TPG Inc (TPG) 2025 Q3 法說會逐字稿

Good morning, and welcome to the TPG's third quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加 TPG 2025 年第三季財報電話會議。（操作說明）

Please be advised that today's call is being 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.

請注意，今天的通話將會被錄音。請前往 TPG 的投資者關係網站取得收益資料。現在我將把電話交給 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. Our President, Todd Sisitsky, is also here and will be available for the Q&A portion of this morning's call.

偉大的。謝謝接線員，歡迎各位。今天早上和我一起的有執行長 Jon Winkelried 和財務長 Jack Weingart。我們的總裁托德·西西茨基也來到了現場，他將在今天上午的電話會議問答環節與大家見面。

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.

我想提醒各位，本次通話可能包含前瞻性陳述，這些陳述並不保證未來的事件或績效。請參考 TPG 的獲利報告和提交給美國證券交易委員會的文件，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不承擔任何修訂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 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. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any TPG fund.

在我們的討論和收益發布中，我們將介紹 GAAP 和非 GAAP 指標，我們認為我們在本次電話會議中討論的某些非 GAAP 指標與評估公司的財務表現相關。這些非GAAP指標已在TPG的獲利報告中與最接近的GAAP數據進行了核對，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任何 TPG 基金權益的要約或購買任何 TPG 基金權益的要約邀請。

Looking briefly at our results for the third quarter, we reported GAAP net income attributable to TPG Inc. of $67 million and after-tax distributable earnings of $214 million or $0.53 per share of Class A common stock. We declared a dividend of $0.45 per share of Class A common stock, which will be paid on December 1, 2025, to holders of record as of November 14, 2025.

簡要回顧我們第三季度的業績，我們報告稱，歸屬於 TPG 公司的 GAAP 淨利潤為 6700 萬美元，稅後可分配收益為 2.14 億美元，即每股 A 類普通股 0.53 美元。我們宣布派發每股 A 類普通股 0.45 美元的股息，將於 2025 年 12 月 1 日支付給截至 2025 年 11 月 14 日登記在冊的股東。

I'll now turn the call over to Jon.

現在我將把電話交給喬恩。

Good morning, everyone. Thank you for joining us today. TPG delivered strong results in the third quarter. Our total AUM grew 20% and quarterly fee-related earnings grew 18% year over year. The flywheels across our business continued to accelerate, led by robust capital formation across all asset classes and a record quarter for deployment. I'll spend a moment on each of these important areas.

各位早安。感謝您今天蒞臨。TPG第三季業績表現強勁。我們的總資產管理規模成長了 20%，季度費用相關收入年增了 18%。在各資產類別強勁的資本形成和創紀錄的季度部署的帶動下，我們業務的各個方面持續加速發展。我將花一點時間分別談談這些重要面向。

This was an outstanding fundraising quarter. We raised a near record $18 billion of capital, up 60% from the second quarter and 75% year over year. This was driven by a successful first close in our flagship private equity funds and strong credit fundraising, where we continue to experience a step function increase in capital formation. We've made substantial progress against our previous guidance of raising significantly more capital in 2025 compared to 2024. Year-to-date, we've raised over $35 billion of capital, which already exceeds our full year 2024 fundraising.

這是一個非常出色的籌款季度。我們籌集了接近歷史最高紀錄的 180 億美元資金，比第二季度增長 60%，比去年同期增長 75%。這主要得益於我們旗艦私募股權基金首次募集資金的成功以及強勁的信貸融資，我們在資本形成方面持續實現階躍式增長。我們已取得實質進展，實現了先前設定的目標，在 2025 年籌集到比 2024 年多得多的資金。今年迄今為止，我們已經籌集了超過 350 億美元的資金，這已經超過了我們 2024 年全年的籌款目標。

In private equity, we raised $12.3 billion in aggregate across our strategies. This was primarily driven by $10.1 billion raised in the first close for our flagship buyout funds, TPG Capital X and Healthcare Partners III, including commitments that are signed but not yet closed. We received strong support from our existing clients who increased their commitments by 12% on average over the prior vintage.

在私募股權領域，我們透過各項策略共籌集了 123 億美元。這主要得益於我們旗艦收購基金 TPG Capital X 和 Healthcare Partners III 在首輪募款中籌集了 101 億美元，其中包括已簽署但尚未完成的承諾。我們得到了現有客戶的大力支持，他們的平均投資額比上一年增加了 12%。

These results reinforce our confidence that TPG is positively differentiated within the private equity market where fundraising has been perceived as challenging in the current environment. Our clients continue to lean in and look for more ways to partner with us in private equity given our distinct and highly disciplined approach and consistently strong performance. As a result, we believe we are outperforming in private equity fundraising relative to the broader market and gaining share.

這些結果增強了我們對 TPG 在私募股權市場中具有積極差異化的信心，在當前環境下，私募股權市場的籌資被認為是一項具有挑戰性的業務。鑑於我們獨特且高度自律的方法和持續強勁的業績，我們的客戶不斷尋求與我們在私募股權領域開展更多合作的方式。因此，我們相信我們在私募股權融資方面的表現優於大盤，且市佔率正在擴大。

In credit, after reaching an inflection point last quarter, we maintained our strong fundraising pace and closed $4.8 billion of credit capital in the third quarter. In middle market direct lending, we announced the closing of a $3 billion continuation vehicle, which we believe is the largest-ever private credit CV. This unique transaction enabled us to extend the duration of our capital base for a portfolio of high-performing senior loans in collaboration with several strategic partners.

在信貸方面，繼上季達到拐點後，我們保持了強勁的融資步伐，並在第三季完成了 48 億美元的信貸資本募集。在中端市場直接貸款領域，我們宣布完成 30 億美元的延續基金，我們認為這是有史以​​來最大的私人信貸 CV。這項獨特的交易使我們能夠與幾個策略合作夥伴合作，延長我們一系列高收益高級貸款的資本基礎期限。

In structured credit, we raised $1.4 billion across the strategy and launched our new liquid securities-focused open-ended fund. And in Credit Solutions, we continued fundraising for our third flagship fund, bringing the total capital raised to date to $4.3 billion. We expect to hold a final close in the fourth quarter and for the fund to be meaningfully larger than its predecessor.

在結構化信貸領域，我們透過該策略籌集了 14 億美元，並推出了我們新的以流動性證券為重點的開放式基金。在信貸解決方案方面，我們繼續為第三支旗艦基金籌集資金，迄今為止籌集的總資金已達 43 億美元。我們預計將在第四季度完成最終募集，並且該基金的規模將比其前身大得多。

Year-to-date, we've raised nearly $12 billion of credit capital in what has been a breakout year for our franchise. As a result of our fundraising momentum, we ended the quarter with record credit dry powder of over $16 billion. Credit AUM not earning fees stood at nearly $11 billion, which represents over $100 million of annual revenue opportunity that we expect to flow into management fees over time.

今年迄今為止，我們已經籌集了近 120 億美元的信貸資金，對於我們的特許經營業務而言，今年是突破性的一年。由於我們的融資勢頭強勁，本季末我們的可用信貸資金創下歷史新高，超過 160 億美元。未產生管理費的信貸資產管理規模接近 110 億美元，這意味著每年有超過 1 億美元的收入機會，我們預計這些收入將隨著時間的推移轉化為管理費。

In real estate, we held a final close for our inaugural real estate credit strategy, bringing total commitments across the main fund and related vehicles to $2.1 billion, which exceeds our initial $1.5 billion target by more than 35%. We raised approximately $1 billion of capital in the final close driven by the strength of TRECO's initial portfolio.

在房地產領域，我們完成了首個房地產信貸策略的最終募集，使主要基金和相關工具的總承諾額達到 21 億美元，比我們最初設定的 15 億美元目標高出 35% 以上。在 TRECO 初始投資組合的強勁表現的推動下，我們在最終階段籌集了約 10 億美元的資金。

TRECO adds to our long track record of expanding into adjacent strategies through organic innovation. Early in the current cycle, we identified a compelling opportunity to invest in real estate credit at attractive risk-adjusted returns given the significant contraction in valuations and available leverage. We're seeing our thesis prove out with a fund outperforming its initial return projections and generating double-digit cash-on-cash yields. TRECO is an important extension of our investment capabilities in both real estate and credit, and we expect to scale this strategy over time.

TRECO 的加入進一步鞏固了我們透過內生創新拓展鄰近策略的長期成功經驗。在本輪週期初期，我們發現了一個極具吸引力的投資房地產信貸的機會，鑑於估值大幅收縮和可用槓桿，可以獲得具有吸引力的風險調整後收益。我們的投資理念正在得到驗證，該基金的表現超過了最初的回報預期，並產生了兩位數的現金回報率。TRECO 是我們房地產和信貸投資能力的重要延伸，我們期望隨著時間的推移擴大這一策略的規模。

Additionally, our fundraising success has been amplified by our increasing penetration into the fastest-growing distribution channels, including insurance and private wealth. First, we've grown our capital from insurance clients by more than 60% over the last two years. Insurance represented 40% of TRECO's final close and over 25% of the capital raised for our credit platform in the third quarter.

此外，我們不斷滲透到成長最快的分銷管道（包括保險和私人財富管道），從而進一步擴大了我們的籌款成功。首先，在過去兩年裡，我們來自保險客戶的資本增加了 60% 以上。保險業務佔 TRECO 最終融資額的 40%，占我們第三季信貸平台融資額的 25% 以上。

We're continuing to create innovative access points and cross-platform solutions for our insurance clients. For example, we've closed more than $600 million of insurance capital in our first rated note feeder for credit solutions which we believe is one of the few rated access points for this type of strategy in the market.

我們將繼續為保險客戶打造創新的接入點和跨平台解決方案。例如，我們已在我們首個獲得評級的信貸解決方案票據輸送項目中完成了超過 6 億美元的保險資本募集，我們認為這是市場上為數不多的此類策略的評級准入點之一。

Second, we're making strong progress in the private wealth channel, where we raised over $1 billion of capital across our drawdown and evergreen funds in the third quarter. T-POP, our perpetually offered private equity product, continues to gain momentum of approximately $900 million of inflows since its launch five months ago, including $250 million in October. This accelerated pace was supported by the launch of T-POP on a leading international private bank platform in September. We are experiencing strong traction in Europe and Asia and plan to launch on several additional domestic and international platforms over the next few quarters. Private wealth is an important growth driver for us, and we remain focused on further expanding access to our products across geographies and investor types, which Jack will touch on further.

其次，我們在私人財富管道取得了強勁進展，第三季我們透過提取基金和常青基金籌集了超過 10 億美元的資金。T-POP 是我們持續提供的私募股權產品，自五個月前推出以來，資金流入持續成長，已達約 9 億美元，其中 10 月流入 2.5 億美元。這項加速發展得益於 9 月在一家領先的國際私人銀行平台上推出 T-POP。我們在歐洲和亞洲市場獲得了強勁的成長勢頭，並計劃在未來幾季內進軍更多國內和國際平台。私人財富是我們重要的成長動力，我們將繼續致力於進一步擴大我們產品在各個地區和各類投資者中的普及程度，傑克將對此進行更深入的探討。

Moving on to deployment. As discussed on our last call, we expected our investment pace to accelerate into the back half of the year. In the third quarter, we deployed a record $15 billion, up over 70% year over year, and our activity was well diversified across the firm.

接下來進入部署階段。正如我們在上次電話會議上討論的那樣，我們預計下半年的投資步伐將會加快。第三季度，我們投入了創紀錄的 150 億美元，年成長超過 70%，我們的業務在公司內部實現了良好的多元化。

Our credit platform drove over half of the capital deployed during the quarter with $8.3 billion invested across our strategies more than doubling year over year. In structured credit, we deployed $3.6 billion of capital, half of which was driven by residential whole loan investments where we continue to be a market leader. In asset-backed finance, we closed notable transactions across several of our verticals, including nonbank credit card origination.

