TPG Inc (TPG) 2025 Q2 法說會逐字稿

Good morning, and welcome to the TPG's second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's call is recorded. Please go to TPG's IR website to obtain the earnings materials. I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. Thank you. You may begin.

早安，歡迎參加 TPG 2025 年第二季財報電話會議。（操作員指示）請注意，今天的通話已被錄音。請造訪 TPG 的 IR 網站以取得收益資料。現在我將電話轉給 TPG 投資者關係主管 Gary Stein。謝謝。你可以開始了。

Great. 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.

偉大的。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喬恩溫克里德 (Jon Winkelried) 和財務長傑克溫加特 (Jack Weingart)。此外，我們的執行主席兼聯合創始人 Jim Coulter 和總裁 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. Within our discussion and earnings release representing GAAP and non-GAAP measures, and we believe certain non-GAAP measures that we discuss on this call are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to the nearest GAAP figures in TPG's earnings release, which is available on our website.

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。在我們的討論和收益發布中代表了 GAAP 和非 GAAP 指標，我們認為我們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績效有關。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。

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. Looking briefly at our results for the second quarter. We reported GAAP net income attributable to TPG, Inc. of $15 million and after-tax distributable earnings of $268 million or $0.69 per share of Class A common stock. We declared a dividend of $0.59 per share of Class A common stock, which will be paid on September 2, 2025, to holders of record as of August 18, 2025.

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。簡單回顧一下我們第二季的業績。我們報告的歸屬於 TPG, Inc. 的 GAAP 淨收入為 1,500 萬美元，稅後可分配收益為 2.68 億美元或每股 A 類普通股 0.69 美元。我們宣布每股 A 類普通股發放 0.59 美元的股息，將於 2025 年 9 月 2 日支付給截至 2025 年 8 月 18 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. Before we begin, we want to acknowledge the senseless active violence that occurred at 345 Park Avenue last week. Our thoughts and prayers go out to those impacted by this tragedy, and we stand in solidarity with our friends at Blackstone, Ridden Management, New York Police Department, the NFL and KPMG during this difficult time. To the first responders who acted swiftly and courageously, thank you.

謝謝，加里。大家早安。在我們開始之前，我們要承認上週在公園大道 345 號發生的毫無意義的暴力事件。我們向那些受到這場悲劇影響的人們致以慰問和祈禱，並在這個艱難的時刻與黑石集團、Ridden Management、紐約警察局、NFL 和畢馬威的朋友們團結一致。向那些迅速而勇敢採取行動的第一批救援人員表示感謝。

Moving to earnings. TPG delivered outstanding results in the second quarter, reflecting the strength and durability of our franchise. Our after-tax distributable earnings for the quarter increased 30% compared to last year, driven by our strong operating metrics. On a year-over-year basis, our second quarter fundraising grew nearly 80% to $11.3 billion and deployment grew 36% to $10.4 billion and realizations grew more than 20% to $6.5 billion. After quarter end, we completed our acquisition of Peppertree, and the integration process is well underway.

轉向收益。TPG 在第二季取得了出色的業績，反映了我們特許經營的實力和持久性。受強勁營運指標的推動，本季我們的稅後可分配收益較去年同期成長了 30%。與去年同期相比，我們第二季的籌資額成長了近 80%，達到 113 億美元；部署額成長了 36%，達到 104 億美元；實現額成長了 20% 以上，達到 65 億美元。季度末之後，我們完成了對 Peppertree 的收購，整合過程正在順利進行中。

We're excited to welcome our Peppertree colleagues to TPG and to introduce our clients to this compelling digital infrastructure strategy. This morning, I'll discuss our momentum across fundraising, deployment, and realizations before turning the call over to Jack to cover our financial results. On the capital formation front, we had the second highest fundraising quarter in our history and the strongest credit fundraising quarter ever. On our last call, I highlighted the strength of our credit fundraising pipeline and that we were at an inflection point in our client dialogues. In the second quarter, we converted that momentum to $11.3 billion of capital raise, of which $5.4 billion was from our credit platform.

我們很高興歡迎 Peppertree 同事加入 TPG，並向我們的客戶介紹這項引人注目的數位基礎設施策略。今天上午，我將討論我們在籌款、部署和實現方面的勢頭，然後將電話轉給傑克來介紹我們的財務表現。在資本形成方面，我們經歷了歷史上第二高的融資季度和有史以來最強勁的信貸融資季度。在我們上次通話中，我強調了我們的信貸融資管道的實力，並且我們正處於客戶對話的轉折點。在第二季度，我們將這一勢頭轉化為 113 億美元的融資，其中 54 億美元來自我們的信貸平台。

Importantly, our second quarter numbers do not include any commitments for our flagship buyout funds, TPG Capital 10 and Healthcare Partners 3. We're seeing an acceleration of fundraising into the third quarter and are increasingly confident that we will raise significantly more capital in 2025 than last year. I'll share some updates across our campaigns. In private equity, during the quarter, we completed fundraising for TPG Growth 6, exceeding our $4 billion target to raise a total of $4.8 billion for the fund and affiliated vehicles. This represents a 35% increase over Growth 5, which is consistent with our track record of driving fund over fund growth across our strategies.

重要的是，我們的第二季數據不包括我們的旗艦收購基金 TPG Capital 10 和 Healthcare Partners 3 的任何承諾。我們看到第三季的融資速度正在加快，我們越來越有信心，2025 年我們將籌集到比去年多得多的資金。我將分享我們活動的一些最新動態。在私募股權方面，本季度，我們完成了 TPG Growth 6 的融資，超過了 40 億美元的目標，為該基金及其附屬工具籌集了總計 48 億美元的資金。這比 Growth 5 成長了 35%，這與我們透過各種策略推動基金成長的記錄一致。

In addition to continued support from existing clients, we meaningfully expanded our investor base outside of North America, particularly in the Middle East, Asia and Latin America. Additionally, we are seeing strong early support for our second GP solutions fund, which we expect to be significantly larger than its predecessor. As a reminder, TGS is our GP-led secondary strategy focused on North America and Europe, and it's experiencing significant demand as GPs look for creative ways to drive liquidity for their strongest performing assets. We recently launched the TGS 2 campaign and closed on $1.3 billion in the quarter. This early momentum is driven by the strong deployment and performance in our inaugural fund, which is now fully committed across 14 investments.

除了現有客戶的持續支持外，我們還大力擴大了北美以外的投資者基礎，特別是在中東、亞洲和拉丁美洲。此外，我們的第二隻 GP 解決方案基金獲得了強勁的早期支持，我們預計該基金的規模將遠大於其前身。提醒一下，TGS 是我們由 GP 主導的二級策略，專注於北美和歐洲，隨著 GP 尋求創造性的方式來推動其表現最強勁的資產的流動性，TGS 的需求量很大。我們最近啟動了 TGS 2 活動，本季的收益達到 13 億美元。這一早期勢頭得益於我們首支基金的強勁部署和業績表現，該基金目前已完全投入 14 項投資。

In May, we also launched T-POP, our new perpetually offered private equity product on two of the largest wire houses in the US. The initial feedback has been very positive, and we raised approximately $430 million across our first two closes in June and July. The TPG brand is resonating in the channel, and we are establishing a strong following with more than 560 individual financial advisers participating in these closes. This is a great foundation to build upon as we scale T-POP and launch additional products over time.

5 月份，我們也在美國兩家最大的證券公司推出了我們的新型永久私募股權產品 T-POP。最初的回饋非常積極，我們在 6 月和 7 月的前兩次融資中籌集了大約 4.3 億美元。TPG 品牌在管道中引起了共鳴，我們正在建立強大的追隨者群體，有超過 560 名個人財務顧問參與了這些交易。隨著我們逐步擴大 T-POP 規模並推出更多產品，這為我們奠定了良好的基礎。

In credit, the second quarter was a record fundraising quarter with $5.4 billion of total capital raised across our strategies. In Credit Solutions, we closed an additional $1.4 billion of capital for our third flagship fund, bringing the total raise to date to $4 billion. Our market leadership and the opportunistic credit space further enhanced by our strong cross-firm collaboration, continues to resonate with clients and our fundraising pipeline remains robust.

在信貸方面，第二季度是創紀錄的融資季度，我們透過各種策略籌集的總資本為 54 億美元。在信貸解決方案方面，我們為第三支旗艦基金額外募集了 14 億美元的資金，使迄今為止的總募集資金達到 40 億美元。我們的市場領導地位和機會性信貸空間因我們強大的跨公司合作而得到進一步增強，繼續引起客戶的共鳴，我們的籌款管道依然強勁。

In middle market direct lending, we held a first close of $1.4 billion for our sixth drawdown fund during the quarter. Due to Twin Brook's leadership position in the lower middle market and a continued steady pace of originations. We launched fundraising for our next vintage fund just 7 months after the final close of its predecessor.

在中間市場直接貸款方面，我們在本季為第六個提取基金進行了 14 億美元的首次收盤。由於 Twin Brook 在中低階市場的領導地位和持續穩定的發展步伐。在上一期基金最終關閉僅 7 個月後，我們就啟動了下一期基金的募款活動。

Twin Brook's differentiated portfolio, disciplined underwriting and stable returns continue to resonate with both existing and new clients. resulting in a very strong initial close. And in structured credit, we raised $1.4 billion across our ABC drawdown and Evergreen Funds as well as a number of SMAs. Demand for structured credit is high and continues to grow as clients are generally underweight and looking to diversify their exposure beyond corporate credit. Additionally, we continue to expand our product set to key areas such as private investment-grade asset-backed securities.

Twin Brook 的差異化投資組合、嚴格的核保和穩定的回報繼續引起現有和新客戶的共鳴，從而實現了非常強勁的初始收盤。在結構化信貸方面，我們透過 ABC 提款和 Evergreen 基金以​​及一些 SMA 籌集了 14 億美元。由於客戶普遍持股不足，並希望在公司信貸之外實現風險分散，因此對結構性信貸的需求很高且持續成長。此外，我們持續將產品範圍擴大到私人投資等級資產支援證券等關鍵領域。

In aggregate, we are seeing significant broad-based momentum in credit fundraising, and we expect 2025 to be a breakout year. I also want to highlight the meaningful progress we've made in the insurance channel. Insurance contributed nearly 30% of the credit capital we raised in the second quarter, primarily through our structured credit and credit solution strategies. Our scaled and diversified credit platform has enabled us to deepen relationships with our existing insurance partners while also establishing new ones. As we continue to organically grow our insurance client base and commitments.

