical shift in the demand for energy in the US.

是的。對 Intersect 來說，需要明確的是，這是一項基金層級的投資，而我們隨之成長的機會就是隨著 Intersect 策略的推進，繼續對其進行投資。但我認為這顯示了一個更大的趨勢，即由於美國能源需求的根本轉變而導致的電網成長，像 Intersect 這樣的多個機會正在湧入市場。

So think of it as ongoing opportunity to invest into Intersect and opportunity to expand that strategy as a way of driving growth in our infrastructure and climate activity. On co-invest, Jack?

因此，可以將其視為對 Intersect 進行持續投資的機會，並可以將該策略擴展為推動基礎設施和氣候活動成長的一種方式。關於共同投資，傑克？

On the co-invest, there's always -- I mentioned some of the big drivers of the FAUM delta in Q4. But we always are going to have some of our capital raise come through no fee, no carry co-invested vehicles. It's an important part of our business. As I'm sure you know from all the LPs in the industry, delivering co-invest is kind of table stakes to their view of relationships.

關於共同投資，總是有——我提到了第四季度 FAUM 增量的一些主要驅動因素。但我們始終會透過無費用、無收益的共同投資工具來籌集部分資金。這是我們業務的重要組成部分。我相信您從業內所有 LP 那裡了解到，提供共同投資是他們看待關係的一種基本要求。

So every quarter, we will have a portion of our capital raising in no fee, no carry, co-invest vehicles. That was the case for us in some of our credit capital raising in Q4. And it was the case, for example, in TPG Capital, where we disclosed how much capital we raised. We're obviously not in the market for either Asia or the capital campaigns now.

因此，每個季度，我們都會透過無費用、無收益的共同投資工具籌集一部分資金。我們在第四季的部分信貸融資中就遇到過這種情況。例如，在 TPG Capital，我們揭露了我們籌集了多少資金。顯然，我們現在既沒有進入亞洲市場，也沒有參與資本運作活動。

So most of what you saw in the capital platform would have been in co-invest alongside the deals we're doing in capital. So that will go in cycles. But over time, you should expect that to be an important part of our business as it is for our LPs.

因此，您在資本平台上看到的大部分內容都是與我們在資本上進行的交易共同投資。如此便會循環進行。但隨著時間的推移，你應該期待它成為我們業務的重要組成部分，就像我們的 LP 一樣。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Thanks. Good morning. I wanted to follow up on credit performance. And as we think about this past year, one year kind of post integration of the deal curious about just kind of the growth outlook where you are in kind of maximizing the integration and kind of pro forma leverage of the combined businesses as we think about 2025 and beyond.

謝謝。早安.我想追蹤信用表現。當我們回顧過去的一年，即交易整合後的一年時，我們對成長前景感到好奇，在考慮 2025 年及以後時，您將如何最大限度地整合並最大化合併後業務的預期槓桿率。

I still think it's early days in a lot of respects in terms of maximizing the combination. I think you heard me mention the opening the dialogue with many of our largest pools of capital that are partners of ours. And obviously, in certain respects, with many of those, our credit teams were meeting some of those partners for the first time.

我仍然認為，在最大化組合方面，許多方面都還處於早期階段。我想你們已經聽到我提到與我們許多最大的資本合作夥伴展開對話。顯然，從某些方面來看，我們的信貸團隊是第一次與其中一些合作夥伴會面。

And in any asset class, raising capital is a multi-meeting cycle, if you observe how the pace of that really works. And so, we're now at this stage deep into that process, multiple meeting cycle with large pools of capital, some of which we are working on customized multi-product or multi-strategy SMAs, some of which are single product focused, depending on how those LPs want to allocate.

如果你觀察任何資產類別的節奏，你會發現，籌集資金是一個多次會議的周期。因此，我們現在正處於深入過程的這個階段，擁有大量資金的多個會議週期，其中一些我們正在致力於定制的多產品或多策略 SMA，其中一些則專注於單一產品，具體取決於那些 LP 希望如何分配。

But it's across the board. The engagement is really across the board now. And so if you -- again, as I mentioned, like if you looked at our pipeline and where we expect to convert on a number of those dialogues, I think that those represent significant incremental allocations to those strategies that will meaningfully expand our capital base.

但它是全面的。現在雙方的參與度確實達到了全方位。所以，正如我所提到的，如果你看一下我們的管道以及我們期望在哪些對話中進行轉換，我認為這些代表了對這些策略的重大增量分配，這些策略將顯著擴大我們的資本基礎。

And some of that's happened already where we were able to create those conversions, but there's still a lot of that on to come. So I think that in a lot of respects, it's still early days in terms of the expansion of the credit capabilities across the strategies.

有些事情已經發生了，我們能夠創建這些轉換，但仍有許多事情有待實現。因此我認為，從許多方面來看，擴大信貸能力的策略範圍仍處於早期階段。

And remember, the platform is a multi-strategy business. It's not a monoline business. So there are different types of partnerships with different types of LPs that are available to us that we're working on from across the distribution of different types of LP partners of ours.

請記住，該平台是一個多策略業務。這不是一項單一業務。因此，我們可以與不同類型的 LP 建立不同類型的合作夥伴關係，我們正在透過不同類型的 LP 合作夥伴的分佈來開展工作。

I think that also given the nature of the integration of AG into TPG and the combination of the combined brand if you will, the reach that I think and penetration that we can have in the private wealth and kind of mass affluent channels is different as a result of AG now being part of TPG and the relationships that we have with channel partners. And so, I think that's also another area where there's a lot of white space for us in terms of growing our penetration. So I think a lot more to come there.

我認為，考慮到 AG 融入 TPG 的性質以及合併品牌的組合，我認為我們在私人財富和大眾富裕管道中的覆蓋範圍和滲透力是不同的，因為 AG 現在是 TPG 的一部分，而且我們與通路合作夥伴建立了關係。因此，我認為這也是我們在擴大滲透率方面有很大空白的另一個領域。因此我認為未來還會有更多事情發生。

Thank you. This concludes the Q&A portion of today's call. I would now like to send the call back over to Gary Stein for closing remarks.

謝謝。今天電話會議的問答部分到此結束。現在我想將電話轉回給加里·斯坦 (Gary Stein)，請他做最後發言。

Great. Thank you, operator, and thank you all for joining us today. We look forward to speaking to you again next quarter. And in the meantime, if you have any questions, please feel free to reach out to the Investor Relations team.

偉大的。謝謝接線員，也謝謝大家今天加入我們。我們期待下個季度再次與您交談。同時，如果您有任何疑問，請隨時聯繫投資者關係團隊。

This concludes today's TPG fourth quarter 2024 earnings call and webcast. You may disconnect your line at this time and have a wonderful day.

今天的 TPG 2024 年第四季財報電話會議和網路廣播到此結束。此時您可以斷開線路並享受美好的一天。