我們的信貸平臺本季投入的資金超過總投入資金的一半，各項策略的投資額達到 83 億美元，較去年同期成長超過一倍。在結構化信貸領域，我們投入了 36 億美元的資金，其中一半用於住宅整體貸款投資，而我們在該領域仍然是市場領導者。在資產支援融資領域，我們在多個垂直領域完成了值得關注的交易，包括非銀行信用卡發放。

We also completed a meaningful upsize of our joint venture with Funding Circle and Barclays in the UK. In middle market direct lending, Twin Brook generated $2 billion of gross originations in the third quarter, our highest volume so far this year. Importantly, given the steady increase in overall M&A activity, 70% of our origination was driven by new investments, bringing the total number of companies in our portfolio to over 300. Our pipeline remains robust, and we expect the fourth quarter to be our most active quarter of the year.

我們也大幅擴大了與 Funding Circle 和巴克萊銀行在英國的合資企業的規模。在中端市場直接貸款領域，Twin Brook 第三季創造了 20 億美元的貸款總額，這是我們今年迄今為止最高的貸款金額。值得注意的是，鑑於整體併購活動的穩定成長，我們 70% 的投資來自新的投資，使我們投資組合中的公司總數超過 300 家。我們的專案儲備依然充足，預計第四季將是今年最活躍的季度。

In Credit Solutions as spreads remain at historic tights, our flexible mandate continues to create opportunities to provide tailored solutions in the private market. As an example, last year, we formed a proprietary joint venture with Bluestar Alliance and Hilco Global to finance and acquire consumer brands and intellectual property.

在信貸解決方案領域，由於利差仍處於歷史低位，我們靈活的授權繼續創造機會，在私人市場提供量身定制的解決方案。例如，去年我們與 Bluestar Alliance 和 Hilco Global 成立了一家專有合資企業，為消費者品牌和智慧財產權的融資和收購做準備。

Our unique partnership brings together significant sector, operating and financing expertise, enabling differentiated access to attractive opportunities. This was most recently highlighted by the JV's announced acquisition of the iconic Dickies apparel brand in September. Despite some recent concerns in the broader credit markets, including certain allegations of fraudulent activity, our portfolios continue to perform well.

我們獨特的合作關係匯集了重要的產業、營運和融資專業知識，從而能夠以不同的方式獲得有吸引力的機會。最近，合資企業宣布收購標誌性的 Dickies 服裝品牌，這再次凸顯了這一點。儘管近期整體信貸市場出現了一些令人擔憂的問題，包括一些詐欺活動的指控，但我們的投資組合仍然表現良好。

We've maintained a disciplined and highly selective approach to credit underwriting with a focus on fundamentals and risk management. As a result, our annualized loss ratio since inception has remained stable at only 2 basis points for Twin Brook, 3 basis points for our private asset-backed credit business and less than 40 basis points for Credit Solutions. We continue to uphold the same rigorous standards as we evaluate new investment opportunities, and Jack will share more details in his remarks.

我們一直堅持嚴謹、高度選擇性的信貸承銷方法，並專注於基本面和風險管理。因此，自成立以來，我們的年化損失率一直保持穩定，Twin Brook 僅為 2 個基點，我們的私人資產支持信貸業務為 3 個基點，Credit Solutions 不到 40 個基點。我們在評估新的投資機會時，將繼續秉持同樣的嚴格標準，傑克將在演講中分享更多細節。

Across our private equity strategies, we maintained a healthy pace of deployment with $4.6 billion of capital invested in the third quarter, up nearly 40% year over year. At TPG Capital, we announced the carve-out of Proficy, GE Vernova's manufacturing software business. This transaction is a culmination of the relationship we've built with GE Vernova over seven years across both our capital and climate strategies. Proficy aligns well with our expertise in corporate carve-outs and structured partnerships which comprise 11 of the 16 most recent investments in TPG Capital.

在我們的私募股權投資策略中，我們保持了健康的投資步伐，第三季投資了 46 億美元資本，較去年同期成長近 40%。TPG Capital宣布剝離Proficy，即GE Vernova的製造軟體業務。此次交易是我們與 GE Vernova 七年來在資本和氣候戰略方面建立的合作關係的最終體現。Proficy 與我們在企業分拆和結構化合作關係方面的專業知識非常契合，TPG Capital 最近 16 項投資中有 11 項都屬於此類。

Additionally, just a few weeks ago, we announced the take private of Hologic, a leading provider of diagnostic imaging and surgical products focused on women's health, for up to $18 billion. We're excited to partner with one of the premier scaled platforms in the women's health space, which has long been a thematic area of focus for us.

此外，就在幾週前，我們宣布將 Hologic 私有化，Hologic 是一家領先的診斷影像和外科產品供應商，專注於女性健康，收購價格高達 180 億美元。我們很高興能與女性健康領域領先的大型平台之一合作，女性健康一直是我們關注的重點領域。

In tech adjacencies, we closed minority investments into several leading large language model developers, expanding our exposure to Gen AI development and providing us with differentiated insights into this rapidly evolving area of the technology ecosystem. These investments follow the innovative debt financing that our Credit Solutions business recently anchored for xAI. We continue to evaluate opportunities to capitalize on the robust growth in the space and a partner with leading AI companies across each of our asset classes.

在技​​術相關領域，我們對幾家領先的大型語言模型開發商進行了少數股權投資，擴大了我們對人工智慧世代開發領域的了解，並為我們提供了對這個快速發展的技術生態系統領域的差異化見解。這些投資是在我們信貸解決方案業務最近為 xAI 提供的創新債務融資的基礎上進行的。我們將繼續評估各種機會，以充分利用該領域的強勁成長，並與我們各個資產類別中的領先人工智慧公司建立合作關係。

In Rise Climate yesterday, we announced the acquisition of Kinetic, a leading international operator of zero emission transport and infrastructure based in Australia. Kinetic aligns closely with our deep expertise in clean electrification and mobility and represents the second investment by our transition infrastructure strategy.

昨天在 Rise Climate 大會上，我們宣布收購 Kinetic，這是一家總部位於澳洲的領先的國際零排放交通和基礎設施營運商。Kinetic 與我們在清潔電氣化和出行領域的深厚專業知識緊密契合，是我們轉型基礎設施策略的第二項投資。

In real estate, we had our most active deployment quarter so far this year with $1.9 billion invested across TPG and TPG AG real estate. During the third quarter, TREP completed the acquisition of the former Broadcom office campus in Palo Alto's Stanford Research Park. This investment is consistent with TREP's continued focus on selectively investing in office markets where we see compelling green shoots emerging, such as the San Francisco Bay Area. We believe the Bay Area is reaching an inflection point in demand, driven by the growth in AI-focused tenants.

在房地產領域，我們迎來了今年迄今為止最活躍的投資季度，TPG 和 TPG AG 房地產業務共投資了 19 億美元。第三季度，TREP 完成了位於帕洛阿爾托斯坦福研究園區的前博通辦公園區的收購。這項投資與 TREP 持續專注於有選擇地投資於我們看到有明顯成長動能的辦公大樓市場（例如舊金山灣區）的策略一致。我們認為，受人工智慧相關租戶成長的推動，灣區的需求正達到一個拐點。

In TPG AG real estate, we've maintained an active investment pace with nearly $2 billion deployed year-to-date across our dedicated regional funds. We're identifying and capitalizing on improving supply-demand dynamics in certain sectors, including senior housing and hospitality in the US and office markets in Japan, Korea and London, which have low vacancy rates and attractive rental growth.

在 TPG AG 房地產領域，我們保持了積極的投資步伐，今年迄今為止，我們已透過專門的區域基金投入了近 20 億美元。我們正在識別並利用某些行業供需動態的改善，包括美國的養老住房和酒店業，以及日本、韓國和倫敦的辦公大樓市場，這些行業的空置率低，租金增長前景良好。

Before I wrap up, I want to share what I'm hearing from my conversations with our clients across the world and how it's shaping our business and the opportunities in front of us.

在結束之前，我想分享我從與世界各地客戶的對話中聽到的內容，以及這些內容如何影響我們的業務和我們面臨的機會。

In private equity, institutional clients continue to face liquidity constraints and are consolidating their relationships among fewer GPs. Against this backdrop, we believe TPG is gaining share due to the consistently strong returns we've delivered. This has been driven by our focus on investing in deeply thematic areas and partner with our portfolio companies to drive growth.

在私募股權領域，機構客戶持續面臨流動性限制，並將業務關係集中在少數幾家普通合夥人 (GP) 之間。在此背景下，我們認為 TPG 的市佔率正在成長，這得益於我們持續強勁的回報。這主要得益於我們專注於投資具有深度主題性的領域，並與我們的投資組合公司合作以推動成長。

Over the past decade, across our TPG Capital and TPG growth funds, more than 80% of our value creation has come from earnings growth compared to less than half for the S&P 500, where over 40% of the value was driven by multiple expansion. This differentiation is resonating with our clients and driving continued fund over fund growth across our private equity strategies.

過去十年，在我們的 TPG Capital 和 TPG Growth 基金中，超過 80% 的價值創造來自盈利增長，而標普 500 指數的這一比例不到一半，其中超過 40% 的價值是由市盈率擴張驅動的。這種差異化策略引起了客戶的共鳴，並推動了我們私募股權投資策略的基金持續成長。

Additionally, we continue to see increasing allocations into private credit. Investors are diversifying their exposure into areas such as structured credit, lower middle market direct lending and middle of the capital structure opportunities where we built scaled investment strategies. Our clients are expanding their relationships with us across our credit platform, including through multi-fund partnerships and seeding new strategies. As a result, our credit AUM has grown 23% year over year, and it continues to be one of the fastest growing areas within our firm.

此外，我們也看到對私人信貸的配置不斷增加。投資者正在將投資分散到結構化信貸、中低端市場直接貸款以及資本結構中層機會等領域，我們在這些領域建立了規模化的投資策略。我們的客戶正在透過我們的信貸平台擴大與我們的關係，包括透過多基金合作和啟動新策略。因此，我們的信貸資產管理規模年增了 23%，並且仍然是我們公司成長最快的領域之一。

And finally, in real estate, we are well positioned to play offense with over $12 billion of combined dry powder and continued positive value creation across our portfolios. Over the past two years, we've capitalized on the substantial market dislocation to acquire high-quality assets that are not typically available for sale. We believe the real estate market has stabilized and transaction activity is accelerating.

最後，在房地產領域，我們擁有超過 120 億美元的可用資金，我們的投資組合持續創造積極價值，因此我們完全有能力採取進攻策略。過去兩年，我們利用市場的巨大錯位，收購了通常不會出售的高品質資產。我們認為房地產市場已經穩定，交易活動正在加速。

Our clients are expressing a growing interest in real estate as demonstrated by the success of TRECO's recent fundraise. Given the strength of our distinctive portfolios, we remain confident as we prepare to launch fundraising campaigns for several of our real estate strategies in the coming quarters.

從 TRECO 近期成功籌集資金就可以看出，我們的客戶對房地產的興趣日益濃厚。鑑於我們獨特的投資組合實力，我們充滿信心，準備在未來幾季為我們的幾個房地產策略啟動融資活動。

We made significant progress against our strategic priorities for 2025, and I'm pleased with the strength of our business across all key metrics. Our increased scale and diversification positions us well to deliver accelerated growth and generate long-term value for our shareholders.