總體而言，我們看到信貸融資領域出現了顯著的廣泛勢頭，我們預計 2025 年將是突破性的一年。我還想強調我們在保險管道取得的重大進展。保險貢獻了我們第二季籌集的信貸資本的近 30%，主要透過我們的結構化信貸和信貸解決方案策略。我們規模化、多樣化的信貸平台使我們能夠加深與現有保險合作夥伴的關係，同時建立新的關係。隨著我們繼續有機地擴大我們的保險客戶群和承諾。

We are also actively evaluating broader strategic partnerships and inorganic opportunities within the channel. While I'm very pleased with our capital formation during the second quarter, I'm even more enthusiastic as I look ahead. For TBC Capital 10 at Healthcare Partners 3, we are in the midst of a rolling first close where we expect to receive total commitments of approximately $9 billion. This strong result during a challenging private equity fundraising environment is a testament to the trust we've built with our clients through our distinct investment approach and excellent performance. While clients remain cautious and highly selective amidst ongoing macro uncertainty and muted distributions.

我們也積極評估通路內更廣泛的策略夥伴關係和無機機會。雖然我對第二季的資本形成感到非常滿意，但展望未來我更充滿熱情。對於 Healthcare Partners 3 的 TBC Capital 10，我們正處於滾動式首次收盤階段，預計將獲得總計約 90 億美元的承諾。在充滿挑戰的私募股權融資環境中取得這一強勁業績，證明了我們透過獨特的投資方式和出色的業績與客戶建立的信任。在持續的宏觀不確定性和低迷的分銷環境下，客戶仍保持謹慎和高度選擇性。

Our market leadership and differentiated value proposition in private equity have driven strong absolute and relative fundraising results. Moving on to deployment. We had a robust quarter with more than $10 billion of capital invested, which increased 36% year-over-year. In TPG Capital, we announced the $2.2 billion take private of Avid Exchange, a leading provider of AP automation software and payment solutions in partnership with Corpay. This is another example of accretive win-win corporate partnership that offers significant downside protection.

我們在私募股權領域的市場領導地位和差異化價值主張推動了強勁的絕對和相對融資績效。繼續部署。本季我們表現強勁，投資資本超過 100 億美元，較去年同期成長 36%。在 TPG Capital，我們宣布以 22 億美元的價格私有化 Avid Exchange，Avid Exchange 是一家領先的 AP 自動化軟體和支付解決方案提供商，與 Corpay 合作。這是另一個增值雙贏企業夥伴關係的例子，可提供顯著的下行保護。

And after the quarter end, we closed a carve-out of Sabre Corporation's Hospitality Solutions business, a leading technology solutions provider to the hospitality industry. Given our focus on vertical market software and the travel and leisure space, we are excited to drive transformational growth in the newly separated business. In Rise Climate, we recently announced a number of investments across Europe and Asia, representing over $10 billion of total enterprise value. This includes Sicit Group, a pioneer in sustainable agriculture; Aurora Energy Research, a U.K.-based provider of data and analytics for the global energy markets; and Techem, a leading digital-first provider of sub-metering solutions. In credit, we deployed $4.3 billion of capital across our strategies in the second quarter.

在本季結束後，我們完成了對 Sabre Corporation 酒店解決方案業務的剝離，該業務是酒店業領先的技術解決方案提供商。鑑於我們專注於垂直市場軟體和旅遊休閒領域，我們很高興推動新分離業務的轉型成長。在 Rise Climate，我們最近宣布了在歐洲和亞洲的多項投資，企業總價值超過 100 億美元。其中包括永續農業的先驅 Sicit Group、為全球能源市場提供數據和分析服務的英國公司 Aurora Energy Research 以及領先的數位優先分錶解決方案提供商 Techem。在信貸方面，我們在第二季為各項策略部署了 43 億美元的資本。

In structured credit, we continue to be a market leader in residential mortgage securitizations as one of the few managers who are vertically integrated in this space. We placed 5 issuances in the quarter across home equity, nonqualified mortgage and agency eligible collateral types to bring year-to-date securitizations to 8. Twin Brook generated $1.2 billion of gross originations in the second quarter. Add-ons made up nearly half of the activity in the quarter, demonstrating the power of Twin Brooks incumbency within its existing portfolio. And in Credit Solutions, we continue to see a growing pipeline of companies looking for solutions capital at scale.

在結構化信貸方面，作為少數在該領域垂直整合的管理公司之一，我們繼續在住宅抵押貸款證券化領域保持市場領先地位。本季度，我們發行了 5 筆證券，涵蓋房屋淨值、非合格抵押貸款和機構合格抵押品類型，使年初至今的證券化數量達到 8 筆。Twin Brook 在第二季實現了 12 億美元的總發起額。附加業務佔本季業務活動的近一半，彰顯了 Twin Brooks 在其現有投資組合中的實力。在信貸解決方案方面，我們繼續看到越來越多的公司尋求大規模解決方案資本。

In July, we completed a $1 billion asset-backed term loan facility for Altice USA in partnership with Goldman Sachs. This is a first-of-its-kind transaction in infrastructure backed financing, secured by Altice's Bronx and Brooklyn network assets. We also recently anchored an innovative multibillion dollar debt financing for X AI, which is one of the world's leading AI companies. We believe this represents one of the first large-scale credit solutions to be provided in the AI space, where we expect demand for creative financings to grow significantly given the immense funding requirements. Both of these financings are great examples of our ability to deliver customized, scaled solutions to address the complex capital needs of corporates similar to the Dish transaction last year operation.

7 月，我們與高盛合作，為 Altice USA 完成了 10 億美元資產支持定期貸款。這是首例基礎設施支援融資交易，由 Altice 的布朗克斯和布魯克林網路資產擔保。我們最近也為全球領先的人工智慧公司之一 X AI 提供了數十億美元的創新債務融資。我們相信這是人工智慧領域首批提供的大規模信貸解決方案之一，鑑於龐大的資金需求，我們預計對創意融資的需求將大幅成長。這兩次融資都充分證明了我們有能力提供客製化、規模化的解決方案，以滿足類似於去年 Dish 交易營運的企業複雜的資本需求。

Our credit solutions, private equity and real estate teams work together seamlessly to execute these highly bespoke solutions within our core thematic areas. In real estate, we continue to take a patient and disciplined approach to capitalize on the dislocation within the asset class. Over the last 2 years, we have acquired a number of high-quality assets that are typically unavailable from sellers facing liquidity pressure. These investments are performing well with strong operating fundamentals, driving LTM value creation for our TPG real estate of 14%. As we look ahead, we expect to see a growing pipeline of attractive investment opportunities.

我們的信貸解決方案、私募股權和房地產團隊無縫合作，在我們的核心主題領域內執行這些高度客製化的解決方案。在房地產領域，我們繼續採取耐心且嚴謹的方式來利用資產類別內的錯位。在過去的兩年裡，我們收購了許多面臨流動性壓力的賣家通常無法獲得的優質資產。這些投資表現良好，營運基本面強勁，推動我們的 TPG 房地產 LTM 價值創造 14%。展望未來，我們預計會看到越來越多有吸引力的投資機會。

Shortly after quarter end, TREP completed the acquisition of two adjacent high-quality office towers located on a full block of Park Avenue South. This is a top submarket in New York City, where favorable supply-demand dynamics have led to a significant improvement in office fundamentals. As a result of strong fundraising, we ended the quarter with record dry powder of $63 billion, representing 43% of fee-earning AUM. Our investment pipelines remain very active, and we expect our deployment pace to accelerate in the back half of this year. Finally, we continue to successfully execute on important exits and liquidity events driving $6.5 billion of realizations during the quarter across a number of our platforms.

本季末後不久，TREP 完成了位於公園大道南整條街區的兩座相鄰高品質辦公大樓的收購。這是紐約市的一個頂級次市場，良好的供需動態導致辦公大樓基本面顯著改善。由於強勁的融資勢頭，我們在本季結束時的淨資產達到創紀錄的 630 億美元，佔收費資產管理規模的 43%。我們的投資管道仍然非常活躍，我們預計今年下半年我們的部署步伐將加快。最後，我們繼續成功執行重要的退出和流動性事件，在本季透過我們的多個平台實現了 65 億美元的變現。

We realized nearly $2 billion of total proceeds from public market sales during the quarter. This included fully exiting from Viking Cruises, [TopTop Technologies], and Service Titan, and selling down our positions on Lifetime Fitness and SciLife Sciences. TPG Growth also completed the full company sales of Qcentrics and Crunch Fitness. We've generated $2.3 billion of liquidity in TPG growth year-to-date, including signed but not yet closed transactions, putting us on track to reach one of our highest years for realizations for this strategy. And this week, we announced our first exit from TPG Capital 9 with the sale of Elite, which we carved out of Thomson Reuters 2 years ago.

本季度，我們從公開市場銷售中獲得了近 20 億美元的總收益。其中包括完全退出 Viking Cruises、[TopTop Technologies] 和 Service Titan，並出售我們在 Lifetime Fitness 和 SciLife Sciences 的持股。TPG Growth 也完成了 Qcentrics 和 Crunch Fitness 的全資出售。今年迄今為止，我們已經在 TPG 成長中產生了 23 億美元的流動資金，包括已簽署但尚未完成的交易，使我們有望達到該戰略實現率最高的年份之一。本週，我們宣布首次退出 TPG Capital 9，出售 Elite，這是我們兩年前從湯森路透剝離出來的。

This investment marks a strong early outcome for the fund and is a great example of our ability to drive meaningful top line growth through disciplined operational transformation. Looking across the firm, we continue to experience strong momentum in scaling our business and deepening and broadening our client relationships. In private equity, despite persistent headwinds in the fundraising environment, we continue to differentiate ourselves with strong investment performance and DPI. We believe we are being positively selected by clients and continue to gain market share. driving fund over fund growth across both our existing and newer strategies.

這項投資標誌著該基金取得了強勁的早期成果，也是我們透過嚴謹的營運轉型推動有意義的營收成長能力的一個很好的例子。縱觀整個公司，我們在擴大業務規模以及深化和拓展客戶關係方面繼續保持強勁勢頭。在私募股權領域，儘管籌資環境持續面臨阻力，但我們仍然憑藉強勁的投資表現和 DPI 脫穎而出。我們相信，我們正受到客戶的積極選擇，並將繼續獲得市場份額。透過我們現有和較新的策略推動基金的成長。

In credit, we've reached an important inflection point in establishing our credit franchise with our institutional clients. We are now in the process of significantly expanding the capital base across each of our credit businesses, including partnering with our clients to develop and seed new strategies. In Private Wealth, TPO and KCAP have provided us with a strong foundation to build our presence in the channel, where we believe our differentiated brand and track record are resonating with advisers and their clients. We continue to build out our sales team, infrastructure servicing capabilities and suite of products given the long-term growth opportunity in wealth. Lastly, as the largest pools of capital globally continue to consolidate their relationships with fewer GPs.

