TPG Inc (TPG) 2026 Q2 法說會逐字稿

Good morning, and welcome to TPG's second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded. Please go to TPG's IR website to obtain the earnings materials.

早安，歡迎參加 TPG 2026 年第二季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。請至 TPG 的投資人關係（IR）網站取得財報相關資料。

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

現在我將把電話交給 TPG 投資人關係主管 Gary Stein。謝謝。您可以開始了。

Great. Thanks, operator, and welcome, everyone. Joining me today are Jon Winkelried, Jack Weingart, Jim Coulter and Todd Sisitsky as well as our new CFO, Axel Andre.

很好。謝謝接線員，也歡迎各位。今天與我一同出席的有 Jon Winkelried、Jack Weingart、Jim Coulter、Todd Sisitsky，以及我們的新任財務長 Axel Andre。

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.

提醒各位，本次電話會議可能包含前瞻性陳述，該等陳述不保證未來事件或績效。請參閱 TPG 的財報新聞稿與向 SEC 提交的文件，以了解可能導致實際結果與這些陳述存在重大差異的因素。除法律要求外，TPG 不承擔修訂或更新任何前瞻性陳述之義務。

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.

在我們的討論與財報新聞稿中，我們同時呈現 GAAP 與非 GAAP 指標；我們認為本次電話會議中討論的某些非 GAAP 指標，與評估本公司財務表現相關。這些非 GAAP 指標已在 TPG 的財報新聞稿中與最接近的 GAAP 數字進行調節，該新聞稿可於我們網站取得。請注意，本次電話會議的任何內容均不構成出售或招攬購買任何 TPG 基金權益之要約。

Looking briefly at our results for the second quarter, we reported GAAP net income attributable to TPG Inc. of $93 million and after-tax distributable earnings of $280 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 August 28, 2026, to holders of record as of August 14, 2026.

簡要回顧第二季業績，我們報告歸屬於 TPG Inc. 的 GAAP 淨利為 9,300 萬美元，稅後可分配盈餘為 2.80 億美元，或每股 A 類普通股 0.69 美元。我們宣告每股 A 類普通股股利 0.59 美元，將於 2026 年 8 月 28 日支付給截至 2026 年 8 月 14 日登記在冊的股東。

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

接下來，我把電話交給 Jon。

Good morning, everyone. Thank you for joining us. TPG delivered strong results in the second quarter, capping off a record first half for the firm. So far, 2026 has been defined by a series of inflections across AI, private credit, monetary policy and geopolitics that have reshaped the macro backdrop and investing landscape.

各位早安。感謝各位加入我們。TPG 在第二季交出強勁成果，為公司創紀錄的上半年畫下句點。截至目前，2026 年在 AI、私募信貸、貨幣政策與地緣政治等方面出現一連串轉折點，重塑了總體背景與投資版圖。

As this environment drives a wider dispersion of performance across our industry, we believe TPG is well positioned to continue taking share given our proven track record and differentiated investment capabilities. We're actively capitalizing on an expanding opportunity set, and our clients continue to look for ways to deepen their engagement with us across our franchise.

在此環境推動本產業績效分化加劇之際，我們相信憑藉經驗證的往績與差異化投資能力，TPG 具備持續擴大市占的良好條件。我們正積極把握不斷擴大的機會集合，而我們的客戶也持續尋求在我們的平台各領域加深合作的方式。

Turning to our results. Fee-related revenue grew 27% year-over-year to $628 million, driven by a step-up in management fees and our second highest quarter ever for transaction and monitoring fees. Our Capital Markets business continues to be a powerful revenue driver as we further embed our capabilities across each of our asset classes.

接著談我們的業績。費用相關收入年增 27% 至 6.28 億美元，主要受管理費提升，以及交易與監督費創下歷來第二高單季所帶動。我們的資本市場業務持續成為強勁的收入驅動力，因為我們進一步將相關能力嵌入各項資產類別之中。

Our strong top line growth and increasing operating leverage drove a 43% year-over-year increase in fee-related earnings to $315 million in the second quarter, resulting in a 50% FRE margin. Since becoming a public company 4.5 years ago, our LTM FRE has grown at a 31% annualized rate, and we've expanded our margin by over 1,000 basis points.

強勁的營收成長與營運槓桿提升，帶動第二季費用相關盈餘（FRE）年增 43% 至 3.15 億美元，使 FRE 利潤率達 50%。自 4.5 年前成為上市公司以來，我們過去十二個月（LTM）的 FRE 以 31% 的年化速度成長，利潤率擴張超過 1,000 個基點。

We ended the quarter with $327 billion of total assets under management up 25% year over year and have continued to set new records for capital raising and deployment on an LTM basis, which I'll highlight now. Starting with capital formation, we raised $16 billion in the second quarter bringing our year-to-date total to more than $26 billion.

本季末總資產管理規模（AUM）達 3,270 億美元，年增 25%；並且在 LTM 基礎上，我們持續在募資與投資部署方面創下新紀錄，接下來我將重點說明。先從資本形成來看，我們第二季募得 160 億美元，使年初至今總額超過 260 億美元。

Given our strong progress in the first half of the year, combined with our robust pipeline for the second half, we remain confident that we will meet or exceed our target of raising more than $50 billion in 2026. We maintained strong fundraising momentum despite various headwinds in the market, underscoring the strength of our franchise.

鑑於上半年進展強勁，加上我們下半年穩健的案源管線，我們仍有信心在 2026 年達成或超越募資超過 500 億美元的目標。儘管市場存在各種逆風，我們仍維持強勁的募資動能，凸顯我們平台的實力。

We're further expanding our relationships with our existing client base as well as attracting new pockets of capital, which is a direct reflection of the differentiated returns we've consistently delivered. Across our private equity strategies, we raised $8 billion in the second quarter, up 39% year over year.

我們進一步擴大與既有客戶群的合作關係，同時吸引新的資金來源，這直接反映出我們一貫交付的差異化報酬。在我們的私募股權策略中，第二季募得 80 億美元，年增 39%。

For TPG Capital X and Healthcare Partners III, we raised $1.3 billion, bringing total capital raised to over $14 billion including commitments that are signed but not yet closed. Our momentum remains strong as we work towards the final close for this important fundraise.

就 TPG Capital X 與 Healthcare Partners III 而言，我們募得 13 億美元，使總募資額超過 140 億美元（包含已簽署但尚未完成交割的承諾）。在推進這項重要募資至最終關帳的過程中，我們的動能仍然強勁。

In our Market Solutions platform, we held the first close of $1 billion for our 11th Peppertree fund. As a reminder, we acquired Peppertree, a leading infrastructure manager in the US telecom tower market, a year ago.

在我們的 Market Solutions 平台，我們的第 11 檔 Peppertree 基金完成首輪關帳，規模為 10 億美元。提醒各位，我們於一年前收購 Peppertree；Peppertree 是美國電信塔市場領先的基礎建設資產管理公司。

Since then, we've made notable progress introducing Peppertree strategy to our existing clients with nearly one-third of commitments in the first close coming from legacy TPG relationships. As a result, we expect to grow our fund size by 25%.

自那以來，我們在向既有客戶導入 Peppertree 策略方面取得顯著進展，首輪關帳中近三分之一的承諾資金來自 TPG 既有客戶關係。因此，我們預期基金規模將成長 25%。

In Credit, we raised $5.6 billion during the quarter. As part of our strategic partnership with Jackson Financial, we received $2.5 billion in new multiyear commitments this quarter, bringing total commitments to $4.5 billion since the partnership began in February. As we deploy this capital into attractive opportunities, we're beginning to see the flywheel take shape, further expanding our origination capabilities and enabling us to more effectively serve a broad base of insurance clients.

在信貸業務方面，我們本季募得 56 億美元。作為與 Jackson Financial 策略合作的一部分，我們本季獲得 25 億美元新的多年期承諾，使自 2 月合作開始以來的總承諾額達 45 億美元。隨著我們將這些資金部署於具吸引力的機會，我們開始看到飛輪效應成形，進一步擴大我們的案源開發能力，並使我們能更有效地服務廣泛的保險客戶群。

For our Real Estate platform, we're in the early stages of a multiyear fundraising cycle. We're currently in the market with all of our US and Asia real estate equity funds and we're experiencing strong demand ahead of first closes in the coming quarters.

就我們的不動產平台而言，我們正處於一個多年期募資循環的早期階段。目前我們正就所有美國與亞洲不動產股權基金進行募資，並在未來幾季的首輪關帳前，感受到強勁需求。

In the Private Wealth channel, while the broader industry has recently faced a deceleration in net flows across retail-oriented products largely due to private credit concerns, our momentum continues to accelerate. We expect to gain share in the wealth channel, which is an important long-term growth driver for us.

在私人財富通路方面，儘管整體產業近期因私募信貸疑慮而使以零售為導向產品的淨流入放緩，我們的動能仍持續加速。我們預期將在財富通路提升市占，這是我們重要的長期成長驅動力。

June marked the one-year anniversary of the launch of T-POP, our perpetual private equity product. Inflows across the T-POP strategy were approximately $450 million in the quarter, bringing total AUM to $2.9 billion at the end of June.

6 月是 T-POP（我們的永續型私募股權產品）推出滿一週年。本季 T-POP 策略的資金流入約為 4.5 億美元，使 6 月底總 AUM 達 29 億美元。

We continue to successfully expand our global distribution footprint, adding a new international private bank platform during the second quarter and another already in the third quarter. As advisers become increasingly selective around new allocations, T-POP is a preferred solution given its strong track record with annualized inception-to-date returns of 34%.

我們持續成功擴大全球銷售通路版圖，第二季新增一個國際私人銀行平台，第三季也已再新增一個。隨著理財顧問在新增配置上愈發審慎挑選，T-POP 憑藉其強勁往績成為偏好的解決方案，自成立以來至今的年化報酬率為 34%。

TCAP, our non-traded BDC, reported gross inflows of $193 million in the second quarter, which is consistent with first quarter and reflects the durability of our strategy. Importantly, redemption requests were just 2.1% of total shares outstanding, well below the industry average.

TCAP（我們的非交易型 BDC）在第二季報告總流入資金 1.93 億美元，與第一季一致，反映出我們策略的持久性。重要的是，贖回申請僅占流通在外總股份的 2.1%，遠低於產業平均水準。

Our clients recognize TCAP's proven ability to generate attractive returns across cycles given its leading position in the lower middle market. TCAP's one-year total net return of 9.9% is among the highest for non-traded BDCs and represents approximately 420 basis points of outperformance relative to the leveraged loan market.

我們的客戶認可 TCAP 憑藉其在中小型市場（lower middle market）的領先地位，具備跨景氣循環創造具吸引力報酬的經驗證明能力。TCAP 一年期總淨報酬率為 9.9%，位居非交易型 BDC 之列的高位，且相較於槓桿貸款市場約超額表現 420 個基點。

Turning to deployment. Our investment activity continues to be very strong. We invested approximately $14 billion in the second quarter, up 33% year over year, bringing our total over the last 12 months to a record $62 billion. Looking ahead, based on our current investment pipeline, we expect to maintain a robust deployment pace for the back half of the year.