我們在實現 2025 年策略重點方面取得了重大進展，我對我們業務在所有關鍵指標上的強勁表現感到滿意。規模擴大和業務多元化使我們能夠更好地實現加速成長，並為股東創造長期價值。

I'll now turn the call over to Jack to discuss our financial results.

現在我將把電話交給傑克，讓他來討論我們的財務表現。

Thanks, Jon, and thank you all for joining us today. As you can see from our strong third quarter results, we've been successfully executing on our growth strategy. On our last call, I discussed several key building blocks we've been putting in place to drive our next leg of growth. These include scaling our credit platform, launching our next series of private equity and real estate funds and building on new products and businesses.

謝謝喬恩，也謝謝各位今天蒞臨現場。從我們強勁的第三季業績可以看出，我們的成長策略得到了成功執行。在上次通話中，我討論了我們為推動下一階段成長而正在落實的幾個關鍵要素。這些舉措包括擴大我們的信貸平台規模、推出下一系列私募股權和房地產基金，以及開發新產品和業務。

Our Q3 results demonstrate that we're tracking well against these objectives. Our capital formation and credit is on pace for a record year in 2025 and credit deployment through the third quarter of nearly $17 billion already exceeds our full year 2024 total.

我們第三季的業績表明，我們正朝著這些目標穩步前進。我們的資本形成和信貸預計在 2025 年創下歷史新高，截至第三季度，信貸投放量已接近 170 億美元，超過了 2024 年全年總額。

Fundraising for TPG Capital X and Healthcare Partners III is off to a great start and with more than $10 billion raised in the first close. And we continue to expand through organic innovation. As Jon mentioned, we raised $2.1 billion of capital for TRECO, our opportunistic real estate credit fund, including related vehicles, and approximately $900 million today for T-POP, our new perpetual private equity product, which I'll expand on later. Additionally, earlier this year, we launched fundraising for our second GP-led secondaries fund which is tracking to be significantly larger than its processor.

TPG Capital X 和 Healthcare Partners III 的融資活動開局良好，首輪融資已籌集超過 100 億美元。我們將繼續透過內部創新實現擴張。正如 Jon 所提到的，我們為我們的機會型房地產信貸基金 TRECO（包括相關工具）籌集了 21 億美元的資金，今天又為我們新的永續私募股權產品 T-POP 籌集了約 9 億美元，稍後我會詳細介紹。此外，今年早些時候，我們啟動了第二支由普通合夥人主導的二級市場基金的募資，該基金的規模預計將遠大於其處理機構。

We ended the third quarter with $286 billion of total assets under management, up 20% year over year. This was driven by $44 billion of capital raised and $24 billion of value creation, partly offset by $26 billion of realizations over the last 12 months. Fee earning AUM increased 15% year over year to $163 million. These figures include TPG Peppertree, which closed on July 1 and added $8 billion of AUM and $4.5 billion of fee-paying AUM.

第三季末，我們管理的總資產達到 2,860 億美元，年增 20%。這主要得益於籌集的 440 億美元資金和 240 億美元的價值創造，但部分被過去 12 個月內實現的 260 億美元所抵消。收費資產管理規模年增 15%，達到 1.63 億美元。這些數字包括 TPG Peppertree，該公司於 7 月 1 日完成收購，新增了 80 億美元的資產管理規模和 45 億美元的收費資產管理規模。

As a result of our strong fundraising in recent quarters, our dry powder has grown to a record $73 billion. This represents a real strategic asset at a time when, as Jon indicated, our teams are sourcing very interesting investment opportunities.

由於近幾季我們籌集資金強勁，我們的可用資金已成長至創紀錄的 730 億美元。正如 Jon 所指出的，在我們的團隊正在尋找非常有趣的投資機會之際，這代表著一項真正的策略資產。

AUM subject to fee earning growth was $35 billion at the end of the quarter, which included $24 billion of AUM not yet earning fees. This represents a revenue opportunity of more than $220 million on an annualized basis.

截至本季末，可產生費用成長的資產管理規模為 350 億美元，其中包括 240 億美元的尚未產生費用的資產管理規模。這代表著每年超過 2.2 億美元的收入機會。

Our management fees grew to $461 million in the third quarter, driven by the activation of TPG Capital X and the addition of TPG Peppertree to our Market Solutions platform. We generated $38 million of transaction and monitoring fees in the quarter and $163 million over the last 12 months. We continue to invest in building our capital markets franchise. And as we look to the fourth quarter and into 2026, we expect to drive further growth in transaction fees.

第三季度，我們的管理費成長至 4.61 億美元，這主要得益於 TPG Capital X 的啟動以及 TPG Peppertree 加入我們的市場解決方案平台。本季我們獲得了 3,800 萬美元的交易和監控費用，過去 12 個月共獲得了 1.63 億美元。我們將繼續投資，打造我們的資本市場業務。展望第四季以及2026年，我們預期交易費用將進一步成長。

We reported quarterly fee-related revenue of $509 million, fee-related earnings of $225 million and a 44% FRE margin, which tracks well against our previous guidance of exiting the year with a margin in the mid-40s. Our distributable earnings for the third quarter were $230 million, which included $30 million of realized performance allocations, driven by our full exit from Sai Life Sciences, which has traded up nearly 70% since its IPO in the India Stock Exchange last December and the full sale of Samhwa, a leading cosmetics packaging company in Korea. This marks a strong first exit in TPG Asia VIII less than two years after our additional investment in the company and is a great outcome for our Asia franchise.

我們公佈的季度費用相關收入為 5.09 億美元，費用相關收益為 2.25 億美元，費用相關利潤率為 44%，這與我們先前預測的年底利潤率在 40% 左右的情況非常吻合。第三季可分配收益為 2.3 億美元，其中包括 3,000 萬美元的已實現業績分配，這主要得益於我們完全退出 Sai Life Sciences（該公司自去年 12 月在印度證券交易所上市以來股價已上漲近 70%）以及完全出售韓國領先的化妝品包裝公司 Samhwa。這標誌著 TPG Asia VIII 在我們對該公司追加投資不到兩年後就取得了強勁的首次退出，對於我們的亞洲特許經營權來說，這是一個非常好的結果。

I'd like to take them on explain the relationship between our monetization activity and our generation of performance-related earnings for shareholders. During the quarter, we continued to drive strong realizations across our portfolio, which increased nearly 40% year over year to $8 billion. The reason that PRE did not increase commensurately relates to the timing of profit allocations early in a fund's life.

我想向他們解釋一下我們的貨幣化活動與我們為股東創造的績效相關收益之間的關係。本季度，我們的投資組合持續實現強勁的收益，年增近 40%，達到 80 億美元。PRE 沒有相應成長的原因與基金早期利潤分配的時機有關。

In addition to Sai Life Sciences and Samhwa, realizations during the quarter included early exits in several other funds, such as our highly successful sale of Elite in TPG Capital IX. These exits drove attractive profits and DPI for our fund investors but did not result in significant performance allocations as the gains went to repay fees and expenses, which is typical for the first exits in the fund. Looking forward, this sets us up for increased performance allocations from the next series of exits in these young funds.

除了 Sai Life Sciences 和 Samhwa 之外，本季實現的收益還包括提前退出其他幾隻基金，例如我們非常成功地出售了 TPG Capital IX 中的 Elite。這些退出為我們的基金投資者帶來了可觀的利潤和分紅，但並沒有帶來顯著的績效分配，因為收益用於償還費用和支出，這對於基金的首次退出來說是典型的。展望未來，這將為我們從這些年輕基金的下一輪退出中獲得更高的績效分配奠定基礎。

On an LTM basis, we've generated $262 million of performance-related earnings for shareholders, which is 140% increase compared to the prior 12-month period. Our clients recognize the differentiated DPI we've delivered, and we've continued to drive monetization activity since quarter end. In October, we completed our first major liquidity event in our GP-led secondaries business, TGS, through a partial realization of CR Fitness, a leading fitness franchisee at an attractive valuation.

以過去 12 個月計算，我們為股東創造了 2.62 億美元的業績相關收益，比前 12 個月增長了 140%。我們的客戶認可了我們提供的差異化 DPI 服務，並且自季度末以來，我們一直在持續推進盈利活動。10 月，我們完成了由 GP 主導的二級市場業務 TGS 的首次重大流動性事件，透過以有吸引力的估值部分出售了領先的健身特許經營商 CR Fitness。

Since our initial investment, our sponsor partner, North Castle and the management team have driven exceptional growth at the company, more than doubling both the number of active clubs and EBITDA. And just last night, our Rise and Rise Climate portfolio company, BETA Technologies, which has developed electric aircraft capable of vertical takeoff, successfully priced a $1 billion all primary IPO. This IPO was very well received, allowing the company to upsize the offering and price above the filing range.

自從我們最初投資以來，我們的贊助合作夥伴 North Castle 和管理團隊推動了公司取得非凡的成長，活躍俱樂部數量和 EBITDA 都翻了一番以上。就在昨晚，我們「崛起與崛起氣候」投資組合中的公司 BETA Technologies 成功完成了 10 億美元的全部首次公開募股 (IPO) 定價。該公司開發了能夠垂直起飛的電動飛機。這次IPO反應非常好，使得公司能夠擴大發行規模，並將發行價格定在高於申報價格區間的水平。

Moving on to our balance sheet. We drew on our revolver during the quarter for several growth initiatives, including funding the cash consideration for Peppertree and seeding the portfolios for new businesses such as T-POP. We issued $500 million of senior notes during the quarter and used the proceeds to pay down our revolver. As a result, our net interest expense increased to $23 million in the third quarter.

接下來來看資產負債表。本季我們動用了循環信貸額度，用於多項成長計劃，包括為 Peppertree 提供現金對價，以及為 T-POP 等新業務的投資組合提供資金。本季我們發行了 5 億美元的優先票據，並將所得款項用於償還循環信貸。因此，我們第三季的淨利息支出增加至 2,300 萬美元。

As of September 30, we had $1.7 billion of net debt and $1.8 billion of available liquidity, giving us ample flexibility to continue pursuing new growth initiatives. Given our increased diversification and strong financial profile, during the quarter, we did receive an upgrade in our credit rating from Fitch to A-. The fundamentals across our portfolios remained strong, and we delivered positive value creation in each of our platforms for the third quarter and over the last 12 months.

截至 9 月 30 日，我們的淨債務為 17 億美元，可用流動資金為 18 億美元，這讓我們有充足的靈活性繼續推行新的成長計畫。鑑於我們業務多元化程度的提高和強勁的財務狀況，本季度我們的信用評級從惠譽上調至 A-。我們所有投資組合的基本面依然強勁，在第三季和過去 12 個月中，我們每個平台都實現了正價值創造。

As Jon mentioned, recently, there's been a heightened focus in the market on credit quality due to a few high-profile defaults. Importantly, we have no exposure to those events, and the underlying health of our credit portfolio remains strong. In aggregate, our credit platform appreciated 3% in the third quarter and 12% over the last 12 months.

正如喬恩所提到的那樣，最近由於幾起備受矚目的違約事件，市場對信貸品質的關注度有所提高。重要的是，我們不受這些事件的影響，我們的信貸組合基本面依然穩健。總體而言，我們的信貸平台在第三季成長了 3%，過去 12 個月成長了 12%。

In middle market direct lending, our portfolio comprises exclusively first-lien loans with maintenance financial covenants. And we are a lead lender in nearly all of our transactions. We've built in significant downside protection and take an active approach to portfolio management. As a result, our portfolio of more than 300 companies continues to perform well. Nonaccruals remain extremely limited at less than 2% and our average interest coverage ratio has remained very stable at approximately 2 times.