在信貸方面，我們在與機構客戶建立信貸特許經營權方面已經達到了一個重要的轉折點。我們目前正在大幅擴大每個信貸業務的資本基礎，包括與客戶合作制定和培養新策略。在私人財富領域，TPO 和 KCAP 為我們在該管道中建立影響力提供了堅實的基礎，我們相信，我們差異化的品牌和業績記錄會引起顧問及其客戶的共鳴。鑑於財富的長期成長機會，我們將繼續擴大我們的銷售團隊、基礎設施服務能力和產品套件。最後，全球最大的資本池繼續鞏固與更少的 GP 的關係。

We are actively engaged in a number of cross-platform strategic partnership discussions. These partnerships position us to grow with our largest clients across multiple strategies and asset classes while also increasing the duration and continuity of our capital base. We're entering the back half of the year with significant strength across each of our platforms and look forward to continuing to deliver outstanding results for our clients and shareholders. I'll turn the call over to Jack to discuss our financial results.

我們正積極參與多項跨平台策略夥伴關係的討論。這些合作關係使我們能夠與最大的客戶在多種策略和資產類別中共同成長，同時也增加了我們資本基礎的持續時間和連續性。我們即將進入下半年，各個平台都表現出色，並期待繼續為我們的客戶和股東帶來出色的業績。我將把電話轉給傑克討論我們的財務結果。

Thank you, John, and thanks to all of you for joining us today. As many of you know, last year, we focused on putting the building blocks in place to support our next leg of growth. These included: one, scaling our credit businesses through a successful fundraising year, expecting that this capital would flow into fee-paying AUM as we invested this year in the future; two, preparing for the launch of our next series of private equity funds; and three, continuing to innovate, building new products and businesses, including GP solutions, climate infrastructure and TPO that we expect to scale into greater profitability over time. Through these levers, we expected to begin a new wave of growth this year. Our strong second quarter results highlight our early success in executing this growth strategy, and we expect our momentum to accelerate from here.

謝謝你，約翰，也謝謝大家今天的參與。大家可能都知道，去年，我們致力於奠定基礎，以支持下一階段的成長。這些目標包括：第一，透過成功的融資年擴大我們的信貸業務，預計隨著我們今年在未來進行投資，這些資金將流入付費的 AUM；第二，為推出下一系列私募股權基金做準備；第三，繼續創新，打造新的產品和業務，包括 GP 解決方案、氣候基礎設施和 TPO，我們預計這些產品和業務將隨著時間的推移擴大盈利能力。透過這些槓桿，我們預計今年將迎來新一輪成長。我們強勁的第二季業績凸顯了我們在執行這項成長策略方面的早期成功，我們預計我們的發展勢頭將從現在開始加速。

We ended the second quarter with $261 billion of total assets under management, up 14% year-over-year. This was driven by $36 billion of capital raised and $21 billion of value creation, partly offset by $23 billion of realizations over the last 12 months. Fee-earning AUM increased 7% year-over-year to reach $146 billion as of June 30 These figures do not include TPG Peppertree, which closed on July 1 and added approximately $8 billion of AUM and over $4 billion of fee-paying AUM. AUM, subject to fee earning growth, was $30 billion at the end of the quarter, which included $23 billion of AUM not yet earning fees and represents a revenue opportunity of nearly $200 million on an annualized basis. This shadow FAUM has been scaling with our credit businesses.

截至第二季度，我們管理的總資產為 2,610 億美元，年增 14%。這是由 360 億美元的募集資金和 210 億美元的價值創造所推動的，但部分被過去 12 個月的 230 億美元實現所抵消。截至 6 月 30 日，收費型 AUM 年增 7%，達到 1,460 億美元。這些數字不包括 TPG Peppertree，該公司於 7 月 1 日關閉，增加了約 80 億美元的 AUM 和超過 40 億美元的收費型 AUM。受費用收入成長影響的 AUM 在本季末為 300 億美元，其中包括 230 億美元的尚未賺取費用的 AUM，按年率計算，這意味著近 2 億美元的收入機會。這個影子 FAUM 一直在隨著我們的信貸業務而擴大。

And as John indicated, our deployment pace has begun to accelerate. At the end of the quarter, our net accrued performance balance remained at $1 billion and strong value creation and realizations largely offset each other during the quarter. Our fee-related revenue in the second quarter increased to $495 million and included $43 million of catch-up fees primarily associated with the strong final close of TPG Growth 6. We reported quarterly fee-related earnings of $220 million. Our FRE margin benefited from the catch-up fees as well as a step down in cash compensation expense this quarter.

正如約翰所指出的，我們的部署步伐已經開始加快。截至本季末，我們的淨應計業績餘額仍為 10 億美元，強勁的價值創造和實現在本季基本相互抵銷。我們第二季的費用相關收入增至 4.95 億美元，其中包括 4,300 萬美元的補繳費用，這主要與 TPG Growth 6 的強勁最終收盤有關。我們報告的季度費用相關收益為 2.2 億美元。我們的 FRE 利潤率受益於本季的補繳費用以及現金補償費用的下降。

After-tax distributable earnings for the second quarter increased 30% year-over-year to $268 million. or $0.69 per share of Class A common stock, which included $87 million of realized performance allocations. As Jon noted, our strong pace of monetization has been a significant point of differentiation for us. which continues to benefit our fundraising discussions with clients. Looking at the back half of the year, we expect to drive additional realizations, particularly as the broader market backdrop continues to improve.

第二季稅後可分配盈餘年增 30% 至 2.68 億美元，或每股 A 類普通股 0.69 美元，其中包括 8,700 萬美元的已實現績效分配。正如喬恩所指出的，我們強勁的貨幣化步伐一直是我們的一個重要差異點，這繼續有利於我們與客戶的籌款討論。展望下半年，我們預計將推動更多目標的實現，特別是在大盤環境持續改善的情況下。

As a result of our strong quarter, we declared a record dividend of $0.59 per share. Looking at our non-GAAP balance sheet. During the quarter, we further enhanced our liquidity and by upsizing our revolving credit facility from $1.2 billion to $1.75 billion. We've drawn on our revolver to fund several growth initiatives, including seeding TPOP's investment portfolio as well as funding the cash portion of the Peppertree acquisition in July. Pro forma for the Peppertree funding, the outstanding balance on our revolver is $570 million and our available liquidity is more than $1.3 billion.

由於本季業績強勁，我們宣布每股派息 0.59 美元，創歷史新高。查看我們的非公認會計準則資產負債表。本季度，我們進一步增強了流動性，並將循環信貸額度從 12 億美元增加到 17.5 億美元。我們已動用循環信貸為多項成長計畫提供資金，包括為 TPOP 的投資組合提供種子資金以及為 7 月收購 Peppertree 提供現金部分資金。根據 Peppertree 融資的形式，我們的循環信貸未償餘額為 5.7 億美元，可用流動資金超過 13 億美元。

Turning to our portfolio. We continue to drive positive value creation across all our platforms for the second quarter and over the last 12 months. In private equity, the fundamentals across our portfolios remain strong and we continue to see robust growth that is outpacing the broader market. The portfolio of companies within our capital growth and impact platforms grew revenue and EBITDA by approximately 16% and 23%, respectively, over the last 12 months. Our private equity portfolio in aggregate appreciated 2% in the quarter and 11% over the last 12 months.

轉向我們的投資組合。在第二季以及過去的 12 個月中，我們繼續在所有平台上推動積極的價值創造。在私募股權方面，我們投資組合的基本面依然強勁，我們持續看到超過大盤的強勁成長。過去 12 個月，我們資本成長和影響平台內的公司投資組合的收入和 EBITDA 分別成長了約 16% 和 23%。我們的私募股權投資組合在本季整體上漲了 2%，在過去 12 個月內上漲了 11%。

In credit, our portfolio appreciated 2% in the quarter and 12% over the last 12 months. In middle market direct lending, all our funds remain at or above their target return ranges as of quarter end. Within our portfolio, our average interest coverage ratio has remained stable at approximately 2x and our annualized loss ratio is approximately 2 basis points. Our structured credit strategies also continued to perform well, our first private asset-based credit funds net IRR since inception was above its target range at 13% at the end of the second quarter. TPG's real estate portfolio appreciated approximately 3% in the second quarter and 14% over the last 12 months.

在信貸方面，我們的投資組合在本季度升值了 2%，在過去 12 個月中升值了 12%。在中間市場直接貸款中，截至季末，我們所有的資金都維持在或高於其目標回報範圍。在我們的投資組合中，我們的平均利息覆蓋率保持穩定在 2 倍左右，年化損失率約為 2 個基點。我們的結構化信貸策略也持續表現良好，我們自成立以來的首隻私募資產信貸基金淨 IRR 在第二季末已高於其目標範圍 13%。TPG 的房地產投資組合在第二季升值約 3%，在過去 12 個月升值 14%。

We continue to see strong performance and value creation in our data center, industrial and residential investments. In addition, TPG AG's real estate portfolio appreciated by 20 basis points in the second quarter and nearly 3% over the last 12 months. Turning to fundraising. We raised over $11 million during the second quarter, as Jon noted, this was the second highest fundraising quarter in the firm's history and the highest fundraising quarter ever for our credit platform. As a result of our strong fundraising momentum, we remain very confident that will raise significantly more capital this year than last year.

我們的資料中心、工業和住宅投資持續表現出色，創造價值。此外，TPG AG 的房地產投資組合在第二季度升值了 20 個基點，在過去 12 個月中升值了近 3%。轉向籌款。正如喬恩所說，我們在第二季度籌集了超過 1100 萬美元，這是該公司歷史上第二高的籌款季度，也是我們信貸平台有史以來籌款最高的季度。由於我們強大的籌款勢頭，我們仍然非常有信心今年籌集的資金將比去年多得多。

Looking at the remainder of the year, we'll be in the market with approximately 25 different products across most of our platforms. The biggest contributors to our fundraising in the back half of the year include the following: one, the rolling first close for our next flagship buyout funds, TPG Capital and Healthcare Partners. As Jon mentioned, we expect to receive total commitments of approximately $9 billion during our rolling first close in the third quarter; two, continued strong capital raising across all of our credit strategies in drawdown funds, perpetual vehicles and SMEs; three, formal first closes for our second GP Solutions Fund and our third tech adjacencies fund as well as additional closes for Tika, our new Asia growth buyout strategy. We continue to make strong progress with TCA and have already raised more than half our target. And four, increasing our penetration within private wealth and insurance.