接著談部署。我們的投資活動持續非常強勁。我們在第二季投資約 140 億美元，年增 33%，使過去 12 個月的總額達到創紀錄的 620 億美元。展望未來，基於目前的投資管線，我們預期在今年下半年將維持強勁的資金部署節奏。

Our private equity strategies invested $7.2 billion during the quarter, which increased 60% year over year. While the market has been largely focused on AI disruption risks, we've been equally focused on identifying new opportunities created by AI.

我們的私募股權策略在本季投資 72 億美元，年增 60%。儘管市場多聚焦於 AI 顛覆風險，我們同樣專注於辨識 AI 所創造的新機會。

We've been actively investing behind the AI evolution through direct positions in leading LLMs, including OpenAI and Anthropic. These investments give us unique insight into emerging technology and adoption trends, which have helped guide our strategy.

我們已透過對領先大型語言模型（LLM）的直接持股，積極投資於 AI 演進，包括 OpenAI 與 Anthropic。這些投資讓我們對新興技術與採用趨勢具備獨特洞察，並有助於指引我們的策略。

Additionally, we're underwriting significant AI-related growth and efficiency initiatives across the areas we invest in. A powerful example of this is our role as the lead founding partner of the OpenAI Deployment Company.

此外，我們也在所投資的各領域承作大量與 AI 相關的成長與效率提升計畫。其中一個強而有力的例子是：我們擔任 OpenAI Deployment Company 的首席創始合作夥伴。

Together with OpenAI and a group of leading investment firms, we've committed more than $4 billion of initial capital to form a new AI transformation and services platform. DeployCo is built to address the implementation bottlenecks, constraining AI adoption among large enterprises. Our investment in DeployCo was made through a collaboration between our TPG Capital, tech adjacencies and hybrid solution strategies and leverages our extensive track record in technology and structuring corporate partnerships.

我們與 OpenAI 及一組領先投資機構共同承諾投入超過 40 億美元的初始資本，以成立一個新的 AI 轉型與服務平台。DeployCo 的設計旨在解決實施瓶頸，這些瓶頸正限制大型企業的 AI 採用。我們對 DeployCo 的投資是透過 TPG Capital、科技相鄰（tech adjacencies）與混合解決方案策略之間的協作完成，並運用我們在科技領域及企業合作夥伴結構設計方面的深厚實績。

We're seeing firsthand the effective AI deployment requires not only trained forward deploy engineers, but also deep expertise in business processes and operational transformation. The combination of OpenAI's exceptional talent base and TPG's experience partnering with management teams is already unlocking value in our portfolio and creating new investment opportunities.

我們第一手觀察到，有效的 AI 部署不僅需要受訓的前線部署工程師（forward deploy engineers），也需要對業務流程與營運轉型具備深度專業。OpenAI 卓越的人才基礎與 TPG 與管理團隊合作的經驗相結合，已在我們的投資組合中釋放價值，並創造新的投資機會。

For example, DeployCo has begun working with Conservice, a TPG Capital portfolio company and leading utility management service provider. If AI transformation is focused on automating bill intake and exception resolution as well as improving quality control through machine learning, resulting in greater growth and efficiency.

例如，DeployCo 已開始與 Conservice 合作；Conservice 為 TPG Capital 的投資組合公司，也是領先的公用事業管理服務供應商。其 AI 轉型聚焦於自動化帳單收件與例外處理，並透過機器學習提升品質控管，從而帶來更高的成長與效率。

Beyond DeployCo, our internal AI and technology capabilities are becoming increasingly important value-creation driver for both our existing and new investments. In TPG Growth, just last week, we closed the acquisition of Smith + Howard, a top 50 CPA firm serving clients across the Southeast. A key component of our investment thesis is the operational transformation of the business through AI enablement including AI-powered lead generation and workflow automation.

除 DeployCo 之外，我們內部的 AI 與科技能力正日益成為既有與新投資的重要價值創造驅動因素。在 TPG Growth，我們就在上週完成對 Smith + Howard 的收購；該公司為服務美國東南部客戶的前 50 大 CPA 事務所。我們投資論點的一個關鍵組成，是透過 AI 賦能推動該業務的營運轉型，包括 AI 驅動的潛在客戶開發與工作流程自動化。

Our Credit business continued to be active in the quarter with $4.4 billion of capital deployed across our strategies. In middle market direct lending, Twin Brook generated $2.3 billion of gross originations in the second quarter, bringing the year-to-date total to $4 billion, which is pacing ahead of our expectations.

我們的信貸業務本季持續活躍，於各項策略合計部署 44 億美元資本。在中型市場直接放款方面，Twin Brook 第二季創造 23 億美元的總承作額，使年初至今總額達 40 億美元，進度快於我們的預期。

Add-on activity across our borrower base accounted for over 40% of our quarterly volume, highlighting our embedded origination engine, which has been a structural advantage for our platform. Twin Brook has also been an important sourcing channel for Advantage Direct Lending, our recently launched core middle market direct lending strategy.

在我們的借款人基礎中，加碼（add-on）活動占本季交易量逾 40%，凸顯我們內嵌式的承作引擎，這一直是我們平台的結構性優勢。Twin Brook 也一直是 Advantage Direct Lending（ADL）重要的案源管道；ADL 是我們近期推出、聚焦核心中型市場的直接放款策略。

Nearly half of ADL's investment activity to-date has originated from Twin Brook either through co-led transactions or lending to existing portfolio companies that have graduated from the lower middle market, and as a base finance, we deployed over $1 billion of capital in the second quarter, including residential whole loans, equipment finance and commercial mortgages.

迄今為止，ADL 近一半的投資活動源自 Twin Brook，包含共同主導的交易，或對已從中小型市場（lower middle market）升級的既有投資組合公司提供貸款；此外，作為基礎融資（base finance），我們在第二季部署超過 10 億美元資本，涵蓋住宅整批貸款（residential whole loans）、設備融資與商用不動產抵押貸款。

In Credit Solutions, we deployed over $1 billion in the quarter, and our pipeline (technical difficulty) balance sheet challenges. TPG's integrated platform, combined scaled capital, and flexible structuring capabilities to deliver tailored solutions where traditional lenders often cannot.

在 Credit Solutions 方面，我們本季部署超過 10 億美元，而我們的管線（技術困難）資產負債表挑戰。TPG 的整合式平台結合規模化資本與彈性結構設計能力，得以提供量身打造的解決方案，而傳統放款人往往無法做到。

During the quarter, we agreed to lead a financing for the carve-out of BMC Helix from BMC Software. We believe this transaction represents an important precedent as one of the first significant software LBOs this year. We're able to design a bespoke solution with strong covenants and downside protection that provides the borrower with execution certainty, while securing attractive risk-adjusted returns for our investors.

本季期間，我們同意主導一項融資，用於將 BMC Helix 自 BMC Software 分拆（carve-out）。我們認為此交易具重要指標意義，因其為今年首批具規模的軟體槓桿收購（LBO）之一。我們能設計一套量身訂製的方案，具備強健的契約條款（covenants）與下行保護，在為借款人提供執行確定性的同時，也為投資人鎖定具吸引力的風險調整後報酬。

Additionally, our European team structured a GBP900 million second lien facility to help Bally's Intralot proposed GBP2.2 billion acquisition of Evoke. This financing addresses Evoke's near-term maturity wall, materially derisking the overall capital structure. The combination is expected to create a scaled pan-European operator in online gaming with meaningful synergies to improve cash generation and de-leveraging.

此外，我們的歐洲團隊安排了一筆 9 億英鎊的第二順位擔保貸款（second lien）額度，以協助 Bally's 與 Intralot 擬議以 22 億英鎊收購 Evoke。此融資可因應 Evoke 短期到期壓力（maturity wall），並實質降低整體資本結構風險。預期此合併將打造具規模的泛歐線上博弈營運商，並透過顯著的協同效應提升現金創造能力與去槓桿。

Given the change occurring in the structure of the lending market, we're also seeing opportunities to leverage our deep sector and operational expertise to recapitalize businesses and improve performance. We believe our proven ability to drive transformational change and inflect growth combined with our full continuum of capital solutions, makes TPG a preferred partner for lenders, sponsors and management teams.

鑑於放款市場結構正在發生變化，我們也看到可運用深厚的產業與營運專業，為企業進行資本重整並改善績效的機會。我們相信，我們在推動轉型變革與帶動成長拐點方面的成熟能力，加上涵蓋全範圍的資本解決方案，使 TPG 成為放款人、贊助方與管理團隊的首選合作夥伴。

Turning to real estate. We continue to see attractive opportunities given reset valuations, increased replacement costs, limited supply growth and improving fundamentals in the asset class. Activity has been accelerating across our real estate platform with $2.3 billion deployed in the second quarter, up 47% year over year.

接著談不動產。在估值重置、重置成本上升、供給成長受限，以及該資產類別基本面改善的背景下，我們持續看到具吸引力的機會。我們不動產平台的活動正在加速，第二季部署 23 億美元，年增 47%。

TAC+, our Core Plus real estate strategy, acquired control of ECHO Realty, a scaled grocery-anchored retail platform after taking an initial minority stake earlier this year. We believe this is a compelling investment made at a discount to market value and a sector defined by recession resilient demand and attractive supply dynamics.

TAC+（我們的 Core Plus 不動產策略）在今年稍早先取得少數股權後，已收購 ECHO Realty 的控制權；ECHO Realty 為具規模、以超市為主力店（grocery-anchored）的零售平台。我們認為這是一項具吸引力的投資，買入價格低於市值，且所處產業具備抗衰退的需求韌性與有利的供給動態。

Along with our acquisition of Quarterra in the multifamily residential space earlier this year, we continue to expand into lower cost of capital real estate, which represents a significant growth opportunity for us.

繼我們今年稍早在多戶住宅領域收購 Quarterra 之後，我們持續擴展至資金成本更低的不動產領域，這對我們而言代表重大的成長機會。

Finally, we generated $5 billion of realizations during the quarter, bringing our year-to-date total to nearly $14 billion, up 28% from the first half of last year. While market conditions are temporarily impacting the timing of exits across our industry, our approach remains unchanged. We continue to be highly intentional in our monetization activity and see a healthy pipeline of exit opportunities across the portfolio. We expect the cadence of realizations to accelerate towards the end of this year and into 2027.

最後，我們本季實現退出（realizations）50 億美元，使年初至今總額接近 140 億美元，較去年上半年成長 28%。儘管市場狀況暫時影響了全產業的退出時點，我們的方法仍維持不變。我們在變現活動上持續高度審慎且有意識地推進，並看到投資組合中有健康的退出機會管線。我們預期退出節奏將在今年底並延續至 2027 年加速。

Before I hand the call over, I wanted to address the leadership transition we announced in June. As most of you are aware, Axel Andre joined as our new Chief Financial Officer last week. Given the timing of Axle's arrival, Jack will discuss our financial results today, and he is working closely with Axle to ensure a seamless transition. I want to thank Jack for his leadership and immense contributions as CFO. When we were preparing to go public more than 5 years ago, I asked Jack to take on the challenge of building our public company finance function from the ground up.