在中端市場直接貸款領域，我們的投資組合完全由具有維持性財務契約的第一順位貸款組成。而且，在幾乎所有交易中，我們都是主要貸款方。我們已建立起強大的下行保護機制，並採取積極主動的投資組合管理方式。因此，我們旗下300多家公司的投資組合持續表現良好。非應計項目仍然非常有限，低於 2%，我們的平均利息保障倍數一直非常穩定，約 2 倍。

In structured credit, our asset-based credit funds net IRR since inception remained above its target range at 13.5% and at the end of the third quarter. In addition, our flagship structured credit fund MVP continued to outperform credit benchmarks and returned 3% in the third quarter.

在結構化信貸方面，我們以資產為基礎的信貸基金自成立以來的淨內部收益率一直高於其目標範圍，達到 13.5%，截至第三季末。此外，我們的旗艦結構化信貸基金 MVP 繼續跑贏信貸基準，第三季回報率為 3%。

Recent stress in the structured credit market has been evident in the subprime auto space. Several years ago, we identified weakening fundamentals in auto finance and our structured credit funds proactively rotated out of the sector. As a result, we currently have zero exposure.

近期結構性信貸市場的壓力在次級汽車貸款領域表現得特別明顯。幾年前，我們發現汽車金融的基本面正在走弱，我們的結構性信貸基金主動撤出了這個行業。因此，我們目前的風險敞口為零。

Looking at Credit Solutions, our funds generated net returns ranging from approximately 5% to 6% in the quarter, which far outpaced the US leveraged loan and high-yield bond indices. In addition, our second essential housing fund generated a net return of nearly 4% during the quarter and more than 11% year-to-date.

從信貸解決方案來看，我們的基金在本季度產生了約 5% 至 6% 的淨收益，遠遠超過了美國槓桿貸款和高收益債券指數。此外，我們的第二支基本住房基金在本季度實現了近 4% 的淨收益，年初至今的收益超過 11%。

Turning to private equity. Our portfolio in aggregate appreciated 3% in the quarter and 11% over the last 12 months. Overall, the companies within our capital, growth and impact platforms continue to meaningfully outperform the broader market with revenue and EBITDA growth of approximately 17% and 20% respectively, over the last 12 months.

轉向私募股權投資。本季我們的投資組合整體增值了 3%，過去 12 個月增值了 11%。總體而言，在過去 12 個月中，我們資本、成長和影響力平台內的公司持續顯著優於大盤，營收和 EBITDA 分別成長了約 17% 和 20%。

TPG's real estate portfolio appreciated 3.5% in the quarter, nearly 16% over the last 12 months. We continue to see strong performance and value creation in our data center, residential and industrial investments. TPG AG's real estate portfolio appreciated by 2% in the third quarter and 3.5% over the last 12 months. Our net accrued performance balance grew by nearly $200 million in the quarter to reach $1.2 billion, driven by our strong value creation in addition to $100 million of accrued carry acquired through Peppertree.

TPG的房地產投資組合本季增值3.5%，過去12個月增值近16%。我們在資料中心、住宅和工業投資領域持續取得強勁的業績和價值創造。TPG AG 的房地產投資組合在第三季增值了 2%，過去 12 個月增值了 3.5%。本季度，我們的淨應計業績餘額成長了近 2 億美元，達到 12 億美元，這得益於我們強勁的價值創造，以及透過 Peppertree 獲得的 1 億美元應計收益。

Turning to fundraising. We raised more than $18 billion during the third quarter, including more than $12 billion in private equity and nearly $5 billion in credit. Year-to-date through the third quarter, we've raised more than $35 billion across our platforms, which already exceeds the $30 billion we raised in 2024.

轉而進行籌款活動。第三季我們籌集了超過 180 億美元，其中包括超過 120 億美元的私募股權和近 50 億美元的信貸。今年截至第三季度，我們已透過旗下平台籌集了超過 350 億美元的資金，這已經超過了我們在 2024 年籌集的 300 億美元。

As Jon noted, private wealth is a strategic priority and an important growth driver for TPG. I'd like to share some additional detail on our progress in increasing our penetration within this channel.

正如喬恩所指出的，私人財富是 TPG 的戰略重點和重要成長動力。我想分享一些關於我們在該管道提高滲透率方面取得的進展細節。

During the third quarter, we raised over $1 billion of capital in the wealth channel and approximately half of these inflows came from our evergreen solutions, which continue to gain momentum as we widen our distribution partnerships globally.

第三季度，我們在財富管道籌集了超過 10 億美元的資金，其中大約一半的資金流入來自我們的常青解決方案，隨著我們在全球擴大分銷合作夥伴關係，這些解決方案將繼續獲得發展動力。

TCAP, our nontraded BDC, raised $235 million in the quarter and continues to grow, reaching over $4 billion of AUM at the end of September. TCAP is actively distributed by 3 of the largest US wirehouses, and we recently launched on one of the largest independent broker-dealer platforms. Twin Brook's focus on the lower middle market, conservative lending standards and high credit quality is continuing to differentiate TCAP relative to other credit options available to wealth clients. We're actively expanding TCAP's distribution network and expect inflows to continue to accelerate.

我們的非上市 BDC TCAP 在本季籌集了 2.35 億美元，並持續成長，截至 9 月底資產管理規模超過 40 億美元。TCAP 由美國三大券商積極分銷，我們最近也在最大的獨立經紀交易商平台之一上線。Twin Brook專注於中低端市場，秉持保守的貸款標準和高信貸質量，這使得TCAP在為財富客戶提供的其他信貸選擇中脫穎而出。我們正在積極擴大 TCAP 的分銷網絡，預計流入量將繼續加速成長。

T-POP, our perpetually offered private equity vehicle has been very well received in the channel, exceeding our high expectations. T-POP has raised approximately $900 million in its first five months, and we're experiencing increasing momentum as we grow our distribution footprint and investment portfolio. From its activation date in June through September 30, T-POP has delivered net returns of approximately 12%, and as of quarter end, provided exposure to 41 individual TPG portfolio companies. We're very focused on expanding our distribution for this strategy globally in 2026.

T-POP 是我們持續提供的私募股權投資工具，在通路中反應非常好，超出了我們的預期。T-POP 在成立的頭五個月籌集了約 9 億美元，隨著我們分銷網絡和投資組合的擴大，我們的發展勢頭也越來越強勁。從 6 月啟動到 9 月 30 日，T-POP 已實現約 12% 的淨回報，截至季度末，已對 41 家 TPG 投資組合公司進行了投資。我們非常注重在 2026 年將此策略的分銷範圍擴大到全球。

Finally, we continue to expand our partnerships with global banks and wealth platforms, adding more than 20 new relationships in the third quarter. Additionally, we're actively structuring several innovative partnerships to extend our brand and increase the accessibility of our products for the wealth community, including in the RIA channel. We look forward to providing updates here in the coming quarters.

最後，我們持續擴大與全球銀行和財富管理平台的合作關係，第三季新增了 20 多個合作關係。此外，我們正在積極建立多個創新合作夥伴關係，以拓展我們的品牌，並提高我們產品在財富管理群體中的可及性，包括在 RIA 管道。我們期待在接下來的幾個季度在此提供最新消息。

Before I wrap up, I'd like to provide an update on our fundraising outlook. During the course of this year, as we anticipated, we've been experiencing a step function increase in the pace of our capital formation with a particularly robust third quarter, driven by the strong first close for our TPG Capital and Healthcare Partners funds. Most of the remaining capital for these funds will be raised next year. Nonetheless, we still expect the fourth quarter to be an active period for fundraising across asset classes.

在結束發言之前，我想就我們的募款前景作一次最新匯報。今年以來，正如我們預期的那樣，我們的資本形成速度呈階躍式增長，尤其是在第三季度表現強勁，這主要得益於 TPG Capital 和 Healthcare Partners 基金的首次募集成功。這些基金剩餘的大部分資金將於明年籌集。儘管如此，我們仍預期第四季將是各類資產類別募款活動的活躍期。

Looking at 2026, we expect to have another robust year of fundraising similar to this year, driven by a number of ongoing and new campaigns. In credit, we expect continued capital raising across all of our existing businesses. In addition, we're working on launching several new strategies to further expand our credit platform.

展望 2026 年，我們預計在多項正在進行和新的活動的推動下，籌款工作將再次取得與今年類似的強勁成果。在信貸方面，我們預計所有現有業務將繼續籌集資金。此外，我們正在努力推出幾項新策略，以進一步擴展我們的信貸平台。

In private equity, we'll continue to be in the market with our capital and climate campaigns. We expect to launch fundraising for the next vintage of our flagship Asia fund as well as our fourth Rise fund.

在私募股權領域，我們將繼續透過我們的資本和氣候行動參與市場。我們預計將啟動下一期旗艦亞洲基金以及第四期崛起基金的募款工作。

On the real estate side, we expect 2026 to be an important and significant year for our franchise. We'll begin fundraising for the next vintage of TPG Real Estate's flagship fund and TPG AG real estate funds in both the US and Asia. We also remain highly focused on diversifying our sources of capital and further penetrating the fastest-growing distribution channels.

在房地產方面，我們預計 2026 年將是我們特許經營業務的重要一年。我們將開始為 TPG Real Estate 的旗艦基金和 TPG AG 房地產基金在美國和亞洲的下一期基金進行募款。我們也將持續高度重視資本來源多元化，並進一步滲透成長最快的銷售管道。

In Private Wealth, we expect to grow our distribution network in the US and internationally and launch additional semi-liquid and yield-oriented products across asset classes. Additionally, we continue to organically expand our insurance relationships and evaluate broader strategic partnerships and inorganic opportunities.

在私人財富領域，我們期望在美國和國際上擴大分銷網絡，並在各個資產類別中推出更多半流動性和收益導向產品。此外，我們將繼續透過自身努力拓展保險業務關係，並評估更廣泛的策略合作夥伴關係和外延收購機會。

Based on the increased cadence and consistency of our capital formation efforts over the last few years, we've clearly been successful in expanding and diversifying our business. We're excited to continue building on this momentum and delivering differentiated results for our clients and shareholders.

根據過去幾年我們資本形成工作的節奏和持續性不斷提高來看，我們在擴大和多元化業務方面顯然取得了成功。我們很高興能夠繼續保持這一發展勢頭，並為我們的客戶和股東帶來差異化的成果。

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

現在我把電話轉回給麥迪遜，讓她回答你們的問題。

(Operator Instructions) Glenn Schorr, Evercore.

（操作說明）Glenn Schorr，Evercore。

Thank you. I appreciate the color you gave us on the relationship between monetizations and PRE and some monetizations early in funds life. What's interesting is 69% of your net accrued performance is now in funds at five years are older. So I'm just curious, really good monetization backdrop according to the banks, brokers, you guys. So just how does that inform us about the realization pipeline that you're looking at given the age, timing and all the other comments?

謝謝。我很欣賞你對貨幣化與 PRE 以及基金早期貨幣化之間關係的精彩闡述。有趣的是，您 69% 的淨累計收益現在都投資在五年或更老的基金。所以我很好奇，根據銀行、經紀商以及你們的說法，目前的獲利環境真的非常好嗎？那麼，考慮到年齡、時間和其他所有因素，這究竟如何幫助我們了解您正在關注的實現流程？

Yeah, good question, Glenn. Let me start just by explaining that vintage page a little bit because I don't think we've done that in the past, and then Todd will expand a bit more on our outlook for PRE. But on that vintage chart, when we say vintage, the category vintage is before 2020 and earlier, that refers to the vintage of the fund itself not to the underlying portfolio of companies. So the biggest category there, for example, is TPG VIII, which is 2019 vintage fund. So those investments were made largely in 2021, '22 before we raised TPG IX.