展望今年剩餘時間，我們將在大多數平台上推出約 25 種不同的產品。下半年對我們籌款貢獻最大的包括以下幾項：一是我們下一支旗艦收購基金 TPG Capital 和 Healthcare Partners 的滾動首次收盤。正如喬恩所提到的，我們預計在第三季度的滾動首次關閉期間將獲得總計約 90 億美元的承諾；第二，繼續在提取基金、永久性投資工具和中小企業的所有信貸策略中大力籌集資金；第三，我們的第二個 GP 解決方案基金和我們的第三個技術鄰接基金的正式首次關閉，以及我們的新亞洲增長收購策略 Tika 的額外關閉。我們在 TCA 方面繼續取得重大進展，並且已經籌集了超過一半的目標。第四，提高我們在私人財富和保險領域的滲透率。

On the topic of private wealth, I'd like to provide a bit more information on our strong progress in this important business. As Jon mentioned, TPOP is off to a great start, raising approximately $430 million in June and July alone and we expect strong continued expansion within our -- with our 2 initial launch partners. We also have several additional partners lined up domestically and internationally over the next several quarters. including expanding into the RIA channel. On the credit side, Twin Brooks nontraded BDC TCAP had its highest organic fundraising quarter yet in the second quarter with more than $200 million of inflows.

關於私人財富這個主題，我想提供更多有關我們在這項重要業務中取得的強勁進展的資訊。正如喬恩所提到的，TPOP 開局良好，僅在 6 月和 7 月就籌集了約 4.3 億美元，我們預計，透過與我們的 2 個初始發布合作夥伴的合作，TPOP 將繼續強勁擴張。未來幾個季度，我們也將在國內外尋找更多合作夥伴，包括擴展到 RIA 管道。在信貸方面，Twin Brooks 非交易性 BDC TCAP 在第二季度創下了迄今為止最高的有機籌資額，流入資金超過 2 億美元。

TCAP is now actively distributed on 3 major wire houses, and we expect further expansion in the near future. Across our private wealth business more broadly, we continue to grow our distribution network. We're now partnered with over 30 firms globally, which has increased more than fourfold just since the AG acquisition. We're also focused on expanding our suite of evergreen offerings across asset classes having created a strong foundation with TPO and TCAP. We're actively working on additional products across credit and real assets.

TCAP 目前已在 3 家主要有線電視公司積極分銷，我們預計在不久的將來會進一步擴張。在我們的私人財富業務中，我們繼續擴大我們的分銷網絡。我們目前與全球 30 多家公司合作，自收購 AG 以來，合作數量增加了四倍多。我們也致力於擴展跨資產類別的常青產品套件，並透過 TPO 和 TCAP 奠定堅實的基礎。我們正在積極開發更多信貸和實體資產領域的產品。

Private Wealth is a high priority growth area for the firm, and we continue to invest in broadening our capabilities to serve the growing needs of financial advisers and their clients. I'd like to provide a few important points regarding our near-term financial outlook. Beginning with the third quarter, our results will include the financial contribution from TPG Peppertree within our Market Solutions platform. As we noted when we announced this transaction, we expect TPG Peppertree to be immediately accretive to FRE and after-tax DE per share. Following the completion of our DIRECTV investment, TPG Capital 9 is now fully invested and reserved, and we already activated TPG Capital 10 in early July.

私人財富是公司的重點成長領域，我們將繼續投資以拓展我們的能力，以滿足財務顧問及其客戶日益增長的需求。我想就我們的近期財務前景提供一些重要觀點。從第三季開始，我們的業績將包括 TPG Peppertree 在我們的市場解決方案平台內的財務貢獻。正如我們在宣布此交易時所指出的那樣，我們預計 TPG Peppertree 將立即增加每股 FRE 和稅後 DE。繼完成對 DIRECTV 的投資後，TPG Capital 9 現已完全投資並預留，並且我們已經在 7 月初啟動了 TPG Capital 10。

We expect catch-up fees to step down in Q3 and then pick back up throughout next year as we hold subsequent closes in our capital and climate campaigns. Following the step-down in compensation expense in the second quarter, we expect this line item to begin trending back up starting in the third quarter. We continue to invest in our teams in strategic growth areas such as private wealth and climate infrastructure. Although we expect our FRE margin to decline modestly in the third quarter, consistent with our prior guidance, we continue to expect to exit the year with an FRE margin in the mid-40s. And finally, we expect our effective corporate tax rate to remain in the mid- to high single digits through the remainder of the year.

我們預計補繳費用將在第三季下降，然後在明年隨著我們資本和氣候活動的後續結束而回升。繼第二季薪資費用下降之後，我們預計專案將從第三季開始回升。我們將繼續在私人財富和氣候基礎設施等戰略成長領域對我們的團隊進行投資。儘管我們預計第三季的 FRE 利潤率將小幅下降，與我們先前的預期一致，但我們仍然預計今年的 FRE 利潤率將在 45% 左右。最後，我們預計今年剩餘時間內我們的有效企業稅率將維持在中高個位數。

Before I wrap up, I'd like to highlight the significant progress we've made in enhancing the liquidity in our stock since our IPO. Two recent events have contributed to this meaningfully. First, in May, [David Bonneman's estate] sold 21 million shares of TPG stock in order to satisfy certain obligations, including estate tax payments. And second, in connection with the closing of the Peppertree transaction last month, we issued and registered 2.9 million Class A shares as partial consideration. These shares, which were not owned by employees of Pepper try have already been fully liquidated in the public market.

在結束之前，我想強調一下自首次公開募股以來我們在提高股票流動性方面取得的重大進展。最近發生的兩起事件對此做出了重大貢獻。首先，5 月份，[David Bonneman 的遺產] 出售了 2,100 萬股 TPG 股票，以履行某些義務，包括支付遺產稅。其次，結合上個月 Peppertree 交易的完成，我們發行並註冊了 290 萬股 A​​ 類股票作為部分對價。這些不屬於 Peppertry 員工的股份已在公開市場上全部清算。

This supply was well received in the market, broadening our shareholder base and allowing many of our largest existing shareholders to further build their positions. Primarily as a result of these 2 events, the percentage of TPG Operating Group equity owned by TPG Inc. Class A shareholders has increased from 22% to approximately 40% in just 18 months. Taking a step back, we are very pleased with our strong second quarter results and the progress we continue to make driving growth and diversification across our business. We're experiencing substantial momentum as the pace of activity across the key drivers of our business, fundraising, deployment and realizations continues to accelerate, and we look forward to creating additional value for all of our stakeholders.

此次供應在市場上受到了熱烈歡迎，擴大了我們的股東基礎，並使我們許多現有的最大股東進一步鞏固了他們的地位。主要是由於這兩件事，TPG Inc. A 類股東持有的 TPG 營運集團股權比例在短短 18 個月內從 22% 增加至約 40%。回顧過去，我們對第二季度的強勁業績以及在推動業務成長和多元化方面繼續取得的進展感到非常滿意。隨著我們業務、籌資、部署和實現等關鍵驅動因素的活動步伐不斷加快，我們正在經歷巨大的發展勢頭，我們期待為所有利益相關者創造更多價值。

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

現在我將把電話轉回給接線員來回答您的問題。

(Operator Instructions) Glenn Schorr, Evercore.

（操作員指示） Glenn Schorr，Evercore。

So I wonder if you could help us. You are the last of the -- I think, the big goals to report. And we've seen -- you guys had good performance across private equity. You've raised a lot of money, you've returned a lot of money yet the aggregate details across private equity are still stock portfolios, low DPIs. And I see some surveys that show almost half of LD saying that they're their overweight with maybe potential to cut some allocations.

所以我想知道您是否可以幫助我們。我認為，您是最後一個要報告的大目標。我們已經看到——你們在私募股權領域表現良好。你已經籌集了很多資金，也返還了很多錢，但私募股權的整體細節仍然是股票投資組合，DPI 較低。我看到一些調查顯示，幾乎一半的 LD 表示他們的配置過重，可能會削減一些配置。

So like is it that the big get more successful and you're seeing more -- I'm curious to get your thoughts on the on the highest level of industry dynamic because you're clearly not seeing the same PE stuck in the mud that a lot of the bigger picture surveys would have you believe. So I'm just looking for you where we're at in that private equity cycle right now?

那麼，是不是大公司會變得更加成功，而您卻看到更多——我很好奇您對最高層行業動態的看法，因為您顯然沒有看到 PE 陷入泥潭，而許多更大規模的調查卻讓您相信這一點。所以我想知道我們現在處於私募股權週期的哪個階段？

I think it's a good question. And I think that our -- what we're experiencing, I think, is a little bit different than sort of the general kind of theme that you characterize as it relates to private equity I think it starts, just to be honest with you. I mean, I think that we -- first of all, at a high level, I mean, allocations obviously are fuller and higher in PE than maybe in some of the other asset classes. But with respect to the broader market, I think we still have a lot of confidence in the importance of the PE asset class as a return driver for the cross-section of larger institutional accounts. And also, I think some of the reaction that we've gotten as we've gone out in the market to continue to penetrate the wealth markets.

我認為這是個好問題。我認為，我們所經歷的與您所描述的與私募股權相關的一般主題略有不同，我認為它開始了，只是坦白告訴您。我的意思是，我認為我們——首先，在高層次上，我的意思是，市盈率的配置顯然比其他一些資​​產類別更充分、更高。但就更廣泛的市場而言，我認為我們仍然對 PE 資產類別作為大型機構帳戶橫斷面回報驅動因素的重要性充滿信心。而且，我認為，隨著我們進入市場並繼續滲透財富市場，我們已經得到了一些反應。

I think there as well, because of the nature of the public markets and where the returns are being driven in the public markets, I think that there is a clear perception and a clear, I think, interest in alpha creation from private companies that are driven by the private equity industry. So we still feel very strongly that the private equity asset class is going to be very important and durable for a lot of those reasons going forward.

我認為，由於公開市場的性質以及公開市場的回報驅動因素，人們對私募股權行業推動的私人公司創造阿爾法收益有著清晰的認識和興趣。因此，我們仍然堅信，出於許多原因，私募股權資產類別在未來將非常重要且持久。

I think what we're seeing for our -- in our own situation is it starts fundamentally with performance and how we've managed our business and how we've managed our funds. And if you look at those 2 categories of things, I think that we feel very good about our performance across our fund families consistently. And then the other thing, I think we also have been doing, I think we've talked about this before, is we've been very intentional and deliberate with respect to how we've been managing our funds from the perspective of how we've deployed, how we've composed our portfolios.