在我把電話交接出去之前，我想先談談我們在6月宣布的領導層交接。如各位所知，Axel Andre 上週加入，擔任我們的新任首席財務官。鑑於 Axel 到任的時間點，今天將由 Jack 說明我們的財務業績；他也正與 Axel 密切合作，以確保交接順利無縫。我要感謝 Jack 在擔任 CFO 期間的領導，以及他所做出的巨大貢獻。在我們於5年多前準備上市時，我請 Jack 承擔從零開始建立我們上市公司財務職能的挑戰。

His deep knowledge of our firm and decades of industry experience have been instrumental in establishing our credibility as a public company and deepening the market's understanding of GPG. Jack is now fully transitioning into his role as CEO of Global Wealth Solutions which he took on last year in addition to his CFO responsibilities. Jack's leadership has already been critical to our growth in the channel as evidenced by T-POP's success in its first year. As Jack begins to fully dedicate its time to the strategic growth area we expect to further expand our wealth offerings and global distribution network.

他對本公司的深厚了解以及數十年的產業經驗，對於建立我們作為上市公司的公信力、並加深市場對 GPG 的理解，發揮了關鍵作用。Jack 現在正全面轉任為 Global Wealth Solutions 的執行長；他在去年除 CFO 職責之外也已接下該職務。Jack 的領導力對我們在通路的成長已至關重要，從 T-POP 在第一年的成功即可見一斑。隨著 Jack 開始將時間完全投入於我們預期的策略性成長領域，我們也將進一步擴大財富管理產品與全球分銷網絡。

I'd also like to introduce and welcome Axel, who is here today with us. In our search for Jack's successor, we were focused on finding a proven leader who'll align closely with our collaborative and entrepreneurial culture while bringing deep public company CFO experience. Axel has served as CFO and led the financial strategy for a number of globally-traded companies, most recently, Reinsurance Group of America. Given his deep familiarity with the insurance industry, Axel brings a set of skills that are highly complementary to our existing leadership team and expanding franchise. We're excited to have Axel join us, and we look forward to working closely with him to drive the next phase of our growth.

我也想介紹並歡迎 Axel，他今天也在現場與我們一起。在尋找 Jack 的接班人時，我們專注於尋找一位經驗證的領導者：能與我們協作且具創業精神的文化高度契合，同時具備深厚的上市公司 CFO 經驗。Axel 曾擔任多家全球上市公司的 CFO 並主導其財務策略；最近一任是在 Reinsurance Group of America。憑藉他對保險產業的深度熟悉，Axel 帶來的技能組合與我們現有的領導團隊及持續擴張的事業版圖高度互補。我們很高興 Axel 加入，也期待與他緊密合作，推動我們下一階段的成長。

I'll turn it over to Axel to say a few words.

接下來我把時間交給 Axel 說幾句。

Thanks, Jon. It's great to be here with all of you today. I'm incredibly excited to join TPG's leadership team and begin working alongside such a talented group of professionals. Over the past several months, I've had the opportunity to spend time with teams across the organization and have developed a deep appreciation for TPG's highly collaborative culture and entrepreneurial mindset. I'm fully aligned with the firm's strategic priorities and FRE-centric approach to driving continued scale and diversification.

謝謝你，Jon。很高興今天能在這裡與各位相聚。我非常興奮能加入 TPG 的領導團隊，並開始與這群才華洋溢的專業人士並肩合作。在過去幾個月，我有機會與組織各部門的團隊相處交流，也更加深刻體會到 TPG 高度協作的文化與創業家思維。我完全認同公司的策略重點，以及以 FRE 為核心、推動持續規模化與多元化的做法。

TPG's relentless focus on creating long-term value for our clients and shareholders, combined with the significant opportunities ahead, makes this an incredibly compelling time to join the firm and contribute to its next chapter.

TPG 對於為客戶與股東創造長期價值的堅定聚焦，加上未來可觀的機會，使得此刻加入公司並為下一篇章做出貢獻，格外令人振奮。

I also wanted to thank Jack for his partnership and the strong foundation he has established. I look forward to working closely with Jon and the entire leadership team and to engaging with our shareholders and the analyst community in the coming quarters. With that, I'll turn it over to Jack to walk through the financial results.

我也想感謝 Jack 的合作夥伴關係，以及他所建立的堅實基礎。我期待在接下來幾個季度與 Jon 及整個領導團隊密切合作，並與我們的股東及分析師社群互動交流。接下來，我把時間交給 Jack 來說明財務業績。

Thank you, Axel. I'd like to echo Jon's welcome and our excitement to have Axel joined the firm. We're working together closely through the transition process and look forward to partnering to drive the next phase of growth for TPG. As Jon mentioned, we delivered a very strong second quarter.

謝謝你，Axel。我也想呼應 Jon 的歡迎之意，以及我們對 Axel 加入公司的期待。我們正透過交接流程緊密合作，也期待攜手推動 TPG 下一階段的成長。如 Jon 所提到的，我們第二季表現非常強勁。

Our fee-related revenue of $628 million increased 27% year-over-year, driven by accelerating management fee growth as well as our second highest quarter ever for Transaction and Monitoring Fees. Management Fees grew 15% year-over-year and 9% sequentially as we continue to see the benefits of strong fundraising momentum as well as consistent deployment across our credit platform. We expect continued robust Management Fee growth for the remainder of '26 and throughout 2027.

我們的費用相關收入（fee-related revenue）為 6.28 億美元，年增 27%，主要受管理費成長加速所帶動，同時交易與監督費（Transaction and Monitoring Fees）也創下歷來第二高的單季表現。管理費年增 15%、季增 9%；我們持續受惠於強勁的募資動能，以及在信用平台上的穩定投放。我們預期在 2026 年剩餘期間以及整個 2027 年，管理費將持續維持強勁成長。

On the Capital Market side, since we went public 4.5 years ago, our LTM transaction and monitoring fees have grown at a $0.31 annualized rate, as we've successfully scaled driven greater deployment and integrated our broker-dealer capabilities across each of our platforms and geographies. During the second quarter, our Capital Markets revenue was driven by more than 20 transactions across 14 of our strategies, including a growing contribution from our credit platform. We remain confident that our Capital Markets business will continue to be a meaningful driver of top line growth and margin expansion over time. Our strong second quarter results did benefit from a pull forward of certain transaction closes initially forecasted for the third quarter. Therefore, we expect transaction and monitoring fees to step down in the third quarter.

在資本市場方面，自我們於 4.5 年前上市以來，我們過去十二個月（LTM）的交易與監督費以每年 0.31 美元的年化速度成長；這反映出我們在更大規模投放的帶動下成功擴張，並將我們的券商（broker-dealer）能力整合至各平台與各地區。第二季，我們的資本市場收入來自 14 項策略中的 20 多筆交易所帶動，其中信用平台的貢獻也在增加。我們仍有信心，資本市場業務將隨時間推進，持續成為營收成長與利潤率擴張的重要驅動力。我們第二季的強勁表現，確實也受惠於部分原先預估在第三季完成的交易提前結案。因此，我們預期第三季的交易與監督費將會下滑。

We reported fee-related earnings of $315 million, up 43% year-over-year, resulting in an FRE margin of 50%. Our strong margin in the quarter was elevated as a result of the transaction and monitoring fees I just discussed. Looking forward, we remain confident in our ability to achieve an FRE margin of 47% for the full year with further expansion over time as we continue to drive growth and operating leverage across our business.

我們的費用相關盈餘（fee-related earnings）為 3.15 億美元，年增 43%，FRE 利潤率為 50%。本季的強勁利潤率，因我剛才提到的交易與監督費而有所墊高。展望未來，我們仍有信心在全年達成 47% 的 FRE 利潤率，並隨著我們持續推動成長與營運槓桿，利潤率可望隨時間進一步擴張。

Turning to PRE. We generated $35 million of realized performance allocations in the second quarter, driven by realizations in our growth and credit platforms. Despite a recovery in the public equity markets, volatile macro backdrop has temporarily impacted the timing of realizations across the industry. Private equity activity declined during the quarter as buyers and sellers recalibrated for geopolitical uncertainty, changing interest rate expectations and AI-driven disruption. As we navigate through this period of market volatility, we remain focused on building value across our portfolio and continuing to find opportunities to selectively monetize investments at attractive valuations.

接著談 PRE。第二季我們產生 3,500 萬美元的已實現績效分成（realized performance allocations），主要來自我們的成長與信用平台的處分實現。儘管公開股票市場回升，但波動的總體環境暫時影響了全產業實現收益的時點。本季私募股權活動下滑，因買賣雙方針對地緣政治不確定性、利率預期變化以及 AI 驅動的顛覆進行重新校準。在我們穿越這段市場波動期間，我們仍專注於提升投資組合價值，並持續尋找機會，以具吸引力的估值選擇性地變現投資。

In our Capital Asia business, we recently announced the sale of Made Group a leading better-for-you food and beverage platform based in Australia to a strategic buyer, Danone. This highly successful outcome adds to our long track record of partnering with founders and expanding domestic businesses internationally. Since 2023, over 40% of our exits in TPG Asia have been to strategic buyers in addition to significant secondary and public equity sales, demonstrating the breadth of our exit optionality. Additionally, just last week, we agreed to sell large-scale luxury hotel property in Central Tokyo from our Asia Real Estate business. This is our largest transaction to date in this strategy, and we believe also represents one of the largest hotel transactions in the APAC region.

在我們的 Capital Asia 業務中，我們近期宣布將 Made Group（澳洲領先的「更健康」食品與飲料平台）出售給策略買家達能（Danone）。這項非常成功的成果，延續了我們長期以來與創辦人合作、並協助本土企業走向國際的亮眼紀錄。自 2023 年以來，TPG Asia 超過 40% 的退出是出售給策略買家，此外也包含可觀的次級交易與公開股權出售，展現我們退出選項的廣度。另外，就在上週，我們同意出售位於東京市中心、隸屬於我們亞洲不動產業務的一處大型奢華飯店資產。這是我們在此策略中迄今最大的一筆交易，我們也相信這同時代表亞太地區規模最大的飯店交易之一。

The hospitality sector continues to remain robust, and we intend to continue capitalizing on this strength to drive highly attractive exits in our portfolio. Looking ahead, our monetization pipeline is strong. And assuming market conditions continue to normalize, we expect our realized performance allocations to step up for the end of the year and into 2027. Given our unique portfolio of construction and focus on corporate partnerships, a number of which provide enhanced visibility into exits. We're confident in our ability to continue generating attractive liquidity outcomes for our investors.

旅宿產業仍持續強勁，我們打算繼續把握這股動能，推動投資組合中極具吸引力的退出。展望未來，我們的變現管線相當強勁。並且在市場狀況持續正常化的前提下，我們預期已實現績效分成將在今年年底至 2027 年期間回升。憑藉我們獨特的投資組合構成以及對企業合作夥伴關係的聚焦，其中多項合作可提供更高的退出能見度。我們有信心能持續為投資人創造具吸引力的流動性成果。

Our effective corporate income tax rate during the second quarter remained low at 8% as we continue to benefit from the tax deductions generated by our annual RSU vesting in January. We expect our tax rate to remain in the high single digits in the third quarter and then step up in the fourth quarter after we fully utilize our deductions. Altogether, our after-tax distributable earnings were $280 million or $0.69 per share of Class A common stock.