嗯，問得好，格倫。首先，讓我稍微解釋一下那個復古頁面，因為我覺得我們以前沒有做過，然後 Todd 將進一步闡述我們對 PRE 的展望。但在該年份圖表中，當我們說年份時，年份類別指的是 2020 年及以前，指的是基金本身的年份，而不是其底層公司投資組合的年份。例如，其中最大的類別是 TPG VIII，即 2019 年成立的基金。因此，這些投資主要是在 2021 年和 2022 年進行的，也就是在我們募集 TPG IX 之前。

And then growth 5, the 2020 vintage fund, that's another big category in that kind of aged vintage bucket. And that's a 2020 vintage fund where most of those deals were done in 2021, '22, '23. So despite 2020 sounding like an earlier vintage, the vintage of the underlying investments are actually still pretty young. So that being said, that's what that page means. And Todd will expand more on our approach to monetization.

然後是成長 5，即 2020 年的年份基金，這是這類年份較老的年份基金類別中的另一個大類別。這是一個成立於 2020 年的基金，其中大部分交易是在 2021 年、2022 年和 2023 年完成的。因此，儘管 2020 年聽起來像是一個較早的年份，但基礎投資的年份實際上還很短。所以，也就是說，這就是那一頁的意思。Todd 將會進一步闡述我們的獲利模式。

I think just to echo what Jack said, these are a lot of newer deals. We are folks who drive growth in those investments that takes sometimes a couple of years, but we feel like we're at the appropriate cycle in terms of the liquidity in those funds. And I'd say that without repeating much of what Jack said, I do feel like DPI and liquidity has been a real differentiator for us.

我想重申一下傑克的說法，這些都是比較新的交易。我們是推動這些投資成長的人，有時需要幾年時間，但我們覺得就這些基金的流動性而言，我們正處於合適的周期。我雖然不想重複傑克說過的大部分內容，但我確實覺得DPI和流動性對我們來說是一個真正的差異化優勢。

We approach it with a lot of intentionality. I think we bring the same level of focus and intensity that we do the investment decisions, which I think has been a differentiator for us, which is part of the reason we were net sellers in capital and growth in 2021, '22. We were net buyers in '23 when market pulled back and then net sellers again in '24.

我們以非常謹慎的態度來對待這件事。我認為我們投入與投資決策相同的專注度和強度，我認為這使我們脫穎而出，這也是我們在 2021 年和 2022 年成為資本和成長淨賣方的部分原因。2023 年市場回檔時，我們是淨買家；2024 年市場回落時，我們又成了淨賣家。

As I look forward, I feel like we are constructive on the liquidity prospects and feel like we have -- at present, we have a number of assets we're exploring liquidity around. Jon mentioned actually the majority of TPG Capital's investments in the last fund have been carved out and structured relationships. In many of the structural relationships, we actually know who the buyer of the business will be. In many of those cases, we have put call relationships, which I think is another interesting feature and a pretty unusual set of opportunities.

展望未來，我認為我們對流動性前景持樂觀態度，目前我們正在探索多種資產的流動性。Jon提到，TPG Capital在上一期基金中的大部分投資實際上都是透過分割和結構化關係來實現的。在許多結構性關係中，我們實際上知道誰會是企業的買家。在許多情況下，我們都有看跌期權和看漲期權的關係，我認為這是另一個有趣的特點，也是一組相當不尋常的機會。

The majority of the deals in capital over the last many years have been sold to strategics. The strategics, I think, are perking up and are active. We've also mentioned some IPO -- recent IPO as in yesterday. We've had more than 13 IPOs in India in the past few years. So we're taking advantage of those market opportunities as well. But overall, we feel good about the momentum in the portfolio. We feel good about the dialogues we're having, and we're constructive on the liquidity environment.

過去多年的大部分資本交易都賣給了策略投資者。我認為戰略家們正在振作起來，變得活躍起來。我們也提到了一些IPO──最近的IPO，像是昨天的IPO。過去幾年，我們在印度已經有超過13家公司進行了IPO。所以我們也正在利用這些市場機會。但總體而言，我們對投資組合的發展動能感到滿意。我們對目前的對話感到滿意，並且對流動性環境持建設性態度。

Glenn, my comments on the call were meant to basically indicate that we are still aggressive on the monetization front. The timing issue I described is how that flows through to PRE. If the sales were made in more mature funds that had already had exits pay down the fees and expenses, which is the normal way a waterfall works, the PRE during the quarter would have been probably twice the $30 million.

Glenn，我在電話會議上的評論主要是為了表明，我們在盈利方面仍然保持積極進取的態度。我所描述的時序問題是指它如何傳遞到 PRE。如果這些銷售是在更成熟的基金中進行的，這些基金的退出已經支付了費用和支出（這是瀑布式收益的正常運作方式），那麼該季度的 PRE 可能會是 3000 萬美元的兩倍。

And so now eventually, we've cleared the decks. The next exit out of those funds should be -- should flow through to PRE.

所以現在，我們終於清理乾淨了。這些資金的下一個退出途徑應該是－應該流向 PRE。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Jon, Jack. We also have a question on realizations, but aggregate realizations, not PRE. For the first time since you IPO-ed almost four years ago, it is once again raining IPO and M&A announcements. If this continues, can you help us frame the level of realization potential out of your PE and growth capital businesses over the next year? And the reason I'm asking TPG this is the last time we had this backdrop in 2021, TPG was arguably the most active in the industry of monetizing. And it sounds like your commentary today is constructive, but maybe not super bullish.

早安，喬恩，傑克。我們還有一個關於實現率的問題，但指的是聚合實現率，而不是 PRE。自貴公司近四年前上市以來，首次再次迎來IPO和併購公告的雨季。如果這種情況持續下去，您能否幫助我們估算您私募股權和成長資本業務在未來一年的實現潛力？我之所以問 TPG 這個問題，是因為上一次我們在 2021 年遇到這種情況時，TPG 可以說是業界最積極進行貨幣化的公司。聽起來你今天的評論很有建設性，但可能不是特別看好。

Maybe I'll start on that, Craig. It's Jack. The way I think about that, as you know, we don't forecast realizations and PRE for a good reason. We're going to sell companies when it's the right time to sell companies, and we have all the complicated waterfall mechanics that I just talked about. That being said, the way I think about it from the top down is our accrued but unrealized PRE performance allocation balance is now up to $1.2 billion, right?

或許我會著手做這件事，克雷格。是傑克。依我之見，如你所知，我們不預測實現值和 PRE 是有充分理由的。我們將在合適的時機出售公司，我們擁有我剛才提到的所有複雜的瀑布式開發機制。也就是說，從上到下我的思考方式是，我們累積但尚未實現的 PRE 績效分配餘額現在高達 12 億美元，對吧？

We acquired some PRE from -- accrued PRE from Peppertree. That was half of that increase. The other half was -- so we're seeing that balance start to grow again. And as you and I have talked about, one way to frame it is through a cycle, you would expect that we would monetize that balance over, call it, a 3- or 4-year time period. And the more attractive the market gets, the more we'll tend to lean into that.

我們從 Peppertree 獲得了一些 PRE——累積的 PRE。那隻是成長幅度的一半。另一半是——所以我們看到這種平衡開始再次成長。正如你我之前討論過的，一種看待這個問題的方式是透過一個週期，你會期望我們在大約 3 到 4 年的時間裡將該餘額貨幣化。市場越有吸引力，我們就越傾向於參與其中。

But the most important question is what are the underlying companies? Have we achieved our value creation plan? And is it the right thing to do for our funds and our investors to sell that business? And that will be our framework for thinking about each exit through the course of the year next year.

但最重要的問題是，這些公司究竟是哪些？我們是否實現了價值創造計畫？出售這家企業對我們的資金和投資者來說是正確的做法嗎？而這將成為我們明年思考每項退出策略的框架。

Hey, Craig. It's Jon. I think your interpretation of it is slightly off. I think that what -- when we were talking about this, I think what we were trying to communicate is this intentionality around what we do and how we do it. And when you look at how we built our portfolios across Capital VIII, Capital IX and now into Capital X, again, Todd just mentioned this, the dynamics of the strategic partnerships that we have in a number of cases, actually having strategics work alongside of us to know essential -- because they want an opportunity to acquire an asset.

嘿，克雷格。是喬恩。我認為你的解讀有點偏差。我認為——當我們談論這件事的時候，我們試圖傳達的是，我們做事的方式和目的都帶有強烈的意圖。當你回顧我們在 Capital VIII、Capital IX 以及現在的 Capital X 中構建投資組合的方式時，正如 Todd 剛才提到的，我們在很多情況下都建立了戰略合作夥伴關係，讓戰略合作夥伴與我們並肩工作，這對他們來說至關重要——因為他們想要獲得收購資產的機會。

I think that what we've done is try to set up our portfolios in a way where we have multiple pathways in terms of exit opportunities. You look at the size of our companies, the size of our businesses. One of the things that we focus on, obviously, is creating value, which I mentioned in my comments, in terms of revenue growth, EBITDA growth and also trying to be intentional about where in the life cycle of that value creation, we actually start to think about selling or monetizing assets so that there is more in the tank as we think about who's ultimately going to buy the asset.

我認為我們所做的，是努力建立一種投資組合，使我們有多種退出途徑。看看我們公司的規模，我們企業的規模。顯然，我們關注的重點之一是創造價值，正如我在評論中提到的，這體現在收入成長、EBITDA 成長等方面，同時我們也要有意識地考慮在價值創造的生命週期的哪個階段開始考慮出售或變現資產，以便在考慮最終誰會購買該資產時，能夠有更多的資金儲備。

And I think that if you look at our portfolios, I think we're actually overlaying that, by the way, is sort of a perspective on where valuations are. You made the point about '21, '22. We leaned in, obviously, and we sold our entire software portfolio back then because of the way we perceive valuations in the market. That turned out to be a very good decision.

而且我認為，如果你看一下我們的投資組合，你會發現我們其實是在疊加這種觀點，順便說一句，這是對估值現狀的看法。你提到了 2021 年和 2022 年的情況。很顯然，我們當時積極參與其中，並出售了我們所有的軟體產品組合，因為我們對市場估值的看法是這樣的。事實證明，那是一個非常明智的決定。

I would say that the -- what we meant -- what we're meaning to communicate is that we're as focused on how we think about making decisions around the buy in our portfolio as we are on the sell. And I would say that you should expect us to be active as it relates to how we think about monetizing our portfolios. And so I just wanted to clarify because I think your interpretation is a little bit off.

我想說的是──我們想表達的是──我們同樣重視對投資組合中買進決策的思考，就像重視對賣出決策的思考一樣。我想說，你們應該期待我們在思考如何將我們的投資組合變現方面保持積極主動。所以我想澄清一下，因為我覺得你的理解有點偏差。

Just the last thing I would add and both Jon and Jack have referenced it. One of the reasons I think we're constructive on the exits is just the strength of the portfolio performance. We have a portfolio on an LTM basis across private equity that's growing EBITDA at 20%-plus and none of the platforms on an LTM basis are below 15%. They're all really performing well. And that is, of course, when we think about the strategic exits, but also IPOs, that's the best leading indicator.

最後補充一點，Jon 和 Jack 都提到這一點。我認為我們採取建設性退出策略的原因之一就是投資組合表現強勁。我們擁有一個過去 12 個月內 EBITDA 成長率超過 20% 的私募股權投資組合，且過去 12 個月內沒有一個平台的 EBITDA 成長率低於 15%。他們表現都非常出色。當然，當我們考慮策略退出以及首次公開發行（IPO）時，這才是最好的領先指標。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Good morning. Thanks for taking the question. We're seeing far more concern about AI disrupting certain parts of the software technology and business services area. Two parts here. One, as you think about your investment portfolio, do you see any risks in the investment as that theme plays out? And then maybe hopefully, more interesting, how do you feel about being on the winning side of this technological shift either through Peppertree or elsewhere in your various business verticals?