我認為，就我們自身的情況而言，一切從根本上取決於業績以及我們如何管理業務和如何管理資金。如果你看一下這兩類事物，我認為我們對我們基金家族的表現一直感到非常滿意。然後另一件事，我認為我們也一直在做，我想我們之前已經談過這個問題，那就是我們非常有意識和慎重地考慮如何從部署、如何構成投資組合的角度來管理我們的資金。

And we've been very intentional as it relates to not only on the entry on the buy, but we've been very intentional on how we think about exits and the importance of managing the process of exiting companies, returning capital and how that also influences the returns people are experiencing with us. in a holistic sense, both from a return perspective as well as from sort of flow of funds kind of back and forth. And it's just very clear that with the largest pools of capital, I mean, I think you could probably say that the largest players in the industry are gaining share, we think we are gaining share disproportionately. We've done -- we've looked at some of the numbers. We've looked at sort of our incremental growth with our largest LPs.

我們非常注重這一點，這不僅體現在收購的進入上，還體現在我們如何看待退出、管理退出公司流程的重要性、資本返還以及這如何影響人們與我們一起體驗到的回報。從整體意義上講，既包括從回報的角度，也包括從資金的來回流動的角度。很明顯，憑藉最大的資本池，我的意思是，我想你可能會說行業中最大的參與者正在獲得份額，我們認為我們正在獲得不成比例的份額。我們已經完成了——我們已經查看了一些數字。我們已經研究了我們最大的 LP 的增量增長。

And since our IPO, if you look at the top 100 relationships that we have, we have grown very meaningfully with all of those institutions across the portfolio of private equity as well as our credit and real estate businesses. But since your question is focused on private equity, we have a number of major relationships that are not going down with us, they're going up. They're incrementally adding to their commitments to our funds. And that's not to mention, obviously, relationships that have kind of -- that we've either restarted that over the course of the last 4, 5 years or brand-new relationships in other parts of the globe that we've been able to initiate. So I think we feel like our private equity business is very strong, very durable and I think that there are going to be -- if I could say it, I mean, they're going to -- I think they're going to be sort of haves and have nots as it relates to how the industry is evolving, and we feel like we're in a strong position.

自從我們首次公開募股以來，如果你看看我們建立的 100 個最重要的合作關係，你會發現，我們與私募股權投資組合以及信貸和房地產業務中的所有機構都取得了非常有意義的成長。但既然您的問題集中在私募股權上，我們與許多重要機構的關係不僅沒有下降，反而正在上升。他們正在逐步增加對我們資金的承諾。顯然，這還沒有提到我們在過去四、五年重新建立的合作關係，或者我們已經在全球其他地區建立了全新的合作關係。所以我認為我們的私募股權業務非常強勁、非常持久，而且我認為——如果我可以這麼說的話，我的意思是，他們將會——我認為他們會有和沒有，因為它與行業如何發展有關，我們覺得我們處於強勢地位。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

I wanted to maybe dig into the build-out of insurance. Can you talk about your view on balance sheet heavy versus balance sheet light? I think the preference has generally been partnerships and balance sheet light. You called out a number of times you don't want to be an insurance company. What would you want or need to see in something more balance sheet heavy that might change your mind in terms of what could be a good fit for TPG.

我可能想深入了解保險的建構。您能談談對重資產負債表和輕資產負債表的看法嗎？我認為普遍的偏好是合作關係和輕資產負債表。您多次呼籲不要成為保險公司。您希望或需要看到哪些更重資產負債表的東西，以致於可能會改變您的想法，認為什麼才最適合 TPG。

Is it size? Is it price? Is it all the above? Is there some other nuance on mix that ultimately makes a different structure a good idea for TPG?

是尺寸嗎？是價格嗎？以上都是嗎？混合方面是否存在其他細微差別，最終使得不同的結構對於 TPG 來說是一個好主意？

Thanks for the question. I think let me sort of come at it this way, which is that I think that what is first and foremost, just in terms of how we think about how insurance or insurance related transaction might fit into would be a couple of sort of core principles. One is that it's important to us to maintain what we think of as sort of FRE centricity. That's what we -- that's kind of like top of mind for us in terms of driving our asset management business and driving core fee-related earnings growth. And so that's kind of front and center as we think about what does a potential transaction do for us.

謝謝你的提問。我想讓我這樣來談，我認為首先也是最重要的，就我們如何看待保險或保險相關交易如何融入而言，有幾個核心原則。一是，對我們來說，保持我們所認為的 FRE 中心性非常重要。這就是我們——在推動我們的資產管理業務和推動核心費用相關收益成長方面，這是我們最關心的問題。因此，當我們思考潛在交易能為我們帶來什麼時，這一點是至關重要的。

Additionally, I think as we've talked about sort of not turning out ourselves into an insurance company, I think that could be maybe a little bit more specific. I think we are very sensitive to what types of liabilities we assume in the context of doing some kind of an insurance transaction. So that's not to say that we wouldn't use our balance sheet because we've talked about that before, obviously, and we would do it in the context of I think size is a little hard to judge depending on the situation. Ken. But I think that we're -- I think we're very focused on not putting ourselves in a position where we assume risks that we don't feel either good about or that we're not expertized in as it relates to certain types of insurance liabilities.

此外，我認為，正如我們所討論的，不要把自己變成一家保險公司，我認為這可能更具體一些。我認為我們對在進行某種保險交易時所承擔的責任類型非常敏感。所以這並不是說我們不會使用我們的資產負債表，因為我們之前顯然已經討論過這個問題，而且我們會在我認為規模有點難以判斷的情況下這樣做，具體取決於情況。肯。但我認為我們——我認為我們非常注重不讓自己處於承擔我們感覺不好或不擅長的風險的境地，因為這與某些類型的保險責任有關。

And so that's something that's also been top of mind for us. So when we've looked at some transactions, what we've tried to do is we've either looked at how does it impact our ability to grow our asset management franchise, grow our FRE without taking undue risk as it relates to the balance sheet. And in certain cases, what we've done is we've looked at a couple of opportunities where we've actually looked at partnering with some strategic partners within the insurance business, which would allow us to essentially try to acquire the portions of the business, particularly as it relates to distribution capabilities that expand our ability to accumulate capital, but not take on the parts of the business that are probably better left in the hands of an insurance business.

這也是我們最關心的問題。因此，當我們審視一些交易時，我們試圖做的是，要么看看它如何影響我們擴大資產管理特許經營權的能力，要么看看它如何影響我們在不承擔與資產負債表相關的過度風險的情況下擴大我們的 FRE。在某些情況下，我們所做的就是尋找一些機會，實際上我們已經考慮與保險業務中的一些戰略合作夥伴進行合作，這將使我們能夠從本質上嘗試收購部分業務，特別是與分銷能力相關的業務，從而擴大我們積累資本的能力，但不會接管可能最好留在保險業務手中的業務部分。

So that's -- those are our core principles, that's our approach. We continue to see the industry evolving in terms of what it takes to compete in the industry. And we continue to be in -- we continue to evaluate opportunities. And we -- and I think that if we do something, it will be with those core objectives in mind.

這就是——這就是我們的核心原則，這就是我們的方法。我們持續看到該行業在競爭方面不斷發展。我們會繼續——我們會繼續評估機會。而我認為，如果我們採取行動，就會牢記這些核心目標。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Maybe going back to Glenn's question around private equity. Obviously, very impressive on raising numbers with the first close here. I was hoping you could help us think through how you might sort of think about the ultimate size of these funds now, I think, like in the past, you talked about 40% to 50% typically comes in, in the first close of the 9 that you raised potentially puts you quite above, I think, than certainly prior funds, but also maybe what we were thinking before.

也許可以回到格倫關於私募股權的問題。顯然，在這裡第一次結束的時候，數字的提升非常令人印象深刻。我希望您能幫助我們思考一下您現在如何考慮這些基金的最終規模，我認為，就像過去一樣，您談到的 40% 到 50% 通常會在您籌集的 9 只基金的第一次收盤時達到，我認為這肯定會比之前的基金高得多，但也可能是我們之前所想的。

And then also, Jack, maybe just kind of walk us through the P&L impact on management fees in the third quarter as you started to earn management fees and lease funds and perhaps any step-down things we need to consider.

另外，傑克，也許您可以向我們介紹一下當您開始賺取管理費和租賃資金時，第三季度損益對管理費的影響，以及我們需要考慮的任何逐步減少的事情。

Yes. Alex, thanks for the questions. Just a little more color on what John said just qualitatively about the market. I think when we look at the institutional LP market globally, we really don't see reducing allocations to private equity. As an ecosystem globally, I think we're still seeing increases in allocations to private equity different in different parts of the market. I think there's an overlay of the liquidity HLP has to work with and how they manage that's compressing certain parts of the market, really mostly in the US institutional market.

是的。亞歷克斯，謝謝你的提問。我對約翰關於市場的一些定性描述做一點補充說明。我認為，當我們放眼全球機構 LP 市場時，我們確實沒有看到私募股權配置的減少。作為一個全球生態系統，我認為我們仍然看到市場不同部分對私募股權的配置增加。我認為 HLP 必須應對流動性問題，而他們的管理方式正在壓縮市場的某些部分，實際上主要是美國機構市場。

But there is -- I think there is a sorting out going on, as John alluded to. And I think we're benefiting from the conclusions of that sorting out. If you look at this first $9 billion, we said we expect to close on in TPG Healthcare Partners III, almost all of that is re-ups from existing LPs. And on average in that first close process, the existing LPs are increasing their commitments to us by north of 20%. So we are clearly gaining share with those LPs. And then the longer tail of the fund raise will be driven by additional re-ups in addition to new LPs coming into our ecosystem.

但正如約翰所暗示的，我認為正在進行整理。我認為我們從這次整理的結論中受益匪淺。如果你看一下這最初的 90 億美元，我們說我們預計將在 TPG Healthcare Partners III 中完成，幾乎所有這些資金都是來自現有 LP 的再投資。平均而言，在第一次結束過程中，現有的 LP 對我們的承諾增加了 20% 以上。因此，我們顯然正在從這些 LP 那裡獲得份額。然後，除了新的 LP 進入我們的生態系統之外，額外的再投資還將推動基金籌集的長期尾聲。

In terms of the size, I agree with you that, that kind of size in the first close is a higher percentage than many are achieving in this market. Look, our goal remains what we've been talking about, which is in each of our private businesses to increase the fund size kind of in each sequence. We obviously did that in growth, as we talked about, growing 35% versus the prior fund.