我們在第二季的有效企業所得稅率仍維持在 8% 的低水準，因我們持續受惠於每年 1 月 RSU 歸屬所產生的稅務扣抵。我們預期第三季稅率將維持在高個位數，之後在第四季於我們完全用盡扣抵後將上升。整體而言，我們的稅後可分配盈餘為 2.80 億美元，或每股 A 類普通股 0.69 美元。

Moving on to value creation. The fundamentals across our portfolios remain robust, driving positive value creation across all our platforms in the second quarter. In Private Equity, the value of our portfolio is appreciated by approximately 6% in the quarter marking the second highest quarterly increase since our IPO. This robust value creation was driven primarily by continued strong underlying financial and operating performance. Across our Capital, Growth and Impact platforms, LTM revenue and EBITDA grew in the mid- to high teens, continuing to outperform the broader market.

接下來談價值創造。我們各投資組合的基本面仍然穩健，推動第二季在所有平台上實現正向的價值創造。在私募股權方面，我們投資組合價值於本季上升約 6%，為自 IPO 以來第二高的單季增幅。這項強勁的價值創造主要由持續強勁的底層財務與營運表現所帶動。在我們的資本、成長與影響力平台中，過去十二個月（LTM）營收與 EBITDA 以中到高十位數成長，持續優於整體市場。

More specifically, our Software portfolio continues to perform well, with year-over-year bookings growth in the mid-teens across TPG Capital and TPG Growth Software Companies in the first half. Additionally, we're actively implementing AI-enabled revenue and cost initiatives across our portfolio, which has resulted in tangible improvements to earnings growth.

更具體而言，我們的軟體投資組合持續表現良好，上半年 TPG Capital 與 TPG Growth 的軟體公司之預訂（bookings）年增率皆達中十位數。此外，我們正積極在投資組合中推動 AI 賦能的營收與成本計畫，已帶來可量化的獲利成長改善。

For example, TPG Capital's portfolio company, Boomi, a leading integration platform-as-a-service provider, has developed an AI platform that instantly builds integration solutions, based on the client's description of a problem in plain English. More than 60% of Boomi's new customers are adopting this solution. And as a result, the company is now generating over $100 million of AI activated recurring revenue, which is expected to double by year-end.

例如，TPG Capital 的投資組合公司 Boomi（領先的整合平台即服務供應商）已開發一個 AI 平台，可依據客戶以白話英文描述的問題，即時建立整合解決方案。Boomi 超過 60% 的新客戶正在採用此解決方案。因此，該公司目前已創造超過 1 億美元的 AI 啟用經常性收入，預期至年底將倍增。

Our Credit platform appreciated 3% in the quarter and the credit metrics across our business remain healthy with no notable changes from the prior quarter or historical averages. In Credit Solutions, we saw continued strong performance across our strategies. Notably, our third Credit Solutions Fund delivered time-weighted net returns of 7.5% in the quarter. meaningfully outperforming the US high-yield bond index and bringing the funds inception to date net IRR to nearly 40%.

我們的信貸平台本季升值 3%，且全公司信貸指標仍維持健康，與前一季或歷史平均相比並無顯著變化。在信貸解決方案方面，我們各項策略持續展現強勁表現。值得一提的是，我們第三支信貸解決方案基金本季時間加權淨報酬為 7.5%，顯著優於美國高收益債券指數，並使該基金自成立以來的淨 IRR 接近 40%。

In middle market Direct Lending, our underlying portfolio companies continued to generate stable earnings growth with an average interest coverage ratio of approximately 2.4x. The benefits of our active portfolio monitoring and robust risk management are evidenced by a continued low nonaccrual rate of 1.4% and an annualized loss ratio since inception of just 2 basis points. In asset-based finance, our first ABC Fund's net IRR since inception was 12% at the end of the second quarter which remains at the top half of our target range. Additionally, our Mortgage Value Partners Fund was $7 billion of AUM generated net returns of 3.4% year-to-date, outpacing broader public credit indices. In Real Estate, our portfolio appreciated approximately 3% in the quarter, driven by continued strength in the data center, industrial, residential and office assets.

在中型市場直接放款方面，我們的底層投資組合公司持續產生穩定的獲利成長，平均利息保障倍數約為 2.4 倍。我們主動式投資組合監控與健全風險管理的效益，反映在持續偏低的停計息（nonaccrual）比率 1.4%，以及自成立以來年化損失率僅 2 個基點。在資產擔保融資方面，我們第一支 ABC 基金截至第二季末自成立以來的淨 IRR 為 12%，仍位於我們目標區間的上半部。此外，我們的 Mortgage Value Partners 基金管理資產（AUM）為 70 億美元，今年迄今淨報酬為 3.4%，優於更廣泛的公開信貸指數。在不動產方面，我們的投資組合本季升值約 3%，主要受惠於資料中心、工業、住宅與辦公資產的持續強勢。

As a result of our strong value creation during the quarter, our net accrued carry balance increased 15% to $1.4 billion at the end of June. Following our significant monetization cycle in 2021 and '22, our net accrued carry balance has doubled over the past 4 years, setting us up to generate meaningful PRE in the years ahead. We ended the second quarter with $327 billion of total assets under management, up 25% year-over-year. This was driven by $61 billion of capital raised and $26 billion of value creation, partially offset by $26 billion of realizations over the last 12 months. Fee-earning AUM increased 24% year-over-year to $181 billion.

受惠於本季強勁的價值創造，我們於 6 月底的淨應計業績分成（carry）餘額增加 15% 至 14 億美元。在 2021 與 2022 年顯著的變現週期之後，我們的淨應計 carry 餘額在過去 4 年已翻倍，為未來數年帶來可觀的 PRE 奠定基礎。第二季結束時，我們的總管理資產（AUM）為 3,270 億美元，年增 25%。這主要由 610 億美元募資與 260 億美元價值創造所帶動，並被過去 12 個月 260 億美元的已實現（realizations）部分抵銷。可收取費用的 AUM 年增 24% 至 1,810 億美元。

AUM subject to fee earning growth was $52 billion at the end of the quarter, which included $39 billion of AUM not yet earning fees. This represents a revenue opportunity of approximately $290 million on an annualized basis. Finally, turning to our fundraising outlook. We continue to expect our capital raising to exceed $50 billion in 2026. We've raised over $26 billion so far.

本季末，具備費用收入成長潛力的 AUM 為 520 億美元，其中包含 390 億美元尚未開始收費的 AUM。這相當於按年化計約 2.90 億美元的營收機會。最後，談談我們的募資展望。我們仍預期 2026 年的募資金額將超過 500 億美元。截至目前我們已募得超過 260 億美元。

And looking at the back half of the year, we expect the largest contributors to our fundraising to include the following: in Private Equity, the completion of our TPG Capital X and Healthcare Partner III campaigns by the end of the year. Final closes for our Rise Climate Private Equity TRC II and the Global South initiative in the third quarter and continued progress across our newer strategies, which include transition infrastructure, Peppertree, GP Solutions, TPG Sports and TPG Next.

展望下半年，我們預期募資的最大貢獻來源包括：在私募股權方面，於年底前完成 TPG Capital X 與 Healthcare Partner III 的募資活動。第三季完成 Rise Climate Private Equity TRC II 與 Global South 計畫的最終關帳（final close），並持續推進我們較新的策略，包括轉型基礎建設、Peppertree、GP Solutions、TPG Sports 與 TPG Next。

In credit, final closes for our sixth Twin Brook Direct Lending and second asset-backed credit drawdown funds. Continuous fundraising across our evergreen vehicles, including Advantage Direct Lending and initial close for our fourth essential housing fund and the formation of additional CLOs and SMAs. In real estate, we expect to hold first closes for all 4 of our US and Asia real estate equity funds toward the end of the year.

在信貸方面，完成第六支 Twin Brook 直接放款基金與第二支資產擔保信貸（asset-backed credit）提款型基金的最終關帳。我們也將在常青型（evergreen）產品上持續募資，包括 Advantage Direct Lending；並為第四支基本住宅基金進行首次關帳（initial close），以及成立更多 CLO 與 SMA。在不動產方面，我們預期於年底前為我們 4 支美國與亞洲不動產股權基金全部完成首次關帳。

Finally, we expect continued momentum in the private wealth channel where we see significant runway for growth. June 1, as Jon mentioned, marked our 1-year anniversary of T-POP. We're very pleased with what we've achieved in this first year. we've driven significant scale while delivering market-leading returns to our investors. T-POP is now distributed on 2 of the largest US

最後，我們預期私人財富通路將持續保持動能，我們在此看見顯著的成長空間。如 Jon 所提，6 月 1 日是 T-POP 的一週年。我們對第一年的成果非常滿意：在為投資人提供市場領先報酬的同時，也推動了顯著的規模成長。T-POP 目前已在美國最大的 2 家

wire houses as well as 3 leading international private bank platforms. We're in active dialogue with several additional partners and expect inflows across the T-POP strategy to continue to accelerate.

全服務券商（wire houses）以及 3 個領先的國際私人銀行平台上進行銷售。我們正與數個其他合作夥伴積極洽談，並預期 T-POP 策略的資金流入將持續加速。

We continue to advance our new product pipeline and expect to launch a non-traded REIT next year that spans our equity credit and net lease real estate strategies. We're also developing a multi-strategy creditable fund and pursuing strategic captive advisory mandates with several wealth platforms. Our goal is to create a flagship evergreen product in each asset class and to complement those products with more targeted evergreen and drawdown funds.

我們持續推進新產品管線，並預期明年推出一檔非交易型 REIT，涵蓋我們的股權信貸與淨租賃不動產策略。我們也正在開發一檔多策略信貸型基金，並與多個財富平台洽談策略性的專屬顧問委任（captive advisory mandates）。我們的目標是在每個資產類別打造一個旗艦常青型產品，並以更聚焦的常青型與提款型基金來補強這些產品。

To close out my final earnings call as CFO. I want to take the opportunity to thank all of you for your engagement and partnership throughout the years. It's been a true privilege to help TPG -- help lead TPG in this capacity through our IPO and a period of extraordinary growth and transformation. I look forward to staying connected to many of you as I fully transition to leading our Global Wealth business. Now I'll turn the call back to the operator to take your questions.

在我作為 CFO 的最後一次財報電話會議結束之際。我想藉此機會感謝各位多年來的參與與合作。能以此身分協助 TPG——在我們 IPO 以及一段非凡的成長與轉型期間共同領導 TPG，確實是一項莫大的榮幸。隨著我全面轉任領導我們的全球財富業務，我也期待能與各位中的許多人保持聯繫。現在我把電話交回給接線員，開始回答各位的提問。

(Operator Instructions) Alex Blostein, Goldman Sachs.

(操作員指示) Alex Blostein，高盛。

First off, Jack, I just want to congratulate you all the engagement and the working with the investor community over the years. It's been great. And definitely looking forward to what's next in your wish role and Axle, Welcome.

首先，Jack，我想祝賀你們多年來與投資人社群的互動與合作。一直都很棒。也非常期待你在新的職務以及 Axle 接下來的發展，歡迎。

So along those lines, and this is probably for Jon as well, it probably makes sounds there to take a little bit of a step back in remind investors about TPG's Insurance strategies. How Axle's background fits into your vision for how TPG will continue to kind of push forward in the insurance channel?

因此順著這個脈絡，這可能也適用於 Jon，我想或許有必要稍微退一步，提醒投資人 TPG 的保險策略。Axle 的背景如何契合你們對 TPG 未來將如何持續在保險通路推進的願景？

Yes. Thanks, Alex. Appreciate it. Look, our insurance strategy has been very consistent in that we have focused on developing a series of partnerships with a number of insurers in the market. And I think we've talked about that consistently from the perspective of our focus on our relationship development there, establishing those partnerships, and we've made really meaningful progress over the last number of years with respect to the build of that business.