早安.感謝您回答這個問題。我們看到，人們越來越擔心人工智慧會顛覆軟體技術和商業服務領域的某些方面。這裡分為兩部分。第一，在考慮你的投資組合時，你是否認為隨著主題的發展，投資有任何風險？那麼，或許更有趣的是，您對於透過 Peppertree 或在您各個業務領域的其他方面，成為這場技術變革的贏家有何感想？

Sure. Thanks for the question, Ken. We've been very early investors in AI. We started over a decade ago with C3 AI and had a number of the early predecessors to today's company as well as a number of the companies that are in the headlines today. And actually, some even limited to the equity side. Credit Solutions, actually what I think is the first substantial debt investment in AI by leading the race for xAI last quarter. It helps that we're based in San Francisco.

當然。謝謝你的提問，肯。我們很早就開始投資人工智慧領域了。十多年前，我們創立了 C3 AI，並發展瞭如今這家公司的許多早期前身，以及一些如今頻頻登上新聞頭條的公司。實際上，有些甚至僅限於股權方面。Credit Solutions 實際上，我認為是人工智慧領域第一筆實質的債務投資，因為它在上個季度引領了 xAI 的競爭。我們公司總部設在舊金山，這對我們很有幫助。

And with a good arm, you can probably hit more than half of the AI companies from our building. And we've invested significantly in AI capabilities. So we have an AI center of excellence in which our operations and business building team drive AI adoption on each of the portfolio companies. We have a lot of investments recently in AI specific human capital, the former Chief Technology Officer at Accenture, one of the co-heads of McKinsey software business. So AI is really part of everything we're doing now. It's moving quickly. It's part of every underwriting decision.

只要手臂夠好，你從我們這棟大樓大概能打中一半以上的人工智慧公司。我們已在人工智慧能力方面投入大量資金。因此，我們設立了一個人工智慧卓越中心，我們的營運和業務建立團隊負責推動每個投資組合公司採用人工智慧。埃森哲前首席技術官、麥肯錫軟體業務聯席主管之一表示：“我們最近在人工智慧領域的人力資本方面進行了大量投資。”所以人工智慧其實已經融入我們現在所做的每一件事。進展很快。這是所有核保決策的一部分。

Technology, in general, software, in particular, are certainly in our power alleys. I think you were specifically focused on the impact of AI there. Our software portfolio is growing earnings at 22%, 23%. And I do think it's having a meaningful impact, but that is having a meaningful in both directions. There's some real opportunities and net beneficiaries from AI.

科技，尤其是軟體，無疑是我們的優勢領域。我認為你當時特別關注的是人工智慧的影響。我們的軟體產品組合的收益成長了 22%、23%。而且我認為它確實產生了有意義的影響，但這種意義是雙向的。人工智慧確實帶來了一些機遇，也造福了許多人。

So for us, we've been spending time in areas like vertical market software, fintech, cybersecurity. We've seen that in a number of our recent investments. We've probably been a little more cautious on some of the broader horizontal themes in infrastructure software, where we see AI changing the landscape very quickly.

因此，我們一直致力於垂直市場軟體、金融科技、網路安全等領域的研究。我們在近期的一些投資項目中已經看到了這一點。對於基礎設施軟體領域一些更廣泛的橫向主題，我們可能一直比較謹慎，因為我們看到人工智慧正在迅速改變這一領域的格局。

And again, every single underwriting decision, not just in software, but particularly in software, has a high intensity focus on the impact of AI. Even in companies like health care IT, just to use one example, one of our largest investments in the last few years is a business called Lyric, which we bought out of UnitedHealthcare. It looks at 60%-plus of the primary claims in the US health care insurance industry. And so you would think as an algorithm-based business, you would have a big impact from AI.

再次強調，每項核保決策，不只是軟體保險，尤其是軟體保險，都高度關注人工智慧的影響。即使是像醫療保健 IT 這樣的公司，舉個例子來說，我們在過去幾年中最大的投資之一就是從 UnitedHealthcare 收購的 Lyric 公司。它調查了美國醫療保險行業 60% 以上的初級索賠。因此，你可能會認為，作為一家以演算法為基礎的企業，人工智慧會對你產生巨大的影響。

But for years and years, we have been the only ones on an aggregated basis that have a proprietary look at all that data. So AI really isn't a threat. Instead, it's an opportunity for that business to expand its footprint beyond the primary claims editing space. So it's really a very company-by-company analysis. And in the companies that I think we lean into, we really feel like it's an opportunity.

但多年來，我們一直是唯一一家能夠匯總並獨家查看所有這些數據的機構。所以人工智慧其實並不構成威脅。相反，這對該企業來說是一個將其業務範圍擴展到主要索賠編輯領域之外的機會。所以這其實是逐家公司進行的分析。而我認為，在我們重點關注的公司裡，我們真的覺得這是一個機會。

To your point, AI has a huge impact on health care. It has a huge impact outside of equity in -- on the credit side as well. And we feel like we have assembled the right team and the right internal rigor to make sure that we're thinking quite dynamically and in an intentional way about how to make sure that we're on the right side of AI and then leveraging AI to drive performance in our portfolio companies.

你說得對，人工智慧對醫療保健有著巨大的影響。它對股權以外的領域，乃至信貸領域，都產生了巨大的影響。我們感覺我們已經組建了合適的團隊，並建立了嚴格的內部機制，以確保我們能夠以積極主動、有意識的方式思考如何確保我們在人工智慧領域走在正確的道路上，並利用人工智慧來提升我們投資組合公司的業績。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Good morning. Thanks for the question. I wanted to spend a minute on credit. It feels like momentum in that business is finally starting to take off. We saw it with fundraising for the last couple of quarters, but it looks like deployment is also starting to catch up. So maybe spend a minute on how you see the growth evolving from here, where the incremental benefits on fundraising are coming from? And I think one of the items you highlighted also launch of new products when it comes to credit into 2026. And I was hoping you could expand on that as well. Thanks.

早安.謝謝你的提問。我想賒帳一分鐘。感覺這項業務的發展動能終於開始起飛了。過去幾季的募款工作已經證明了這一點，但現在看來，部署工作也開始迎頭趕上了。那麼，不妨花點時間思考一下，您認為接下來的成長將如何發展，募款方面的增量收益將來自哪裡？我認為您重點提到的其中一項內容也包括到 2026 年推出新的信貸產品。希望您也能就此展開談談。謝謝。

Yeah, sure. Thanks, Alex. It's Jon. Look, I think as we said in our comments, this has been the underlying thesis of when we acquired the Angelo Gordon business was that it was a platform that had a multi-strategy approach in terms of across lending, structured credit solutions, total return opportunities. And that inside of this firm, it would essentially step to the next level, both from the perspective of capital formation, but importantly, in terms of the overall ecosystem to originate and source transactions. And I would say that it's hitting on every cylinder in terms of the ability to scale the businesses.

當然可以。謝謝你，亞歷克斯。是喬恩。你看，我認為正如我們在評論中所說，我們收購 Angelo Gordon 業務的根本原因在於，它是一個在貸款、結構化信貸解決方案和總回報機會方面採取多策略方法的平台。而對這家公司來說，無論從資本形成的角度來看，還是更重要的是從發起和獲取交易的整體生態系統的角度來看，都將邁上一個新的階梯。我認為，就企業規模化能力而言，它已經發揮了全方位的優勢。

If you recall, one of the things that we said early on in the acquisition was that the businesses were out originating the capital base, essentially being undercapitalized and that's fundamentally changing now. You can see it in the scale of our capital formation across all of those businesses. You can see it in the uptick in relevance of our open-ended vehicles as well like TCAP that Jack talked about in terms of the acceleration. If you look at the inflows, for instance, into TCAP, our inflows are -- the slope of the line is steepening in terms of our inflows and the relevance of that product in the market. Same thing is happening in MVP in our structured credit business.

如果你還記得的話，我們在收購初期就說過，這些企業缺乏足夠的資本基礎，本質上是資本不足，而現在這種情況正在發生根本性的變化。從我們所有這些企業的資本形成規模就能看出這一點。你也可以從我們開放式車輛相關性的上升中看出這一點，就像傑克談到的 TCAP 在加速方面一樣。例如，如果你看一下流入TCAP的資金，我們的資金流入——就我們的資金流入和該產品在市場上的相關性而言，這條線的斜率正在變陡。同樣的情況也發生在我們結構化信貸業務的MVP。

What we've done is we have begun now also to really think about sort of the next level with respect to the various cost of capital -- the cost of capital of various investment strategies, particularly to serve our insurance company clients. I mentioned in my comments, the substantial increase in engagement with insurance clients. That is continuing -- continued in this past quarter. It's continuing again and really structuring various types of vehicles for our insurance company clients, whether they're funds of one or SMAs and moving now into things like IG risk in terms of being able to serve the insurance client across a range of assets and across a range of returns, which is obviously what is necessary in order to serve that market.

我們現在所做的，是真正開始思考下一階段的各種資本成本——各種投資策略的資本成本，特別是為我們的保險公司客戶提供服務。我在評論中提到過，與保險客戶的互動大幅增加。這種情況仍在持續——上個季度依然如此。這項工作仍在繼續，我們真正為保險公司客戶建立各種類型的投資工具，無論是個人基金還是獨立管理帳戶，現在我們正轉向投資級風險等領域，以便能夠為保險客戶提供涵蓋各種資產和各種回報的投資服務，這顯然是服務該市場所必需的。

We continue to have -- one of the things that we're observing in that part of the market is that I think there is an increasing awareness on the part of most of the life and annuity players in the market, but it's also getting broader than that, that not being -- not having partnerships in the alternative side of the business is very dangerous from a strategic competitive position. So as a result of that, because we don't own a captive at this time, we continue to see that dialogue increasing with respect to various forms of partnerships with a variety of different insurance clients, both here as well as internationally.

我們持續觀察到——在這個市場領域，我認為大多數人壽保險和年金市場的參與者越來越意識到，而且這種意識也在不斷加深，那就是——在另類投資領域沒有合作夥伴關係，從戰略競爭地位來看是非常危險的。因此，由於我們目前沒有自保公司，我們看到與國內外各種不同的保險客戶就各種形式的合作關係進行的對話不斷增加。

And so I think that that's going to be -- I believe that what will happen over the course of the next number of quarters, over the course of the next year or so is we're going to continue to see sort of step function increases in the engagement that we have in that market. Likewise, I think we're working on expanding our capabilities with respect to the kind of retail wealth markets. And one of the things that we've been focused on is how do we access that part of the market more effectively, more efficiently in much bigger size.

所以我認為，在接下來的幾個季度，也就是接下來的一年左右的時間裡，我們將繼續看到我們在該市場的參與度出現階躍式成長。同樣，我認為我們正在努力擴大我們在零售財富市場方面的能力。我們一直關注的問題之一是如何更有效、更有效率地以更大的規模進入這部分市場。

And Jack alluded to this in his comments, but I think that hopefully, we'll have some things to talk about over the next couple of quarters where we've had some meaningful progress and that's really all we can say about it at this time. But we're very focused on the ability to deliver return streams that, in many cases, are a combination of liquid and illiquid or liquid and alternative products. And so we're putting ourselves in a position and growing our capabilities to be able to deliver that.