就規模而言，我同意你的觀點，首次收盤時的這種規模比這個市場上許多公司實現的規模百分比要高。你看，我們的目標仍然是我們一直在談論的，那就是在我們的每個私人企業中按順序增加基金規模。我們顯然在成長方面做到了這一點，正如我們所說的，與之前的基金相比成長了 35%。

I think in TPG 10 and Healthcare Partners 3, we have not set a target for those 2 funds collectively, but I would expect at least the same kind of growth rate over the prior vintage as we did in the prior sequence for the same fund complex, which tells you that the start we're off to in the first close is very strong. Now the impact on management fees, we will see -- I mentioned in my comments that we activated TVG1 last month in July. We have not yet activated Healthcare Partners 3 because we still have a little bit of investing to do in health care partners, too. If I had to estimate, when we'd activate that fund, it will probably be maybe the first quarter of next year.

我認為，在 TPG 10 和 Healthcare Partners 3 中，我們還沒有為這兩隻基金設定整體目標，但我預計，與上一季相比，這兩隻基金的成長率至少與上一季相同，這表明，我們在首次收盤時的開局非常強勁。現在我們將看到對管理費的影響——我在評論中提到，我們上個月（7 月）啟動了 TVG1。我們尚未啟動醫療保健合作夥伴 3，因為我們在醫療保健合作夥伴方面仍需要進行一些投資。如果我必須估計，我們何時會啟動該基金，那可能是明年第一季。

So step-downs obviously occur as you activate the next fund. What that means in TPG 9, 10, is TPG 9 fund, low step down next quarter -- in the fourth quarter.

因此，當您啟動下一支基金時，顯然會出現降額的情況。這意味著 TPG 9、10 基金將在下個季度（即第四季）逐步退出。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Just you mentioned the sort of flywheel accelerating to the second half of the year and great to see the significant jump in AUM not yet paying fees, -- how quickly do you think you can sort of deploy that $30 billion? And then the second part of the question is, I think you mentioned a significantly high level of revenues on that. How much incremental margin might be against that incremental revenue?

您剛才提到了飛輪加速到今年下半年的情況，很高興看到尚未支付費用的 AUM 大幅增長——您認為您能多快部署這 300 億美元？問題的第二部分是，我認為您提到了這方面的收入水平相當高。增量利潤與增量收入的比率是多少？

Well, I think what we said is that we are feeling good about deployment opportunities across our business. And obviously, somewhat related to how the markets act overall. But when we look at our pipelines across really all of our businesses, our pipelines have been increasing quarter-over-quarter over the course of 2025 so far. So we feel like deployment should continue to advance and on balance. I think our expectation is that our outlook is a deployment will pick up a bit as we go through the balance of the year, and then we'll see what happens into 2026.

嗯，我想我們所說的是，我們對整個業務的部署機會感到滿意。顯然，這與市場的整體表現有一定關係。但當我們審視我們所有業務的管道時，我們會發現，截至目前，2025 年我們的管道數量一直在逐季增加。因此，我們認為部署應該繼續推進並保持平衡。我認為我們的預期是，隨著我們度過今年的剩餘時間，部署將會有所回升，然後我們將看看 2026 年會發生什麼。

So we're feeling pretty good overall about the opportunities that we're seeing. When you look across the firm, as a result of the breadth of our business and the variety of strategies and the flexible capital that we have across our funds, I think we can respond to a lot of really interesting bespoke opportunities. And I think that's inherent in our strategy, which is to be able to be active across the variety of opportunities that present itself to us across the capital structure. So from that perspective, I think we're -- we continue to be reasonably bullish on deployment opportunities. The second part of the question was, I think you had --

因此，我們對所看到的機會整體感覺非常樂觀。縱觀整個公司，由於我們的業務範圍廣泛、策略多樣化、以及我們基金擁有的靈活資本，我認為我們可以應對許多真正有趣的客製化機會。我認為這是我們策略的本質，也就是能夠積極掌握資本結構中出現的各種機會。因此，從這個角度來看，我認為我們——我們繼續對部署機會持合理樂觀態度。問題的第二部分是，我認為你--

Margin on incremental employment.

新增就業的邊際。

I mean, obviously, that's going to differ in each asset class.

我的意思是，顯然，每個資產類別都會有所不同。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

One opportunity that maybe hasn't gotten as much airplay on the call is within Capital Markets. And I was hoping you could speak to, given some of the improvement in deployment in 2Q, certainly encouraging to hear expectations for continued acceleration in the back half, what the potential windfall could be on the capital market side? And are there any remaining gaps in terms of your capabilities? And just longer term, how large could this business grow over time?

資本市場領域是一個在電話會議上可能沒有太多關注的機會。希望您能談談，鑑於第二季部署有所改善，聽到對下半年繼續加速的預期肯定令人鼓舞，那麼資本市場方面可能帶來哪些意外之財？你們在能力方面還存在哪些差距？從長遠來看，這項業務隨著時間的推移能夠發展到多大？

Yes. Look, I mean we've talked about capital markets pretty consistently over the last few years and the importance of the business to the firm and the continued build-out of our business. And I think what we have done is we are continuing to -- we've done a few things, and we continue to. One is we continue to build out our capital markets capabilities across all of our strategies. And simply what we've done is we've added capital market expertise really embedded in each of our strategies so that they are connected to and close to the deal making process, which gives us the opportunity to finance deals.

是的。你看，我的意思是，過去幾年我們一直在談論資本市場，以及業務對公司的重要性以及業務的持續發展。我認為我們所做的就是繼續做下去——我們已經做了一些事情，我們會繼續做下去。一是我們將繼續在所有策略中建構資本市場能力。我們所做的就是將資本市場專業知識真正融入我們的每項策略中，以便它們與交易過程緊密相連，這讓我們有機會為交易融資。

It gives us the opportunities to refinance balance sheets and also provide interesting solutions and extend our capital base, as well to the extent that we are going to do larger and larger transactions. The second thing that's happened, which is material, is that as a result of the coming together with our credit business and the level of collaboration that we are able to execute on across the firm. There is increasingly interesting opportunities across asset class with respect to our capital markets capability.

它為我們提供了再融資資產負債表的機會，同時也提供了有趣的解決方案並擴大了我們的資本基礎，同時也使我們能夠進行越來越大的交易。發生的第二件事是實質性的，這是由於我們的信貸業務和我們能夠在整個公司範圍內執行的協作水平的結合。就我們的資本市場能力而言，跨資產類別的有趣機會越來越多。

And so when you see some of these deals that we're doing some of these investments that we're making and some of these deals that we're doing that I mentioned earlier, like the Altice deal, the Dish deal that we had last year, the XAI deal. Those transactions are really being executed by some collaboration of our investment teams across credit and private equity in those cases, actually in the -- and in a couple of cases, our real estate team as well, but also involving our capital markets capability and all of them, again, to extend our capital base or either syndicate risk, et cetera.

因此，當您看到我們正在進行的一些交易、我們正在進行的一些投資以及我們正在進行的一些我之前提到的交易時，例如 Altice 交易、我們去年進行的 Dish 交易、XAI 交易。這些交易實際上是由我們的信貸和私募股權投資團隊合作執行的，實際上，在一些情況下，我們的房地產團隊也參與其中，但也涉及我們的資本市場能力，所有這些再次擴大了我們的資本基礎或辛迪加風險等等。

I think that as we move forward in the future, as the firm continues to grow, as a number of strategies continue to evolve, obviously, somewhat subject to -- of course, subject to deal pace and deployment pace, capital markets should just generally grow. It should be correlated to the growth of the firm and the transactional activity overall. So we feel very good about it. And it will -- I think it will continue to be an important driver for us.

我認為，隨著我們未來的發展，隨著公司的不斷發展，隨著一系列策略的不斷發展，顯然，在某種程度上，當然，取決於交易速度和部署速度，資本市場應該普遍成長。它應該與公司的成長和整體交易活動有關。因此我們對此感覺非常好。我認為它將繼續成為我們的重要驅動力。

Yes, I would just say that that transaction monitoring and other fee line item that was about 150 or so last year. As Jon said, we continue to expect that to grow over time, not just with the pace of our overall growth, but ahead of the pace of our growth because we are penetrating additional segments of our business that we hadn't before by growing our capital markets team. So we continue to expect that line item to grow this year over last year in a healthy way and even faster next year.

是的，我只想說，去年交易監控和其他費用項目大約有 150 左右。正如喬恩所說，我們繼續期望這一增長能夠隨著時間的推移而增長，不僅與我們的整體增長速度同步，而且要領先於我們的增長速度，因為我們正在通過擴大我們的資本市場團隊來滲透到我們以前沒有的更多業務領域。因此，我們繼續預計該計畫今年將比去年健康成長，明年成長速度甚至更快。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

I wanted to follow up on the retail opportunity and the initial rollout of TPO. So you talked about, I think, broadening distribution. Maybe if you could expand upon what that looks like. And then also the product road map for other products for this channel and how you see that proliferating in the coming quarters?

我想跟進零售機會和 TPO 的初步推出。所以我認為您談到了擴大分銷。也許你可以進一步闡述它的樣子。然後還有該通路其他產品的產品路線圖，以及您認為其在未來幾季將如何發展？

Sure. Thanks for the question. First of all, on TPO, really, the first couple of closes we alluded to with our -- we've said we've had 2 large US wirehouses as our launch partners. So really, most of that capital came from those 2 partners.

當然。謝謝你的提問。首先，關於 TPO，實際上，我們提到的前幾次交易——我們說過，我們有 2 家大型美國證券公司作為我們的發布合作夥伴。所以實際上，大部分資金來自這兩位合夥人。

As we look in the future, we certainly have a lot of penetration that we continue to expect through those core partners. But we have several additional partners lined up, both domestically and internationally. We're launching in a couple of months with a large international bank with a focus on the Asia market. We have a product -- we have a focus on the RA market. It's been publicly disclosed that Capital has filed a registration statement for a TPG branded fund that they will be managing that's going to look a lot by TPP, but focused on the RIA market.

展望未來，我們肯定會透過這些核心合作夥伴繼續實現很大的滲透。但我們在國內和國際上都已經找到了幾個其他合作夥伴。我們將在幾個月內與一家大型國際銀行合作，專注於亞洲市場。我們有產品——我們專注於 RA 市場。據公開披露，Capital 已提交了 TPG 品牌基金的註冊聲明，他們將管理該基金，該基金將主要受 TPP 的影響，但專注於 RIA 市場。

And then what was the second part of the question?