是的。謝謝你，Alex。感謝。你看，我們的保險策略一直非常一致：我們專注於在市場上與多家保險公司建立一系列合作夥伴關係。我想我們也一直從這個角度談到：聚焦於關係開發、建立這些合作關係；而在過去幾年中，就這項業務的建構而言，我們已取得非常實質的進展。

The Jackson partnership, obviously, is at a different scale, and when we did the Jackson partnership, we had talked about it being consistent with our FRE-centric balance sheet-light approach to what we're doing. And I will say that as we spend time with Axel over many months of the process of bringing axle to the firm, we talked a lot about that. And I think that as he mentioned in his prepared remarks today, I think he sees the benefits that that's had with respect to our franchise and how we're building value for our investors. The Jackson partnership, I will say, by the way, continues to go extremely well in all respects, not only just the productivity but also the relationship that we've established between the organizations at Jackson at their asset management business at PPM. And Jackson, I think you probably saw announced their earnings also, I think they released them last night.

Jackson 的合作夥伴關係顯然規模不同；而當我們與 Jackson 建立合作時，我們談到這與我們以 FRE 為核心、輕資產負債表（balance sheet-light）的做法一致。我也要說，在把 Axel 延攬進公司、歷經數個月的過程中，我們對此談了很多。而且如同他今天在事先準備的發言中提到的，我認為他看到了這種做法對我們平台的好處，以及我們如何為投資人創造價值。順帶一提，Jackson 的合作在各方面都進展得非常好，不僅是生產力，還包括我們與 Jackson 組織之間、以及他們旗下資產管理業務 PPM 之間所建立的關係。另外，Jackson 我想你們也看到他們公布了財報，我記得他們昨晚發布的。

They talked about their productivity in the annuity space across RILA, across VA, across the fixed annuity space, and they continue to gain share and have a tremendous amount of momentum. And so we're very happy with our partnership with Jackson. I think they're very happy. As (inaudible) said in their earnings call, they're very happy with their partnership of, TPG. So as I mentioned in my prepared comments, that's created a bit of a flywheel effect for us in terms of building our origination capabilities and allowing us to serve not only Jackson, but a number of our other insurance partnerships because Jackson obviously wants to be participating in various tranches of what we're creating, and so it creates an opportunity set to distribute the products more broadly within our insurance relationships.

他們談到在年金領域的生產力，涵蓋 RILA、VA 以及固定年金領域；他們持續提升市占並且動能非常強。因此我們對與 Jackson 的合作非常滿意。我想他們也非常滿意。正如（聽不清）在他們的財報電話會議中所說，他們對與 TPG 的合作非常滿意。所以如同我在事先準備的評論中提到的，這為我們在建立起源（origination）能力方面帶來某種飛輪效應，並讓我們不僅能服務 Jackson，也能服務我們其他多個保險合作夥伴；因為 Jackson 顯然希望參與我們所創造的各種分層（tranches），因此也創造出在我們的保險關係中更廣泛分銷產品的機會集合。

So we are very much on track, I would say, slightly ahead of track with respect to our partnerships. We -- we're continuing to develop these relationships broadly in the market. I expect over time that -- we'll do -- we'll have other what I would call distinct-types of partnerships with insurance companies, but I think we're all aligned in terms of staying the course with respect to how we've approached that space. So hopefully, that's responsive.

所以我會說，我們的合作夥伴關係非常符合進度，甚至略微超前。我們——我們持續在市場上廣泛地發展這些關係。我預期隨著時間推進——我們會——我們會與保險公司建立其他我所稱的不同類型、具辨識度的合作夥伴關係；但我認為大家在維持既定路線、也就是我們切入該領域的方式上，是一致的。希望這回答了你的問題。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Thanks very much. Okay. So you have your net accrued carried last quarter got marked down, say, over $100 million. This quarter, it went up even more than that. I'm curious how much of that is an actual public reference impact?

非常感謝。好。所以你們上季的淨應計附帶權益（net accrued carried）被下調，幅度超過 1 億美元。這一季又上升，而且升幅更大。我很好奇，其中有多少是實際的公開市場參考（public reference）影響？

And then maybe more importantly, you could talk about your thoughts on the probability likelihood and timing. You talked about a good backdrop and a good pipeline. I'm just seeing if we can put some meat on that bone.

然後也許更重要的是，你能談談你對機率、可能性與時點的看法嗎？你提到良好的環境與良好的管線。我只是想看看我們能否把這件事講得更具體一些。

Glenn. This is Jack. I'll start. But remember, last quarter, we kind of bifurcated the impact that caused the markdowns being more than 100% of it driven by bringing our multiples down. This quarter, we saw, as I mentioned in my comments, really very strong continued earnings growth across our portfolios.

Glenn。我是 Jack。我先說。不過請記得，上季我們某種程度上把造成下調的影響拆開來看：下調的原因有超過 100% 是由於我們把估值倍數下修所致。這一季，如同我在評論中提到的，我們投資組合整體持續出現非常強勁的獲利成長。

And in addition, there was some increase in multiples in the market. And I would say that the increase in our valuations this quarter was very balanced across earnings growth, multiple expansion and some debt pay down leverage driven equity value appreciation, but really driven -- continue to be driven by strong earnings growth in the portfolio. On the outlook for monetization. Todd, do you want to touch on that?

此外，市場倍數也有一些上升。我會說，本季我們估值的上升相當均衡地來自於獲利成長、倍數擴張，以及部分因償還債務、降低槓桿所帶動的股權價值提升；但核心驅動——仍然是投資組合強勁的獲利成長。至於變現（monetization）的展望。Todd，你要補充一下嗎？

Yes. I'll just start. I mean you heard the statistics from Jon, if you look across the industry, realizations, I think, are down sort of 46% quarter-over-quarter. For us, we continue to be very focused on monetization, $5 billion every quarter, $14 billion in the first half, so it's up 28% year-over-year. I think part of the reason for that is that we approached the realization process with the same rigor that we do the investment decision.

好的。我先說。你也聽到 Jon 提到的數據：如果看整個產業，實現（realizations）我認為環比大約下降了 46%。對我們而言，我們仍然非常專注於變現：每季 50 億美元，上半年 140 億美元，因此年增 28%。我認為其中一部分原因是，我們以與投資決策同樣嚴謹的方式來推進實現流程。

So as President, we go through -- I go through with the partners, the managing partners of each business, every company really once a month. And as we look forward, it's hard to be precise, but we do have a number of companies in a number of situations we feel like we have really good prospects for liquidity. And we are -- we make progress. We announced our -- the Made sale to a strategic this quarter. We just priced an IPO in India, which brings to the 5-year total to 17 IPOs launched in India.

因此作為總裁，我會——我會與各業務的合夥人、管理合夥人一起，每家公司基本上每月檢視一次。展望未來，很難精準預測，但我們確實有多家公司、在多種情境下，我們認為具備非常好的流動性（liquidity）前景。而且我們——我們正在取得進展。本季我們宣布將 Made 出售給一家策略買家。我們也剛在印度為一宗 IPO 定價，這使得過去 5 年在印度啟動的 IPO 總數達到 17 宗。

So we're very front footed when it comes to the liquidity side, and I agree entirely with Jon's comment that, on the private equity side, we continue to see good prospects in the end of this year and the beginning of next year.

所以在流動性這一端，我們非常積極主動；而且我完全同意 Jon 的評論：在私募股權方面，我們仍然看到今年年底以及明年年初有不錯的前景。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

So Jack, I was hoping you could expand upon your comments about management fee growth continuing in second half this year into 2027, maybe provide a little bit more context and building blocks around that outlook?

Jack，我希望你能延伸說明你關於管理費成長將在今年下半年持續並延續到 2027 年的評論，或許能就該展望提供更多背景與構成要素（building blocks）？

Sure. Thanks for the question. I think it really relates -- I think if you step back and think about what we've been talking about on FRR growth and management fee growth for the past couple of years is really we will enter after a period of not raising as much capital for businesses that pay us on committed capital throughout '24. We saw ourselves entering a series of fundraises that would drive management fee growth in addition to having raised a lot of capital for credit that we expected to deploy in the coming couple of years. And I'd say we're still in the early to mid-stages of those drivers driving continued management fee growth.

當然。謝謝你的問題。我認為這主要是——如果你退一步想想，過去幾年我們一直在談 FRR 成長與管理費成長：在 2024 年期間，經歷一段我們為那些以承諾資本（committed capital）向我們收費的業務募資較少的時期之後，我們將進入下一階段。我們看到自己將進入一連串募資，除了我們已為信貸募得大量資本、並預期在未來幾年部署之外，這些募資也將推動管理費成長。我會說，我們仍處於這些驅動因素帶動管理費持續成長的早期到中期階段。

Obviously, you're aware that we've been in the market with TPG Capital X, Healthcare Partners III, that's our biggest fund complex, but we really, as you know, have significantly diversified to lots of different funds being in the market over time. The next big wave of once this year is complete with the ones I mentioned, the capital funds, the impact funds. Next year will be in the market with a significant amount of capital raising for our real estate franchise, which will drive continued management fee growth next year. And like this year will be amplified by the acceleration of deployment across our credit platform, where we really do see our backlog, our pipeline of investment opportunities across the credit businesses feels very strong.

顯然，您也知道我們一直在市場上募集TPG Capital X、Healthcare Partners III，這是我們最大的基金組合，但如您所知，隨著時間推移，我們其實已大幅多元化，陸續有許多不同基金在市場上募資。今年在我提到的那些基金（資本基金、影響力基金）完成之後，下一波大的募資浪潮將會到來。明年我們將為不動產事業平台進行相當規模的募資，這將在明年推動管理費持續成長。而且就像今年一樣，隨著我們信貸平台的投資部署加速，這一點會被進一步放大；我們確實看到在信貸業務各領域的待投資量、投資機會管線都非常強勁。

So it's really a combination of both on the management fee growth side, a combination of all of that. And we just -- we see very strong continued outlook for that.

所以在管理費成長這一端，確實是上述各項因素的綜合。而我們也看到這方面非常強勁且持續的展望。

Ben Budish, Barclays.

Ben Budish，巴克萊。

Maybe a quick two-parter on the Wealth channel. You mentioned that the TCAP flows were pretty consistent from Q1 to Q2. When we look at the individual months, it looks like June had quite a big step up. Curious if you could unpack what you're seeing there? And what does that mean for the run rate kind of going into the next quarter?

關於財富通路（Wealth channel），我想快速問兩個相關問題。您提到TCAP的資金流入從第一季到第二季相當一致。但如果看單月數據，似乎6月有明顯跳升。想請您拆解一下您看到的情況是什麼？以及這對進入下一季的運行速率（run rate）意味著什麼？

And then during the prepared remarks, I'm just curious, you mentioned some captive advisory mandates, across the wealth channel. Just curious if you could talk a little bit more about what does that mean exactly? What does the timing look like magnitude, any other details?