傑克在他的評論中也提到了這一點，但我認為，希望在接下來的幾個季度裡，我們能有一些實質性的進展可以討論，而目前我們只能說這麼多了。但我們非常注重提供回報流的能力，在許多情況下，這些回報流是液態和非液態產品或液態產品和替代產品的組合。因此，我們正在努力提升自身能力，以便能夠實現這一目標。

Lastly, I would say that other areas of growth for us there -- we've talked about this before, and I think you'll recognize this, but we have a best-in-class lower middle market lending franchise in Twin Brook. And one of the things that we have identified as a result of the sourcing capability that we have in both Twin Brook as it relates to our relationship as well as from Credit Solutions, where we're seeing larger kind of bespoke transactions and sourcing in some cases, even that's coming through relationships we have with sponsors from our private equity business, we are building into the next level of lending.

最後，我想說，我們還有其他成長領域——我們以前也討論過這個問題，我想你們也知道，我們在 Twin Brook 擁有一流的中低端市場貸款特許經營權。我們發現，憑藉我們在 Twin Brook 和 Credit Solutions 的資源獲取能力，我們可以開展更大規模的客製化交易，在某些情況下，甚至可以透過我們與私募股權業務贊助商的關係進行資源獲取，從而將貸款業務提升到一個新的水平。

We like to call it sort of graduating companies. It's a little bit broader than that, but we'd like to call it graduating companies where we have companies, over 300 portfolio companies in Twin Brook. They start life as companies that are generating $25 million of cash flow and less. And then they end up life at $40 million, $50 million, $60 million, $70 million, $80 million of cash flow, and we've been the lender to those companies for three, four, five years.

我們喜歡稱之為「畢業型公司」。範圍比這要廣一些，但我們更願意稱之為“畢業公司”，我們在 Twin Brook 擁有 300 多家投資組合公司。它們成立之初都是年現金流不超過 2500 萬美元的公司。然後，這些公司最終獲得了 4,000 萬美元、5,000 萬美元、6,000 萬美元、7,000 萬美元、8,000 萬美元的現金流，而我們已經為這些公司提供了三、四、五年的貸款。

We know those companies better than anyone. And so the risk dynamics of us extending into that part of the market is something that we have a reason to win. And so we are -- and we'll have more to say on this again also over the next quarter or two, where we'll formalize this, but we are building into the next leg of growth in that, and we're already seeding a portfolio and we already have some traction with respect to some LP partners of ours that will anchor the strategy for us. But it's just a little bit too early to kind of roll it out, but we will be rolling it out over the next couple of quarters. So hopefully, that gives you a sense for sort of what the growth drivers are.

我們比任何人都更了解這些公司。因此，我們進軍該市場領域的風險動態是我們有理由贏得的。所以，我們正在為此努力——在接下來的一個或兩個季度裡，我們將就此發表更多看法，屆時我們將正式確定這一點，但我們正在為此構建下一個增長階段，我們已經在構建投資組合，並且我們已經與一些有限合夥人取得了一些進展，這些合夥人將為我們的戰略奠定基礎。但現在全面推廣還為時過早，不過我們將在接下來的幾季內逐步推廣。希望這能讓你對成長驅動因素有所了解。

I think, Alex, when you cut through all that, we're basically early in a multiyear period of growth in fee-earning AUM in credit, right? As -- you alluded to the fact that we're starting to see deployment pickup and fee-earning AUM. While that's been happening, our dry powder in credit over the past year has also increased by 35% or more percent. And as Jon said, we have multiple channels for additional fundraising and AUM growth that will flow into FAUM. So we expect the next several years to be attractive growth years for our credit business.

我認為，Alex，拋開所有這些因素，我們基本上正處於信貸業務收費資產管理規模多年增長期的早期階段，對吧？正如你所提到的，我們開始看到部署量增加和收費資產管理規模成長。同時，過去一年我們的可用信貸額度也增加了 35% 或更多。正如 Jon 所說，我們有許多管道可以進行額外的募款和資產管理規模 (AUM) 的成長，這些都會流入財務資產管理規模 (FAUM)。因此，我們預計未來幾年將是信貸業務蓬勃發展的時期。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Good morning. Can you guys hear me okay?

早安.你們能聽清楚我說話嗎？

Yes. Can you hear us?

是的。你們聽得到我們說話嗎？

Yes, loud and clear. So I wanted to ask on FRE margin leverage. It came in above expectations in 3Q, 69% incremental margin, certainly a market improvement versus a 51% in 2Q. So while you reaffirmed the mid-40s FRE margin exiting the year, thinking about this longer term, just given prior comments supporting meaningful upside to FRE margins as the business scales, whether that higher mid-60s incremental margin is, in fact, a sustainable run rate, even with all the investments you had spoken of and how it informs your outlook for the FRE margin trajectory next year and beyond?

是的，非常清楚。所以我想問一下關於FRE保證金槓桿的問題。第三季業績超出預期，利潤率成長 69%，相較於第二季的 51%，無疑是市場進步。因此，儘管您在年底重申了 FRE 利潤率在 40% 左右，但從長遠來看，考慮到您之前的評論支持隨著業務規模擴大 FRE 利潤率有顯著上升空間，那麼即使考慮到您提到的所有投資，更高的 60% 左右的增量利潤率是否真的是一個可持續的運行率，以及它如何影響您對明年以後及 FRE 利潤率的增量？

Good question. We are reiterating our guidance to exit this year in the mid-40s. As I've said all along, that is not an end point for us. I think you're exactly right to be looking at the incremental margins in connection with growth in FRR. And we do see that to be well above the mid-40s.

問得好。我們重申先前的預期，預計今年底股價將達到40多美元。正如我一直所說，這並不是我們的終點。我認為你完全正確，應該專注於與 FRR 成長相關的增量利潤率。我們看到這個數字遠高於 40 多歲。

How far above will depend because we are investing and building what we want to grow in the next 5 or 10 years as a business. We're investing in things like building out our private wealth distribution business and many other areas. And we're going to continue to invest in our business. That being said, I would expect continued FRE margin expansion in the next couple of years. We have not yet given guidance on when we might get, for example, 50%. But 45% is a step along the way.

以上目標能實現多少取決於我們能否在未來 5 到 10 年內實現業務成長，因為我們正在投資和建立我們希望發展的業務。我們正在投資拓展私人財富分配業務以及其他許多領域。我們將繼續投資我們的業務。也就是說，我預計未來幾年 FRE 利潤率將繼續擴大。我們尚未就何時能夠達到例如 50% 的目標給予指導意見。但45%是朝著目標邁出的一步。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Thanks. Thanks for taking my question. Maybe just to go back to your comments on fundraising outlook. Great to see the really strong momentum here. I think, Jack, you mentioned '26, you obviously expect to be a robust year similar to '25. Just in terms of the new funds that you're bringing to market, just wanted to -- it seems like '26 should be even stronger than '25. I just wanted to make sure if I understand that correctly.

偉大的。謝謝。謝謝您回答我的問題。或許我們可以回到您先前對募款前景的評論。很高興看到這裡發展勢頭如此強勁。傑克，我想，你提到了 2026 年，顯然你期望它能像 2025 年一樣表現強勁。就您即將推出的新基金而言，我想說——看起來 2026 年的業績應該比 2025 年更強。我只是想確認一下我的理解是否正確。

And the reason I'm asking is because I think you've got Asia coming. Real estate, obviously, is a large stem function of Rise IV is coming to the market. You still have capital in the market and then probably continued growth in credit and wealth. So I just wanted to understand if that's the case. And if I could just throw in a question on the deployment and the transition infrastructure fund with Kinetic. Is that continuing to increase that deployment capability in terms of how you're seeing that form for fundraising for the Rise Climate segment of funds?

我這麼問是因為我覺得你們要進軍亞洲市場了。顯然，房地產是 Rise IV 進入市場的一個重要支柱。你仍然在市場上擁有資金，而且信貸和財富很可能會繼續成長。所以我想確認一下是不是這樣。如果可以的話，我想問一個關於 Kinetic 的部署和過渡基礎設施基金的問題。從您看來，這種募款方式是否正在不斷提升「Rise Climate」基金部分的部署能力？

Yeah, thanks for the one question, Brian. We -- look, on the outlook, I was intentional in my words. I think next year will be a continued robust year. There are some puts and takes versus this year. Obviously, we had a very large initial close for TPG Capital and Healthcare Partners. We do expect to raise some more money for that in the fourth quarter. So that next year will be likely less capital risk because we've already raised well over half of our target we will have by the end of this year. On the growth side, we had a big final close for growth earlier this year. And our growth franchise in the US won't be in the market next year.

好的，謝謝你提出這個問題，布萊恩。我們──你看，就前景而言，我說話是有目的的。我認為明年將繼續保持強勁的成長勢頭。與今年相比，有一些值得關注和關注的方面。顯然，TPG Capital 和 Healthcare Partners 的首輪融資額非常高。我們預計在第四季會為此籌集更多資金。因此，明年資本風險可能會降低，因為到今年年底，我們已經籌集了目標金額的一半以上。在成長方面，我們今年稍早完成了成長方面的重大最終收盤。我們在美國的成長特許經營業務明年將不會進入市場。

On the real estate side, one of the things that might be throwing you off, I think when I talked about our flagship real estate launch being an important launch next year, the way we're currently thinking about it is the majority of that capital will probably raise the following year because we probably won't have our first close until the back half of '26. So -- and you're right that we absolutely do expect continued robust fundraising on the credit platform, as Jon mentioned.

在房地產方面，有一件事可能會讓你感到困惑，我認為當我談到我們明年推出的旗艦房地產項目是一個重要的項目時，我們目前的想法是，大部分資金可能會在明年籌集，因為我們可能要到 2026 年下半年才能完成第一次交易。所以——正如 Jon 所提到的，你說得對，我們絕對期待信貸平台上的融資活動能夠繼續保持強勁勢頭。

So when you cut through all that, we see some puts and takes. But this year being as strong a year as it was, up more than 50% over last year, some might have expected a step-down next year. We don't expect that.

所以，當你撥開所有這些面紗，我們看到的只是一些買賣交易。但今年經濟成長強勁，比去年成長超過 50%，有些人可能預期明年會出現下滑。我們並不期望如此。

Just on your sneak in second question on deployment around TI and climate, I guess, generally. I think, first of all, we're -- across the strategies, I would say that we are seeing really unique deployment opportunities, really unique. And we like what we're seeing. We think we're going to generate differentiated returns. And again, we've said this before, but we think that across these various types of climate strategies between private equity and infrastructure that it's a generational investment opportunity, and it's a global opportunity as well. So I think that we've been quite active.

關於你偷偷提出的第二個問題，關於TI和氣候方面的部署，我想，一般來說。我認為，首先，縱觀所有策略，我們看到了非常獨特的部署機會，非常獨特。我們很喜歡我們所看到的。我們認為我們將獲得差異化的回報。我們之前也說過，我們認為，在私募股權和基礎設施等各種氣候策略中，這是一個具有劃時代意義的投資機會，也是一個全球性的機會。所以我覺得我們一直都相當活躍。

Just to give -- just to put a pin in that, I think we've deployed $2.3 billion of capital this year across those strategies. And obviously, Kinetic being the most recent on the TI side, that was our second investment in TI. And so that continues to be a portfolio that we're building, and we're fundraising alongside of it contemporaneous with that.

僅供參考——僅供參考，我認為我們今年已在這些策略中投入了 23 億美元的資金。顯然，Kinetic 是 TI 方面最新的投資，那是我們對 TI 的第二筆投資。因此，我們將繼續建立這樣的投資組合，並同時進行融資。

And I think when you look at the trends going on around in the world in terms of the demand for power on a global basis, electrification, colocation opportunity, storage, et cetera, we're seeing really interesting opportunities. And again, we're seeing it on a global scale. So we're very enthusiastic about what that ultimately will look like, and we're -- it's a very active strategy.