那麼問題的第二部分是什麼呢？

The product road map beyond private equity. So we've got a lot of growth ahead of us in this core private equity product, TPO. While we're accomplishing that, we're also in the middle of designing the next wave of products, which will include something broader in credit, like a multi-asset class credit interval fund, something in real assets as well. we've described a lot about our broad-based real estate platform, and we're in the middle of designing a product there as well.

超越私募股權的產品路線圖。因此，我們在這核心私募股權產品 TPO 上還有很大發展空間。在實現這一目標的同時，我們也在設計下一波產品，其中將包括更廣泛的信貸產品，例如多元資產類別信貸間隔基金，以及一些實體資產。我們已經對我們的廣泛房地產平台進行了大量描述，我們也正在設計一款產品。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great if I can squeeze in a 3-parter on the impact platform.

如果我能在衝擊平台上擠進 3 部分，那就太好了。

We'll take the first part.

我們將討論第一部分。

At least I'm telling you it's 3 before. All related, but just, I guess, the fundraising pipeline on the impact platform and the 3-quarter is first RISE, looks like that's 70% invested. So commentary on the next vintage there. Secondly, the climate franchise, Rice Climate on 80% invested. It looks like on your front tables.

至少我之前告訴過你它是 3。所有相關，但我猜，影響平台上的籌款管道和第三季度是第一個 RISE，看起來已投資 70%。因此，請對下一個年份的葡萄酒進行評論。其次，氣候特許經營權，Rice Climate 投入了 80%。它看起來就像在你的前台。

And so if you can wrap together the -- I know there's a bundling of the Global South initiative with the last final close of Rise Climate 2 coming in. So just if you can update us on the timing of the incremental fund raise there. And then just three, just the Tangen strategies to the impact platform by climate infrastructure, for example, expectations of that into '26.

因此，如果你能將——我知道全球南方倡議與「崛起氣候 2」計畫的最終結束結合在一起。因此，如果您可以向我們通報增量資金籌集的時間安排的話。然後只有三個，例如，Tangen 策略對氣候基礎設施的影響平台，以及對 26 年的預期。

Sure, this is Jim. Let me take those. And let me step back and talk a little bit about what's happening in that area generally. So first of all, specifically on RISE 3 and 4, we expect to be holding first closes for RISE 4 probably in the fourth quarter. So that you're right in saying that we are heading into the market and that we'll have more to report going forward.

當然，我是吉姆。讓我來拿走它們。讓我回顧一下並簡單談談該地區目前的情況。首先，具體來說，對於 RISE 3 和 4，我們預計 RISE 4 可能會在第四季首次結束。所以你說得對，我們正在進入市場，未來我們會有更多消息要報告。

And the climate discussion, I think, requests -- requires a step back to what's happening in the climate world generally. So let me do that. First of all, it's very, very helpful to have the bill passed. So the policy landscape is relatively clear.

我認為，氣候討論需要回顧一下氣候領域的整體情況。那麼就讓我來做吧。首先，該法案的通過非常有幫助。所以政策格局相對清晰。

As I travel on the world -- before I jump in the US, let me make a general comment. As I travel on the world, there's a lot of discussion of tariffs. The rest of the world is not that bus with US energy policy. And as John noted, we've been very active in the climate franchise in the first half of this year, five deals, all international as the market in the US has paused for a bit to see where a policy would land.

當我周遊世界時——在我前往美國之前，請允許我先做一個總體評論。當我在世界各地旅行時，經常會討論到關稅問題。世界其他地區對美國能源政策的接受度並不高。正如約翰所說，今年上半年我們在氣候特許經營領域非常活躍，達成了五筆交易，全部是國際交易，因為美國市場暫停了一段時間，以觀察政策的最終走向。

Where did it land? The bill landed in a place that was better than people expected. The way to think about that is to probably watch the Clean Energy Index, S&P Clean Energy Index. And back April and May, there was a lot of concern. But as the bill which came out, that index board back. In fact, it's 6% above where it was at the election at this point, and subsectors are actually doing much better.

它降落在哪裡？該法案的結果比人們預期的要好。思考這個問題的方法可能是觀察清潔能源指數、標準普爾清潔能源指數。回顧四月和五月，人們有很多擔憂。但隨著法案的出台，該指數又回落了。事實上，目前的支持率比選舉時高出 6%，而且各個子行業的表現實際上要好得多。

Within the bill, the area that probably got hurt most was EVs where we have -- in the US, which where we have been very vocally not an investor. But if you go deep on the policy -- the way to look at it is, where are we versus where we were before the IRA because the IRA was never fully implemented. And generally, the picture there is quite surprising. In most areas, there's more support than there was in 2022 when chat GPT dropped. For example, on batteries, which are critically important now the new build kept the IRA provisions for very substantial incentives and added US incentives to that.

在該法案中，可能受到最大傷害的領域是電動車，而我們在美國一直明確表示不是電動車的投資者。但是如果你深入研究這項政策——看待它的方式是，我們現在處於什麼位置，與愛爾蘭共和軍之前相比如何，因為愛爾蘭共和軍從未完全實施。總的來說，那裡的景象相當令人驚訝。在大多數地區，現在的支援比 2022 年聊天 GPT 取消時要多。例如，對於現在至關重要的電池，新建案保留了 IRA 規定的非常實質的激勵措施，並在此基礎上增加了美國的激勵措施。

So underneath the noise in the US market, I think the clarity we now have is really interesting in our pipeline as a result, is very, very busy. The two big factors to look at going forward is that we are a way short energy in the US and that the fastest way and cheapest way to add energy is still renewables.

因此，在美國市場的喧囂之下，我認為我們現在所擁有的清晰度確實很有趣，因此我們的管道非常非常繁忙。未來需要考慮的兩個重要因素是，美國能源嚴重短缺，而增加能源的最快和最便宜的方式仍然是再生能源。

Yes, there will be more gas, but gas was only 7% of the market this year. And secondly, adaptation will continue to be very robust. Translating that into fundraising, as you know, we had strong first closes, well above those 50% targets we were talking about. In spite of all the noise in the market, the first half of this year in the Rise Climate franchise, we closed on $1.5 billion capital.

是的，天然氣將會增多，但今年天然氣僅佔市場的 7%。其次，適應能力將持續保持強勁。將其轉化為籌款，如您所知，我們的首次收盤表現強勁，遠高於我們所說的 50% 的目標。儘管市場噪音不斷，但今年上半年我們在 Rise Climate 系列上還是獲得了 15 億美元的融資。

And in the barbell world, we now live. We're now moving into the back half of those campaigns well over where we were in the last bump cycle. So in terms of capital committed, some of which still to be activated, we are well over where we were in the last fund cycle. And so with clarity in the market, we're now looking forward to the back part of the fund cycle for [TRC2] and really the initiation after our anchor commitments of TI and the opportunity set for those is robust.

我們現在生活在槓鈴的世界裡。現在，我們已進入這些活動的後半段，並且比上一個高峰週期的水平有了很大提高。因此，就承諾的資本而言（其中一些仍有待激活），我們已經遠遠超過了上一個基金週期的水平。因此，在市場明朗的情況下，我們現在期待 [TRC2] 基金周期的後半部分，以及在我們對 TI 做出錨定承諾之後的啟動以及為這些基金設定的強勁機會。

So I think we're kind of on track in these areas with understanding that there was a pause as the market tried to figure out where the bill was going to land and a likely elongation from our original intentions. But I think that's probably consistent with what you're seeing in fundraising generally in the market. So the impact franchise should have a busy next 6 to 9 months.

因此，我認為我們在這些領域的進展大致正常，因為我們了解到市場在試圖弄清楚該法案的最終結果以及可能與我們最初的意圖有所延長時出現了停頓。但我認為這可能與您在市場上普遍看到的籌款情況一致。因此，影響力特許經營權在未來 6 到 9 個月內應該會很忙碌。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Just wanted to circle back to an earlier comment that was made around your engagement and cross-platform strategic partnership discussions to increase duration and the continuity of the capital base. I was hoping you could elaborate a bit on your aspirations there, the strategy, how you're approaching this? What this could look like and how it might contribute over time for TPG?

我只是想回到之前關於你們的參與和跨平台策略夥伴關係討論的評論，以增加資本基礎的持續時間和連續性。我希望您能詳細闡述您的願望、策略以及您如何處理這些問題？這會是什麼樣子以及隨著時間的推移它將如何為 TPG 做出貢獻？

Sure. Thanks, Michael. I think we alluded to an example of a strategic partnership. I think it was on last quarter's call. But I think that -- the general approach is consistent with the theme that we talked about earlier on this call, which is that what we're finding is that the largest institutional partners are narrowing and focusing their relationships.

當然。謝謝，麥可。我想我們提到了策略夥伴關係的一個例子。我認為這是上個季度的電話會議。但我認為——整體方法與我們之前在電話會議上討論的主題一致，那就是我們發現最大的機構合作夥伴正在縮小和集中他們的關係。

And as a result of that, they are really, I think, trying to figure out ways of structuring win-wins with firms and partnerships with partners that they have a lot of confidence in. And so increasingly, what we're finding is engaging in dialogue with a number of our largest partners about how can we structure essentially longer-term relationships with one another that usually come in the form of thinking about commitments across asset classes, which is important, by the way, because it's not touching just one asset class, but thinking about commitments that go across asset classes where in exchange for commitments of certain dollar amounts of capital over a period of time.

因此，我認為，他們確實在努力尋找與自己非常信任的公司建立雙贏關係以及與合作夥伴建立夥伴關係的方法。因此，我們越來越發現，我們正在與一些最大的合作夥伴進行對話，討論如何構建彼此之間長期的關係，這種關係通常以考慮跨資產類別的承諾的形式出現，順便說一句，這很重要，因為它不僅涉及一種資產類別，而是考慮跨資產類別的承諾，以換取在一段時間內一定數額的資本承諾。

And that could vary depending on -- these are very bespoke arrangements by the way that could vary from a 3-, 4-, 5-year kind of time horizon where they commit a certain amount of capital to TPG and to our various funds. And in return for that, there's incentives for them. There are economic incentives that are, again, are also fairly bespoke in nature. But the basic partnership arrangement is that they're looking at very significant large capital commitments to the firm in return for those benefits.