另外在事先準備的發言中，我也好奇您提到在財富通路上有一些「專屬（captive）顧問委任」。想請您多談一點，這具體是什麼意思？時程與規模大概如何，還有其他細節嗎？

Sure. On the second point, we really don't have much more to disclose yet, but because the partner we and the partners I'm talking about are still working through the details. But suffice it to say that there are partners who view our investing capabilities and the product we're creating in Wealth to be very differentiated that they want to partner with us across those products on a captive basis, and more to come on that in the coming quarters when there's more to talk about.

好的。關於第二點，我們目前確實沒有太多可以進一步揭露的內容，因為我所指的那位合作夥伴以及相關夥伴仍在處理細節。但簡單說，這些夥伴認為我們的投資能力，以及我們在Wealth所打造的產品非常具差異化，因此希望以專屬方式與我們在這些產品上合作；未來幾季若有更多可談的內容，我們會再更新。

On the flows, we -- I think it's consistent with the industry that during the redemption kind of process that others are going through there was a little more turmoil in April and May, and people are seeing a little normalization in June. I'd say our results at TCAP are a lot more consistent than that, but we did see the same impact of a little bit of a slowdown in April and May and a pickup in June. So I think industry-wide, you're seeing the signs of the fact that flows are resuming into the credit products. The difference for TCAP has been on the redemption side. As I think Jon and I both mentioned, we've really seen none of the same pressure that others in the industry have seen with 1% redemptions in Q1 and 2% redemptions in Q2.

至於資金流向（flows），我認為這與產業情況一致：在其他同業經歷贖回流程的期間，4月與5月的波動較大，而6月則出現一些正常化。我會說TCAP的結果比那更為穩定，但我們也確實看到4月與5月略有放緩、6月回升的同樣影響。因此我認為從產業面來看，您正在看到資金重新回流到信貸產品的跡象。TCAP的差異在於贖回端。正如我和Jon都提到的，我們幾乎沒有看到同業所承受的那種壓力——第一季約1%的贖回、第二季約2%的贖回。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Axel welcome. Jack, thank you for everything over the years. It's truly been a pleasure. I wanted to go maybe off the beat and pass a little bit and talk about the growth franchise. You had a bigger fundraising -- you had bigger fundraising this quarter, I think $2.7 billion highlighted in the growth franchise.

Axel，歡迎。Jack，感謝你多年來的一切付出。這真的一直是種榮幸。我想稍微跳脫一下主題，談談成長（Growth）平台的成長事業。本季你們在成長平台的募資更大，我想是強調了約27億美元的募資。

So maybe talk about the driver there? And then in terms of deployment, it might seem like an active period given what we're seeing broadly in the economy, but the activity that you're seeing seems to be focused on (inaudible) and TCAP and more limited deployment in Growth VI. So maybe walk through kind of what's going on in that growth -- the growth business.

所以能否談談背後的驅動因素？另外就投資部署而言，考量到我們在整體經濟面看到的情況，這似乎會是一段較為積極的期間，但你們看到的活動似乎更集中在（聽不清）與TCAP，而在Growth VI上的部署相對有限。所以能否帶我們梳理一下成長——成長業務這邊到底發生了什麼？

Maybe I'll start, Ken, on the fundraising side, and then Todd will talk about deployment. But if you look at the second quarter fundraising in the Growth platform, it was driven by really multiple factors. As you know, we've been innovating in that platform and driving growth in fundraising across the new products, including while TTAD -- continued inflows in TTAD, TPG Sports raising capital, TCAP, the new growth business in Asia, raising capital. And we have a fund, a digital media fund that was purpose-built for a limited LP base, that we effectively get a continuation vehicle on which crystallized some carry, but also let us continue to manage those assets going forward and continue to earn fees and carry on that. So pretty diversified drivers, of the capital raising on the growth platform.

Ken，我先從募資端開始，接著Todd會談投資部署。如果你看成長平台第二季的募資，主要是由多項因素共同驅動。如你所知，我們一直在該平台上持續創新，並透過新產品推動募資成長，包括TTAD持續流入、TPG Sports募資、TCAP、以及亞洲新的成長業務在募資。此外，我們還有一檔數位媒體基金，是為有限的LP基礎量身打造；我們實際上為其設立了一個延續型載體（continuation vehicle），一方面實現了部分業績分成（carry），同時也讓我們能在未來持續管理這些資產，並持續賺取管理費與carry。因此，成長平台的募資驅動因素相當多元。

Yes. I mean I would also just point out, as Jack described it, two of those vehicles didn't exist a year ago. So it's not only, I think, strength in the existing platforms that we continue to innovate. The other observation I'd sort of make and I think it speaks to the fundraising and it also speaks to the underlying momentum in that business. If you look at -- in particular, if you look at TICA and you look at TTAD, they're benefiting from a very strong portfolio in place.

是的。我的意思是，我也想指出，正如Jack所描述的，其中有兩個投資工具在一年前根本還不存在。所以這不只是既有平台的強勁表現，我們也在持續創新。我另外想補充的一點——我認為這既反映在募資上，也反映在該業務的內在動能上。如果你看——特別是看TICA與TTAD，它們受益於目前非常強勁的既有投資組合。

These are now somewhere between 20%, 30%, 40% of the portfolio we've spoken for. And so the money that's coming in, in many cases, are folks not only liking the story, liking the team and the strategy, but also being excited about the portfolio that's in place and the sense of momentum in that portfolio.

我們談到的投資組合中，這些目前大約占了20%、30%、40%之間的比重。因此，許多流入的資金不僅是喜歡這個故事、喜歡團隊與策略，也對既有投資組合本身感到興奮，以及該投資組合所呈現的動能。

I'd say that's also, by the way, benefiting us very much. I know you asked about Growth specifically in the context of the TPG Capital raise. And all of these raises, we have -- we have some investors who came into earlier round and are thinking about upsizing in part because (inaudible) of strength portfolio. So I'd say, in general, we feel like we're clicking on a lot of cylinders here. We have strong teams and strategies that seem to be working.

我想順帶一提，這也讓我們受益良多。我知道你是在TPG Capital募資的脈絡下特別問到Growth。而在所有這些募資中，我們有一些投資人是在較早期輪次進來的，現在也在考慮加碼，部分原因是（聽不清）投資組合的強勁表現。所以整體而言，我們覺得目前很多面向都在順利運轉。我們有強大的團隊與策略，而且看起來確實奏效。

And the portfolios that have -- we're building, I think, are quite differentiated in the markets in which we operate and the LPs, I think, are responding very favorably to that.

而我們正在打造的投資組合，我認為在我們所運作的市場中相當具差異化，LP們我想也對此反應非常正面。

Stephen Chubak, Wolfe Research.

Stephen Chubak，Wolfe Research。

Congrats Jack and Axel. I look forward to engaging with both of you in your new roles. Maybe just to start, of course, on the FRE margin outlook, so FRE margins rise positively in the first half. The incremental margin came in above 60%, really reinforcing that path to sustained operating leverage. And given the better-than-anticipated FRE margin leverage in the first half.

恭喜Jack與Axel。我期待在你們的新職務上與兩位交流。我先從FRE利潤率展望開始：上半年FRE利潤率呈現正向上升。增量利潤率超過60%，這確實強化了持續營運槓桿的路徑。而鑑於上半年FRE利潤率槓桿優於預期。

The positive turn on second half business momentum. I was hoping we can get a mark-to-market on FRE margin expectations for this year versus the prior guide? And looking beyond '26, whether an incremental FRE margin above 60% is, in fact, sustainable as the business continues to scale with the caveat that recognize mix will be a factor.

下半年業務動能的正向轉折。我想請問，能否就今年的 FRE 利潤率預期相較於先前指引，提供一個按市價重估（mark-to-market）的更新？另外，展望 2026 年之後，隨著業務持續擴張，在考量確認的組合（mix）會是影響因素的前提下，FRE 利潤率在 60% 以上的增量是否確實具備可持續性？

Yes. Good question. Look, if we were going to update our guidance of 47%, I would have done that in my prepared remarks. That being said, let me tell you how I think about that. we definitely continue to see the kind of drivers of management fee growth that I talked about in the back half of the year and throughout next year and beyond, and the incremental capital raising an FRR does flow through with a very high incremental margin, probably higher than your 60%, but at least 60%.

是的。好問題。你看，如果我們要把 47% 的指引上調，我會在事先準備的發言中就更新了。話雖如此，我可以告訴你我是怎麼看這件事的：我們確實持續看到我剛才提到的、在今年下半年以及明年乃至更長期推動管理費成長的各項驅動因素；而額外的募資與 FRR 的增加，確實會以非常高的增量利潤率反映出來，可能高於你提到的 60%，但至少會在 60% 以上。

So we definitely see an opportunity longer term to continue driving FRE margin expansion as we have been since the IPO.

因此，從長期來看，我們確實看到持續推動 FRE 利潤率擴張的機會，就像自 IPO 以來我們一直在做的那樣。

The question in the back half, it's always hard to predict how it's going to play out 1 quarter at a time. I did mention that we pulled forward some Capital Markets revenue into Q2 and we do expect a step down in Capital Markets in Q3. It's harder to predict Capital Markets revenue than it is to predict Management Fee revenue. We're currently not budgeting for a big rebound in Q4 either. So I would say what would cause us to increase our margin guidance for the year is if we start to have visibility on more robust Capital Markets fee growth in the back half of the year to complement what we know will be attractive of Management Fee growth.

至於下半年，按季度來看它會如何演變，向來很難預測。我確實提到過，我們把部分資本市場（Capital Markets）收入提前到第二季入帳，而我們也預期第三季資本市場收入會出現下滑。資本市場收入比管理費收入更難預測。我們目前也沒有在預算中假設第四季會有明顯反彈。所以我會說，若要促使我們上調全年利潤率指引，關鍵在於：如果我們開始能看見下半年更強勁的資本市場費用成長能見度，以搭配我們已知將相當吸引人的管理費成長。

So that it's really a question of timing more than whether we're going to continue to expand the FRE margin.

因此，這更多是時點（timing）問題，而不是我們是否會持續擴張 FRE 利潤率的問題。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC Capital Markets。

I wanted to go back to the strong Private Equity performance this quarter. Second highest since your IPO in sort of a more tumultuous software tech background. Could you just unpack the EBITDA earnings growth momentum that you're seeing in your underlying portfolio companies? And then how you expect that to persist, particularly with your deployment of AI into the portfolio?

我想回到本季強勁的私募股權表現。在相對更動盪的軟體科技背景下，這是自你們 IPO 以來第二高。能否請你拆解一下，你們在底層投資組合公司所看到的 EBITDA 盈利成長動能？以及你們預期這種動能如何延續，特別是你們將 AI 部署到投資組合之後？

Sure. First, just to sort of give a little more granular again to what Jack shared. If you look at the value creation, particularly in the context of TPG Capital start with, it really is almost 1/3, 1/3, 1/3 from EBITDA growth, multiple expansion and debt pay down cash flow. You saw a very strong performance across the portfolio in a mid- to high teens EBITDA growth on an LTM basis, very steady, relative to prior quarter, LTM periods and prior quarters, strong margin levels that have sustained as well. So we feel very good about the underlying performance of our portfolios.