我認為，從全球電力需求、電氣化、資料中心託管、儲能等方面的趨勢來看，我們看到了許多非常有趣的機會。而且，我們再次看到這種情況在全球範圍內發生。所以我們對最終的結果感到非常興奮，而且——這是一項非常積極的策略。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Good morning. Thanks for taking my question. I wanted to ask about M&A. You guys have done a number of inorganic transactions already over the last couple of years. So just curious, as you look at the platform today, what's left to fill in to accelerate one scale or presence? Where might inorganic activity be helpful? I'm just curious what you're seeing on that front. And how do the recent transactions inform your approach as you look forward?

早安.謝謝您回答我的問題。我想諮詢一下併購方面的問題。你們在過去幾年裡已經進行了很多非有機成長交易。所以我很好奇，就您目前對這個平台的了解來看，為了加速規模化或擴大影響力，還需要完善哪些面向？無機活動在哪些方面會發揮作用？我只是好奇你在那方面看到了什麼。最近的交易將如何影響您未來的策略？

Yeah, sure. Thanks, Michael. Look, I think, first of all, I would say that we have been -- as you know, we've been very focused and intentional about the type of inorganic activity that we've engaged in. And we feel like where we have executed, we're executing really, really well. And there's a lot -- there's -- I think you have an appreciate -- we've talked about this before.

當然可以。謝謝你，麥可。你看，我認為，首先，我想說的是，正如你所知，我們一直非常專注和有意識地選擇我們所從事的非有機活動類型。我們覺得，在我們已經執行的領域，我們執行得非常非常好。有很多——有很多——我想你應該能體會到——我們以前也討論過這個問題。

You have an appreciation for the fact that it begins with the deal and -- but that's sort of like the tip of the iceberg and most of it is underneath from there in terms of execution, integration and really making it work, cultural engagement and then growth. And we feel like we have been very successful at it, and we feel like we've devoted a lot of skills in terms of understanding how to do it. So it's something that we feel will be a kind of arrow in our quiver in terms of growth on an ongoing basis.

你要明白，一切都始於交易，但這就像冰山一角，大部分工作都在下面，包括執行、整合、真正讓它運作起來、文化參與，以及最終的成長。我們覺得我們在這方面非常成功，我們覺得我們在理解如何做到這一點方面投入了很多技能。因此，我們認為這將是我們持續發展壯大的有力武器。

One of the other things that I think we see happening is that because of the overall trend line in our industry, which is, I think, the kind of the bigger getting bigger, a trend towards consolidation, I think that one of the things that we see happening is we -- because of our having established our bona fides and being able to do this well, I think we are the recipient of a lot of incoming across a range of different strategies.

我認為我們看到的另一件事是，由於我們行業的整體趨勢，也就是大公司越來越大，走向整合的趨勢，我認為我們看到的一件事是——因為我們已經建立了信譽，並且能夠做好這件事，我認為我們正在接受來自各種不同策略的大量投資。

And that is very helpful because obviously, we have a good look at what's going on. And in many cases, what we're finding is that potential targets or counterparties want to engage with us on a proprietary basis which is also an attractive way to kind of at least evaluate whether or not it's something that makes sense for us. And if so, then execute on it on terms that make sense.

這非常有幫助，因為很明顯，我們可以清楚地了解正在發生的事情。在許多情況下，我們發現潛在的目標或交易對手希望以專有方式與我們合作，這也是一種有吸引力的方式，至少可以評估這對我們來說是否有意義。如果真是如此，那就按照合理的條款去執行。

So we're -- I would say that our overall kind of business development effort is pretty active just in terms of seeing opportunities and evaluating them. We're going to be picky as you would expect. There are areas that I think, without getting into too much detail, I think there are areas in the market that continue to be interesting to us. Obviously -- and there's not only product strategies, but also geographies as well. I think that we're continuing to focus on how to continue to broaden our footprint in Europe, as an example.

所以——我想說，就發現機會和評估機會而言，我們整體的業務拓展工作相當積極。正如你所料，我們會非常挑剔。我認為，在不贅述細節的情況下，市場上有一些領域仍然讓我們很感興趣。顯然──不僅有產品策略，還有地域因素。例如，我認為我們將繼續專注於如何繼續擴大我們在歐洲的商業版圖。

And there may be sort of opportunities there that develop for us. Nothing to do right now today, but I mean that's just an area that interests us because we are a global firm. We could find opportunities that I would describe as kind of tuck-ins or fill-ins in our credit strategy that might be interesting to us. There are areas potentially related to the build and infrastructure that might be interesting to us because obviously, we have two pieces to that now, TI and then also Peppertree. And I think we want to continue to think about how does that part of the market expand for us.

那裡或許會有一些適合我們的機會。今天暫時沒什麼事可做，但我的意思是，因為我們是一家全球性公司，所以我們對這個領域很感興趣。我們可能會發現一些機會，我稱之為信貸策略中的一些補充或填補措施，這些機會可能對我們來說很有吸引力。有一些與建築和基礎設施相關的領域可能會讓我們感興趣，因為很明顯，我們現在有兩個部分，TI 和 Peppertree。我認為我們應該繼續思考如何為我們拓展這部分市場。

There's a lot of interesting developments going on in the market as it relates to secondaries in our market. As the primary markets across all the asset classes grow, I think the secondary flows are going to become more and more important to the market. So that's another really interesting area.

在我們市場的二級市場領域，有許多有趣的動態正在發生。隨著所有資產類別的一級市場不斷增長，我認為二級市場資金流動對市場的重要性將日益凸顯。所以，這又是一個非常有趣的領域。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Great. Thank you very much for taking the question. I appreciate all the guidance and discussion so far. Maybe just two areas of growth seems still being the wealth and the capital markets areas. So I wondering if you can maybe update us on maybe where you see the incremental spend. And then on the wealth side, in particular, just sort of curious, you mentioned a number of times, new products, new geographies, maybe unpack that a little bit in terms of where you see the greatest opportunity in the near term. Thank you.

偉大的。非常感謝您回答這個問題。非常感謝大家迄今為止的指導和討論。或許目前看來，財富管理和資本市場領域仍將是成長的兩大領域。所以我想知道您能否告知我們您認為新增支出可能來自哪些方面。然後，在財富方面，特別是您多次提到新產品、新地域，我很好奇，能否就您認為近期內最大的機會在哪裡展開一些討論。謝謝。

Jack, why don't you start with wealth?

傑克，你為什麼不從財富入手？

Sure. Hey, Will. Thanks for the question. Look, wealth is a multiyear build for us, right? The starting point was launching T-POP alongside our existing products and the existing evergreen products, MVP and TCAP and getting kind of the flagship private equity product in the wealth channel on the evergreen side launched effectively. And that, as I mentioned, is off to a great start with lots of room to grow from here. The $900 million is the latest AUM number we've announced there, and we see substantial continued growth through the rest of this year and next year.

當然。嘿，威爾。謝謝你的提問。你看，對我們來說，財富的累積是一個多年的過程，對吧？出發點是將 T-POP 與我們現有的產品和現有的常青產品 MVP 和 TCAP 一起推出，並有效地在財富管道的常青產品方面推出旗艦私募股權產品。正如我之前提到的，這已經是一個很好的開端，未來還有很大的發展空間。9億美元是我們最新公佈的資產管理規模數字，我們預計今年剩餘時間和明年將繼續保持顯著增長。

Part of that growth, all of that so far has been almost entirely on three platforms. In the platforms in which we are selling T-POP. We are one of the most attractive or high-volume private equity evergreen products, if not the most active. That -- so it's extremely well received, but we're very early in the expansion across additional distribution partners. So through the course of next year, you'll see that. You'll see us expanding partnerships to broaden out and globalize effectively the placement of T-POP.

到目前為止，這種成長幾乎完全是在三個平台上實現的。在我們銷售 T-POP 的平台上。我們是最有吸引力或交易量最大的私募股權常青產品之一，即使不是最活躍的。因此，它受到了極大的歡迎，但我們與更多分銷合作夥伴的拓展仍處於非常早期的階段。所以，在接下來的一年裡，你就會看到這一點。你會看到我們擴大合作關係，有效地擴大和全球化 T-POP 的投放範圍。

Along with that, there are several additional products that we feel like we're well suited to bring to market. The first would probably be a multi-strategy credit interval fund. We talked about how well received TCAP is as a direct lending BDC. The other businesses, as we've talked about, that we have in credit through Angelo Gordon are also distinctive businesses in structured credit, Credit Solutions, et cetera. So having a credit interval fund that much like T-POP feeds on all of our private equity deal flow that benefits from all of the flow across our credit platform, we're seeing on demand for that in early -- I'd say, mid-stage discussions with potential channel partners who want to see that product.

除此之外，我們還有幾款其他產品，我們覺得我們很適合推向市場。第一種可能是多策略信用間隔基金。我們討論了TCAP作為一家直接貸款型商業發展公司（BDC）的受歡迎程度。正如我們之前討論過的，我們透過 Angelo Gordon 獲得的信貸業務，也是結構化信貸、信貸解決方案等方面的獨特業務。因此，我們設立了一個類似 T-POP 的信貸間隔基金，該基金利用我們所有的私募股權交易流，並受益於我們信貸平台上的所有資金流。在早期（或中期）階段，我們看到了對這種基金的需求，潛在的通路合作夥伴希望看到該產品。

And then the next tent pole would be in real estate. We have no nontraded REIT at this point. We have an excellent real estate business that's diversified across lots of different components. So we're in active discussions with channel partners who would like to see a real estate product from us. So that's kind of a near-term road map with more to come.

接下來，房地產將成為下一個支柱產業。目前我們沒有非上市房地產投資信託基金。我們擁有卓越的房地產業務，業務涵蓋許多不同領域。因此，我們正在與通路合作夥伴積極洽談，他們希望看到我們推出房地產產品。所以這是近期計劃，後續還有更多內容。

I think on capital markets, I think that you should expect that our capital markets business will continue to grow. Obviously, it's a transactional business. So the general flow of opportunities is correlated -- capital markets will be correlated to that. But one of the things that has happened over the course of -- I'm sure you've seen it in the trajectory of our revenues over the course of the last several years is that as we have been embedding our capital markets capabilities into each of our platforms in each of our product areas.

我認為，在資本市場方面，你們應該預期我們的資本市場業務將持續成長。顯然，這是一項交易性業務。因此，機會的整體流動是相關的－資本市場也會與之相關。但在過去幾年裡，我們一直在將資本市場能力融入我們每個產品領域的每個平台中，這一點我相信您已經從我們過去幾年的收入軌跡中看到了。

We're involved in as a capital provider, as a capital arranger across almost all of our businesses now. And with the addition of our credit franchise, it's taken sort of a next step with respect to our ability to use the broker-dealer and use our capital markets capabilities to distribute and to source. So I think that our outlook for that is that as the firm grows, it will continue to grow.

現在，我們幾乎所有業務都以資金提供者和資金安排方的身份參與其中。隨著信貸業務的加入，我們在利用經紀交易商和利用我們的資本市場能力進行分銷和採購方面邁出了重要一步。所以我認為，隨著公司的發展，它將繼續成長。

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.

今天的電話會議問答環節到此結束。現在我謹將電話交還給加里·斯坦，請他作總結發言。

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

偉大的。謝謝接線生。感謝各位今天蒞臨。如果您還有其他疑問，請隨時直接與投資者關係團隊聯繫。

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

本次 TPG 2025 年第三季財報電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。