這可能會有所不同——順便說一下，這些都是非常客製化的安排，時間範圍可能是 3 年、4 年、5 年，他們會向 TPG 和我們的各種基金投入一定數量的資本。作為回報，他們會得到激勵。再次強調，還有一些經濟誘因，這些措施本質上也是相當客製化的。但基本的合作安排是，他們希望公司做出非常重大的資本承諾，以換取這些利益。

And for some reason, if things change or if they have to make adjustments in their plan, and they don't achieve those milestones, then some of the economic benefits roll back. And so again, I want to emphasize that they are very sort of bespoke, but I would say that we're engaged in that dialogue with more of our major partners than I think we've ever been before in our history. And what it does is it obviously ties us closer together. I mean there are sort of other dynamics to some of these partnership arrangements where we spend time with one another at the top of the house sharing ideas and talking about markets and talking about what we're seeing. But essentially, it is a kind of throwing in together on a longer-term basis.

而由於某種原因，如果情況發生變化或他們必須調整計劃，而未能實現這些里程碑，那麼部分經濟利益就會減少。因此，我想再次強調，這些對話都是非常客製化的，但我想說，我們與更多主要合作夥伴進行的對話比我們歷史上任何時候都多。它的作用顯然是讓我們更緊密地連結在一起。我的意思是，這些合作安排中還有其他一些動態，我們會花時間在頂層交流想法、討論市場以及我們所看到的情況。但本質上，這是一種長期的投入。

And what it does for us, obviously, it gives us much higher degrees of confidence in re-ups in our major funds because those are sort of our core strategies. And it also creates additional incentives for them to essentially work with us to anchor new strategies. And I think as you know, building and anchoring newer strategies is -- and growing organically, that's probably one of the toughest things to do in our industry, which is start something new, bring anchor LPs in, and then scale it from there.

顯然，它對我們的作用是讓我們對主要基金的續約更有信心，因為這些都是我們的核心策略。這也為他們與我們合作制定新策略創造了額外的激勵。而且我認為，正如你所知，建立和鞏固新的策略是——有機成長，這可能是我們行業中最難的事情之一，即開始一些新的東西，引入錨定 LP，然後從那裡擴大規模。

And so what these kinds of things do is it creates a partnership approach to doing that with our biggest relationships, and it generally accelerates our ability to do that. And so we're excited about these conversations that we're having. And I think that when we talk about things like our first closes and the time to first close, like we were talking about before, these partnerships impact that. Because generally, it implies that these partners are more inclined to be first closers in these funds, and also, again, exploring new avenues of growth with us as well.

因此，這些事情的作用是與我們最大的關係建立一種合作方式，並且通常會加速我們這樣做的能力。因此，我們對正在進行的這些對話感到非常興奮。我認為，當我們談論諸如首次成交和首次成交時間之類的事情時，就像我們之前談論的那樣，這些合作關係會對此產生影響。因為一般來說，這意味著這些合作夥伴更傾向於成為這些基金的首批完成者，並且再次與我們一起探索新的成長途徑。

Yes. It's Jack. Just a little bit. I mean, I see it's almost a byproduct of what we've been talking about for a concentrating their capital with fewer partners. And when they do that, they step back and say, if we're going to choose you as a partner in a concentrated way, let's break out of this fund by fund mode and talk about what a bigger partnership might look like.

是的。是傑克。只是一點點。我的意思是，我認為這幾乎是我們一直在談論的將資本集中到更少的合作夥伴的副產品。當他們這樣做的時候，他們會退一步說，如果我們要集中選擇你作為合夥人，那麼讓我們擺脫這種基金模式，討論更大的合作關係會是什麼樣子。

And that begins the dialogue about what a longer-term partnership might look like, whether it's design as an SMA, a fund of one, a perpetual fund with kind of inherent re-ups. But that's the nature of the dialogue. And fortunately, we're on the winning end of a lot of those discussions, which is leading to a lot of these partnerships' discussions.

這引發了關於長期合作關係可能會是什麼樣子的對話，無論是設計為 SMA、單一基金，還是具有固有再投資的永久基金。但這就是對話的本質。幸運的是，我們在許多討論中都佔了上風，這也促成了許多合作討論。

I think one other thing that's affecting it, too, Mike, is that, one important kind of like overriding trend that we're seeing in the market is that -- I think that there was a time when -- and not -- recently, there was a time when some of the largest pools of capital in the world, we're really continuing to focus on their ability to be direct investors. And some of them still are, but what I would say is that there's been a fairly big pendulum swing back the other way where some of the largest pools of capital in the world are really now much more focused on this partnership model where they realize that their ability to source on a very broad basis.

麥克，我認為還有一件事也在影響它，那就是我們在市場上看到的一個重要的主導趨勢是——我認為曾經有一段時間——而不是最近——世界上一些最大的資本池，我們真的在繼續關注他們成為直接投資者的能力。其中一些仍然如此，但我想說的是，鐘擺已經向另一個方向大幅擺動，世界上一些最大的資本池現在更加關注這種合作模式，他們意識到自己能夠在非常廣泛的基礎上獲取資源。

On a global basis, some of the most interesting transactions across multiple strategies is enhanced by engaging in these partnerships with our core partners. And so I think that's another trend that I think is also giving rise to this desire to figure out how do they construct these partnerships where they get the benefits of seeing the opportunities that we're creating but also being able to partner together to get them done. And so I would say that's another kind of broader trend that we're seeing there's just a bit of a pendulum swing back to this kind of doubling down on kind of the partnership model.

在全球範圍內，透過與我們的核心合作夥伴建立這些合作關係，我們可以加強跨多種策略的一些最有趣的交易。所以我認為這是另一個趨勢，我認為它也引發了這樣的願望：弄清楚他們如何建立這些夥伴關係，使他們能夠看到我們正在創造的機會，同時也能夠合作完成這些機會。所以我想說，這是我們看到的另一個更廣泛的趨勢，有點像鐘擺一樣擺回到這種加倍重視合作模式的狀態。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Maybe just a question on the 401(k) opportunity. So now that you're adding more breadth to your semi-liquid product suite, just wondering how you're thinking about addressing the 401(k) opportunity if that market begins to potentially open up more to private investments over time?

也許只是關於 401（k）機會的一個問題。既然您現在正在擴大半流動性產品套件的廣度，那麼，如果該市場隨著時間的推移開始對私人投資開放，您如何考慮應對 401（k）機會？

Yes. That's a good question. Obviously, as we are building out our suite of evergreen products and high net worth focused products across alternatives, it's a natural focus area. I think it's a bit early to speculate on how it's all going to play out because the executive order hasn't been issued yet. But when you step back and look at the overall US retirement savings ecosystem. It's approximately a $35 trillion market. About $10 trillion of that is in defined benefit pension funds about $10 trillion is in the 401(k) market, and the rest is in things like the IRAs. Defined benefit pension plans are some of our biggest clients. They were among the earliest institutional investors to adopt alternatives.

是的。這是個好問題。顯然，當我們在各種替代品中建立我們的常青產品和高淨值重點產品套件時，這是一個自然的重點領域。我認為現在猜測事情將如何發展還為時過早，因為行政命令尚未發布。但當你退一步看看整個美國退休儲蓄生態系統時。這是一個大約35兆美元的市場。其中約 10 兆美元存在於固定收益退休基金中，約 10 兆美元存在於 401（k）市場中，其餘則存在於 IRA 等項目中。固定收益退休金計劃是我們最大的客戶之一。他們是最早採用另類投資方式的機構投資人之一。

30, 35 years ago, they had very little exposure to alternatives. Today, it's probably 1/3 or so on average of their investment portfolio because they've been diversifying their exposure beyond public markets, looking for enhanced return opportunities to generate long-term compounding of wealth for their constituents. And when you look at the 401(k) market, those same objectives should apply right? The constituents in 401(k) plans should be in a compound wealth over decades and looking for diversification and enhanced returns. So we think the moves being talked about being made make a lot of sense for 401(k) participants to have access to the diversification and enhanced return benefit of alternatives.

30 到 35 年前，他們很少接觸其他選擇。如今，這大概是他們投資組合中平均的 1/3 左右，因為他們一直在公開市場之外實現投資多元化，尋找更高的回報機會，為他們的客戶創造長期的財富複利。當您觀察 401（k）市場時，同樣的目標也應該適用，對嗎？401（k）計劃的成員應該在幾十年內保持複合財富，並尋求多樣化和提高回報。因此，我們認為，正在討論的舉措對於 401（k）計劃參與者來說非常有意義，使他們能夠獲得多樣化和增強的替代方案的回報利益。

Now if you look at how 401(k) plans today are invested. About 40% of the capital is invested in target date funds. And we think that's the natural entry point for alternatives as opposed to a private equity fund by GPX being an investment alternative for alternative assets to be co-mingled with things like target date funds. So we're in active discussions with potential partners with whom we could partner where we're a very attractive partner given our ability to source and execute alternative asset investments. And by the way, if you look at 401(k) plans, most of the exposure in longer-dated target date funds is in equity-oriented investments because that's the higher returning asset -- expected to be a higher returning asset class that compounds wealth over decades.

現在，如果你看看今天的 401（k）計畫是如何投資的。約有40%的資金投資於目標日期基金。我們認為，這是另類投資的自然切入點，與 GPX 的私募股權基金不同，GPX 是將另類資產與目標日期基金等混合在一起的投資替代品。因此，我們正在與潛在的合作夥伴進行積極討論，鑑於我們尋找和執行另類資產投資的能力，我們是一個非常有吸引力的合作夥伴。順便說一句，如果你看一下 401（k）計劃，你會發現，較長期目標日期基金的大部分投資都是股票型投資，因為這是回報率更高的資產——預計會成為一種回報率更高的資產類別，能夠在幾十年內增加財富。

So private equity, in particular, over time will be a very attractive addition to 401(k) plans, and we're a very natural partner for those managers to source that flow. And as you're alluding to, the work we're putting in to creating different entry points and different structures around our private equity business, we'll feed into that kind of partnership naturally.

因此，隨著時間的推移，私募股權將成為 401（k）計畫中非常有吸引力的補充，而對於這些管理者來說，我們是獲取資金流的天然合作夥伴。正如您所提到的，我們正在努力為我們的私募股權業務創造不同的切入點和不同的結構，我們將自然而然地融入這種合作關係。

Thank you. This concludes the Q&A portion of today's call. I would now like to turn 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) 來做結束語。

Thank you, operator. Thank you all for joining us today. If you have any additional questions, please feel free to follow up with the IR team directly.

謝謝您，接線生。感謝大家今天的參與。如果您有任何其他問題，請隨時直接與 IR 團隊聯絡。

This concludes today's TPG's second quarter 2025 earnings call and webcast. You may disconnect your line at this time and have a wonderful day.

今天的 TPG 2025 年第二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。