當然。首先，先更細緻地補充一下 Jack 剛才分享的內容。如果你看價值創造，特別以 TPG Capital 為例，基本上大約各占三分之一、三分之一、三分之一，分別來自 EBITDA 成長、估值倍數擴張，以及以現金流償還債務。你會看到整體投資組合表現非常強勁，以過去十二個月（LTM）計算的 EBITDA 成長率在中到高十幾％，相較於前一季的 LTM 期間與前幾季都相當穩健；而且強勁的利潤率水準也同樣得以維持。因此，我們對投資組合的基本面表現感到非常有信心。

I would tell you in software, in particular, and I know that's been an area of a lot of focus for the market and for everyone on the phone. We continue to see good performance. And Jon mentioned this, mid-teens bookings growth year-over-year in the first half, across our Capital and Growth businesses. If we isolate really on the TPG Capital business, we characterize a 75% of our software exposures is businesses that we believe are extremely well positioned and will benefit from business acceleration, and greater remotes given the competitive impact of the (inaudible) businesses.

我想特別談一下軟體，因為我知道這一直是市場以及電話上各位高度關注的領域。我們持續看到良好表現。Jon 也提到，上半年在我們的 Capital 與 Growth 業務中，預訂（bookings）年增率為中十幾％。如果我們只聚焦在 TPG Capital 業務，我們會這樣描述：我們約 75% 的軟體曝險屬於我們認為定位極佳、將受惠於業務加速與更高留存（remotes）的企業，原因在於（聽不清）業務所帶來的競爭影響。

On the other hand, we shared last time what we thought of is what we call the mitigate category, where we think they're challenged as a result of AI impact and disruption. And in the context of just first the fund that has the most exposure, which is in capital, TPG VIII, we characterize about 5% of our portfolio in that mitigate category. And importantly, relative to the last time we shared that news, we have not added any new companies to the mitigate category. So look, it's something we approach all this with humility, and certainly, we're focused on the day-to-day

另一方面，我們上次也分享過我們所稱的「緩解（mitigate）類別」，也就是我們認為因 AI 影響與顛覆而面臨挑戰的公司。就曝險最高的基金而言，也就是在 Capital 的 TPG VIII，我們將約 5% 的投資組合歸類在該 mitigate 類別。而且重要的是，相較於上次我們分享這項訊息時，我們沒有把任何新公司加入 mitigate 類別。所以你看，我們以謙遜的態度看待這一切，當然，我們也專注於日常的執行。

Jack shared the story one of many, where we see a lot of opportunity coming out of AI. So we want to be very front-footed and look for the opportunities here, but we're also sensitive to the risk. But overall, the answer is the portfolio continues to perform well, and that's showing up in not only the results but in the valuation in the quarter.

Jack 分享了眾多案例之一的故事，說明我們如何從 AI 中看到大量機會。因此，我們希望非常積極主動地尋找這裡的機會，但同時也對風險保持敏感。但整體而言，答案是：投資組合持續表現良好，這不僅反映在業績結果上，也反映在本季的估值上。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Just maybe a more direct one on AI and Deploy Co specifically. How much could the implementation become a differentiated sourcing advantage for TPG? Essentially, trying to think about helping win competitive investments or an additional strategic partnerships with companies looking for either capital or AI expertise? And really just trying to get a better sense of how broadly you expect that advantage could extend beyond the initial employee co-investment, if all goes well over time.

我想就 AI 與 Deploy Co 更直接問一題。這項導入在多大程度上能成為 TPG 差異化的案源（sourcing）優勢？本質上，我在思考它是否能幫助你們在競爭性投資中勝出，或與尋求資本或 AI 專業的公司建立更多策略合作夥伴關係？也想更清楚了解：如果一切順利，隨著時間推進，你們預期這項優勢在最初的員工共同投資之外，能在多大範圍內延伸？

Well, I think it's a very good question. We're excited about the investment on its own merits and the structure of the investment, the opportunity, we feel like there's a tremendous disconnect between the supply and demand on the floor deployed engineers as people really try to go beyond the low-hang fruit and redesigned some of the business processes with the capability of AI.

嗯，我認為這是個非常好的問題。我們對這筆投資本身的基本面、投資結構以及機會都感到興奮；我們覺得在「已部署（on-the-floor）的工程師」供給與需求之間存在巨大的落差，因為人們正試圖超越低垂果實（low-hanging fruit），並運用 AI 的能力重新設計部分業務流程。

But I think the implied point is a good one, which is to say, this does have a lot of implications for our broader business model. First of all, we're investors directly in several large language model companies, primarily through TTAD. This opportunity, the other engagements that we have with these companies has created for us, I think, a lot of insight in AI and a lot of capabilities, not only for existing portfolio companies, but for the prospective companies that we're looking at and we're underwriting and in many cases, reflecting significant impact from AI in the underwriting case during our investment review committee process. And so I think it is -- as you say, it's one of those investments and we've had others in our history that has an immediate impact. It creates a great opportunity, but also, we think, creates a competitive edge at a time of a lot of dynamicism to say the least and where these types of insights and relationships have a real impact on your ability to support and inflect the growth of your companies.

但我認為你隱含的觀點很好，也就是說，這對我們更廣泛的商業模式確實有很多啟示。首先，我們透過 TTAD 直接投資了數家大型語言模型公司。這個機會，以及我們與這些公司的其他合作互動，我認為為我們帶來了大量對 AI 的洞見與能力——不僅能用於既有投資組合公司，也能用於我們正在評估、承銷（underwriting）的潛在公司；而且在許多情況下，在投資審查委員會流程中，我們會在承銷假設中反映 AI 所帶來的重大影響。因此我認為——如你所說——這是一類投資，我們過去也有其他類似案例，能帶來即時影響。它創造了很好的機會，同時我們也認為，在一個至少可以說是高度動態的時期，這會形成競爭優勢，因為這類洞見與關係會實質影響你支持並推動旗下公司成長的能力。

The only thing I would add to that is that I think in kind of impliciting your question, I think one of the things that -- one of the things I think that we're really actively observing as a result of the implementation process of AI solutions and the technology within our portfolio is that it sort of takes two important elements in our judgment to really execute on these transformations. The DeployCo investment is obviously giving us both access as well as insight into the engineering side of these transformations. But it requires really more than that. And I think you're familiar with and we talk a lot about our engagement with our portfolio our operational capabilities, and it's the ability to understand how to execute transformations, which we've done for many, many, many years within our portfolio, engagement with management teams being able to implement these transformations, bring in the engineering capability and actually execute whether it's through go-to-market or on product, et cetera. So we feel that our capabilities, combined with the exceptional capabilities that the DeployCo can bring to bear is a very distinguishing feature.

我唯一想補充的是，某種程度上呼應你問題的隱含之處：我們因在投資組合內導入 AI 解決方案與技術的過程而正在非常積極觀察的一點是——以我們的判斷，要真正落實這些轉型，似乎需要兩個重要要素。DeployCo 這筆投資顯然同時讓我們取得接觸管道與洞見，特別是在這些轉型的工程端。但它確實不只如此。我想你也熟悉、而且我們也常談到我們與投資組合的互動與營運能力：也就是理解如何執行轉型的能力——我們在投資組合中多年來一直在做——與管理團隊合作、能夠落地這些轉型，引入工程能力並真正執行，不論是在市場進入策略（go-to-market）或產品等方面，等等。因此，我們認為我們的能力，加上 DeployCo 能帶來的卓越能力，是一個非常突出的差異化特徵。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO 資本市場。

It looks like the -- when you exclude catch-up fees, the fee rate compressed quarter-over-quarter, but I appreciate that the volatility of the marks can skew that. I was hoping you could clarify, did the underlying core fee rate move this quarter? And if so, maybe what drove that?

看起來——當你排除追補費用（catch-up fees）後，費率較上季有所壓縮，但我也理解估值標記（marks）的波動可能會扭曲這個結果。我想請你釐清一下：本季底層的核心費率是否有變動？如果有，可能是什麼因素驅動的？

That's a good question. We really haven't seen -- well, as I've said, as we expand in certain asset classes, into other parts of the market, like in asset-backed credit as we're expanding into investment grade -- the investment-grade world. That's very value-added to us. It has a very high contribution margin associated with it as we scale in that business. It does bring -- that market does bring with it a lower average fee rate.

這是個好問題。我們其實沒有看到——嗯，正如我說過的，當我們在某些資產類別擴張、進入市場的其他部分，例如在資產擔保信貸（asset-backed credit）方面擴張、並擴展到投資級——投資級領域。這對我們而言是非常有附加價值的。隨著我們在該業務規模化，它具有非常高的貢獻毛利率（contribution margin）。但那個市場——那個市場也會帶來較低的平均費率。

And we've talked about with the Jackson relationship minimum fee rate of 50 basis points. On the other hand, the higher octane part of our credit business, Credit Solutions has a much higher fee rate in that business as we scale up from lower middle market direct lending into Advantage Direct Lending, that has a slightly lower fee rate associated with two.

而且我們也談過，與 Jackson 的合作關係最低費率為 50 個基點。另一方面，我們信貸業務中更高動能（higher octane）的部分——Credit Solutions——隨著我們從較低中型市場（lower middle market）的直接放貸擴張到 Advantage Direct Lending，該業務的費率要高得多，而後者也同樣伴隨著略低一些的費率。

So as we expand the scope of some of our businesses into larger market opportunities, some of those larger market opportunity -- those larger market opportunities generally are lower in the risk return spectrum and will carry with them very valuable fees, but a slightly lower fee rate. If there's any trend towards a slightly lower fee rate, that would be it. We don't see any kind of systemic fee rate pressure in each of our businesses.

因此，當我們把部分業務的範圍擴展到更大的市場機會時，其中一些更大的市場機會——這些更大的市場機會通常在風險報酬光譜上風險較低，並會帶來非常有價值的費用，但費率會略低一些。如果有任何朝向略低費率的趨勢，那就是這個原因。我們在各項業務中並未看到任何系統性的費率壓力。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. And also, congrats, Jack, for your new dedicated role to Private Wealth and also welcome Axel. And then maybe, Jack, if I can actually talk about that or ask you about that, and thanks for your prepared remarks on that. As you think about developing that over the next several years, do you envision the growth trajectory of this business from a fundraising standpoint, being more predicated upon product rollout or expanding distribution? I know you said you're on two wirehouse platforms, so expanding that.

很好。另外，也恭喜 Jack 擔任專注於私人財富（Private Wealth）的新專職角色，也歡迎 Axel。接著也許，Jack，如果我可以談談或請教你這件事，也謝謝你在事先準備的發言中提到。當你思考未來幾年如何發展這塊業務時，你是否認為從募資（fundraising）的角度，這項業務的成長軌跡會更取決於產品推出，還是擴大通路（distribution）？我知道你說你們在兩個券商通路（wirehouse）平台上，所以是擴大那部分。

And some more private banks and even in the RIA channel and even globally, I guess, how should we think about those two dimensions to it?

以及更多私人銀行，甚至在 RIA 通路，甚至全球範圍內——我想，我們應該如何看待這兩個面向？

And from a distribution cost perspective, is that something as you expand more dramatically, do you view that as still margin accretive or more of a sort of investment to grow the business from a distribution perspective?

從通路成本（distribution cost）的角度來看，當你們更大幅度地擴張時，你是否仍認為這會增厚利潤率（margin accretive），還是更像是一種為了從通路面推動業務成長的投資？

Good question, Brian. You basically -- you did a good job summarizing why I'm excited about this. Spending all of my time in this area, after really helping drive T-POP as a starting point and jumping into this role last year, as Jon mentioned. But the answer to your question is basically all of the above.

好問題，Brian。你基本上——你很好地總結了我為什麼對此感到興奮。在真正協助推動 T-POP 作為起點，並如 Jon 所提到的在去年接下這個角色之後，我把所有時間都投入在這個領域。但對你問題的答案基本上是：以上皆是。

If you start on the distribution side, I mentioned two wirehouse platforms as the two wirehouse platforms that were our anchors on T-POP, we're on more wirehouse platforms than that across all of our Private Wealth business for both Evergreen and Drawdown Funds. We're seeing, in some cases, increasing demand from wirehouses and private banks for our high-performing, more focused strategies in drawdown format. So going forward, we continue to kind of see both of those being drivers.

如果先從通路端開始，我提到的兩個券商通路（wirehouse）平台，是我們在 T-POP 上的兩個核心平台；但在我們整體私人財富業務中，無論是 Evergreen 或封閉式（Drawdown）基金，我們合作的券商通路平台不只這兩個。我們看到在某些情況下，券商通路與私人銀行對我們表現強勁、更加聚焦的策略（以封閉式基金形式）需求正在增加。因此往前看，我們會持續看到這兩者都成為驅動因素。

On the distribution side, I would say we're early in expanding our distribution points of presence for T-POP itself, I mentioned we added a couple of two or three international platforms on top of those two US wirehouse platforms. They're just now -- well, one was added last year, the two new ones are just now beginning to contribute to capital raising. So you'll see more of that flow in next year. We're also in the US

在通路端，我會說我們在擴展 T-POP 本身的通路據點（points of presence）方面仍處於早期；我提到我們在美國兩個券商通路平台之外，又新增了兩到三個國際平台。它們現在——嗯，其中一個是去年新增的，另外兩個新的平台現在才剛開始對募資有所貢獻。所以你會在明年看到更多這方面的資金流入。我們也在美國

market, expanding into the RIA channel. We're adding an RIA distribution team alongside our wirehouse distribution team in the US

市場，擴展到 RIA 通路。我們正在美國於券商通路銷售團隊旁，增設一支 RIA 通路銷售團隊

Internationally, we've already added a bit of a swap team across Asia. We're adding to that in Japan and Australia. So there's a lot of -- a lot for us to continue to do to just expand our existing product set distribution points on presence across the US and internationally.

在國際方面，我們已在亞洲增設了一支 swap 團隊。我們也正在日本與澳洲擴編該團隊。因此，我們還有很多——很多工作要做，持續擴大我們既有產品組合在美國及國際市場的通路據點與覆蓋。

Also on the product side, I mentioned this in my prepared remarks, but T-POP is really the first flagship evergreen vehicle that's across asset, in this case, the private equity asset class. We've obviously got other evergreen vehicles that are high performing and attracting great traction in the market like TCAP and MVP in the credit business, but we don't yet have a flagship kind of T-POP equivalent product in real estate and credit, and we're actively working on both of those. Once we have those, we'll have an opportunity to take the brand building we've been doing with T-POP and leverage that across more products.

另外在產品端，我在事先準備的發言中提到，T-POP 確實是第一個跨資產的旗艦常青（evergreen）載體，在這裡指的是私募股權（private equity）資產類別。我們當然也有其他表現優異、在市場上獲得很大動能的常青載體，例如信貸業務中的 TCAP 和 MVP，但我們在不動產與信貸方面，尚未有一個相當於 T-POP 的旗艦產品，而我們正在積極推進這兩者。一旦我們具備這些產品，我們就有機會把我們透過 T-POP 所做的品牌建設，延伸並槓桿到更多產品上。

The final thing I'd say is think about those kind of flagship asset class level evergreen products, also flowing in to what I think of as packaged solutions in the marketplace, with some of the intermediaries and the partners we're talking about, creating their own package kind of next-generation fund of funds where we see already TPO as an example, being positively selected into those bundles as a high-performing differentiated private equity solution. So you'll see -- hopefully, you'll see that occur now in a broader way across the different asset classes. So it's kind of building the building blocks and growing the distribution at the same time.

最後我想說的是，把這類以資產類別為層級的旗艦常青產品，也視為能流入我所稱的市場「打包式解決方案」（packaged solutions）的一部分；我們正與一些中介機構與合作夥伴洽談，協助他們打造自己的打包方案——某種下一代的 FoF（fund of funds，基金中的基金）。我們已經看到 TPO 作為例子，被正向納入這些組合中，作為一個表現優異且具差異化的私募股權解決方案。因此你會看到——希望你會看到——這種情況現在會更廣泛地發生在不同資產類別上。所以這有點像同時打造積木（building blocks）並擴大通路。

And then finally, on your cost question, there's no question we're incurring some costs to build out distribution. But the amount of product we can leverage across that distribution system, there's no question this should be a margin-accretive business.

最後，關於你提到的成本問題，毫無疑問我們正在承擔一些成本來建置通路。但就我們能透過該通路系統所槓桿的產品規模而言，毫無疑問這應該是一項能增厚利潤率的業務。

As Jack transitions all this time to the Private Wealth channel we know because of his history as CFO, that he's not going to go crazy and we hope, and he's going to be attentive to margin. So don't worry about it. We got it under control.

隨著 Jack 把所有時間轉向私人財富通路，我們也知道，基於他過去擔任 CFO 的經歷，他不會亂來——我們希望如此——而且他會關注利潤率。所以不用擔心。我們都掌控得住。

Arnaud Giblat, BNP.

Arnaud Giblat，法國巴黎銀行（BNP）。

I've just got a quick question on transaction fees. This quarter, (inaudible) to record transaction fee levels despite slower levels of exits versus previous quarters. Just wondering if you could unpack that a bit. And especially when talking about the outlet because you did talk about a pickup in monetization to be expected yet a low level of transaction fees for H2?

我只有一個關於交易費（transaction fees）的簡短問題。本季，儘管相較前幾季退出（exits）速度較慢，（聽不清）仍錄得交易費水準。想請問你是否能進一步拆解說明一下。尤其是在談到 outlet 的時候，因為你確實提到預期變現（monetization）會回升，但下半年（H2）的交易費水準卻偏低？

Yes, good question. If I try to -- if you think about a step back and think about the drivers of the capital markets business, it's much more correlated with new investment activity than it is with exit activity. I mean it's occasionally the case that if we sell a company, our capital markets team will work to kind of replace the debt before we run an auction, for example, and place the debt with a portable capital structure, so it can port to any buyer. That's more the exception to the rule there.

是的，好問題。如果我試著——如果你退一步來看、思考資本市場業務的驅動因素，它與新投資活動的相關性遠高於與退出活動的相關性。我的意思是，偶爾也會出現這樣的情況：如果我們出售一家公司，我們的資本市場團隊會在例如啟動拍賣之前，先著手某種程度上替換債務，並以可攜式資本結構（portable capital structure）來配置該債務，使其可以轉移給任何買方。但那更屬於例外，而非一般情況。

So it's actually kind of unusual for us to attach much capital markets revenue, to our exit activity. The -- my comments about the back half of the year have much more to do with the timing of our deployment, particularly in our larger private equity business where, as I mentioned, we pulled forward a couple of large closes. There's typically these days, given how we're capitalizing our new investments, the work we're doing to raise the most attractive debt with our own capital markets business. The biggest drivers of capital markets fees, not the only, but the biggest or larger deals closing and we had a couple of big ones closed in Q2. And as we sit here today, we don't see the kind of -- those kind of chunky additions to capital markets in Q3 or Q4.

因此，對我們而言，將大量資本市場收入歸因於我們的退出活動，其實算是相當不尋常。至於我對今年下半年的評論，更多是關於我們資金部署的時點，特別是在我們較大型的私募股權業務中，如我提到的，我們把幾筆大型的最終交割提前完成了。而在目前的環境下，鑑於我們為新投資進行資本結構安排的方式，我們會透過自家的資本市場業務，去籌措最具吸引力的債務融資。資本市場費用最大的驅動因素（當然不只這一項）是較大或大型交易的完成，而我們在第二季確實完成了幾筆大案。以我們目前所見，在第三季或第四季，我們並未看到資本市場會出現那種——那種大塊頭的新增貢獻。

But it's really -- I wouldn't think about the correlation being with exit activity. But if you step back and think about capital markets, as we've all mentioned, since IPO, it's been a -- we've talked about it being a significant opportunity for us. We've delivered on that by adding to the team and penetrating a lot more of our businesses, building out our capital markets team across asset classes, including credit, and we are seeing the benefit of that -- it's just a question of predicting quarter-by-quarter remains difficult.

但這其實——我不會把這種相關性理解為與退出活動相連動。不過如果你退一步看資本市場，如同我們大家提到的，自 IPO 以來，這一直是——我們一直談到它對我們而言是一個重大的機會。我們也透過擴編團隊、在更多業務線中提高滲透率、並在各資產類別（包括信貸）建立資本市場團隊來落實這一點，而我們也正在看到其效益——只是要逐季預測仍然困難。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

So really strong start to the year on the fundraising front and provided some good color about the drivers for the rest of the year here. I guess I just wanted to ask a little bit more about Real Estate and Credit. So in Real Estate, just curious if you're seeing any hesitation from LPs just given some of the market rate volatility out there?

今年在募資方面開局非常強勁，也對今年剩餘時間的驅動因素提供了一些很好的說明。我想再多問一點關於不動產與信貸的情況。在不動產方面，考量到市場利率波動，你們是否看到 LP（有限合夥人）有任何猶豫？

And then how could that potentially impact how fundraising flows in on your Real Estate strategies in terms of first close and then subsequent raises? And then on the Credit side, really upbeat commentary or generally upbeat commentary on the deployment front. So maybe could you just add a little bit of color around that? What are you seeing specifically? Is that more kind of market driven or just as you're continuing to take market share and really expand your capabilities in Credit?

那這可能會如何影響你們不動產策略的募資資金流入——包括首輪交割（first close）以及後續加募？另外在信貸方面，你們對部署（deployment）的評論相當正面，或整體而言偏正面。所以也許你們能再補充一些背景？你們具體看到了什麼？這比較是市場驅動，還是因為你們持續取得市占、並在信貸領域擴充能力所致？

Sure. Well, let's start with real estate. I think that this has been an evolving asset class with respect to investor interest over the last, I would say, a couple of years coming from a place where, obviously, through changes in interest rates and inversion between cap rates and financing costs, pressure on office and a number of sectors, real estate was something that wasn't getting a lot of attention. And I think we've been consistently describing over the last really 18 months, a change in what we feel like the opportunity set is as a result of ultimately, people needing to sell certain market players needing to sell certain assets, interesting opportunities coming up, even things like take-privates from public REITs just pressure in the market has created a value opportunity as well as, as I mentioned in my comments, being able to acquire quality real estate and platforms well below replacement costs, et cetera.

好的。那我們先從不動產開始。我認為，過去——我會說——這一兩年來，這個資產類別在投資人興趣方面一直在演變；先前在利率變動、資本化率（cap rates）與融資成本倒掛、辦公室等多個板塊承壓等因素下，不動產並不是市場關注的焦點。而我想我們在過去大約 18 個月一直在描述：由於最終會有人需要出售、某些市場參與者需要出售特定資產，市場上開始出現有趣的機會；甚至像是從公開市場 REIT 進行私有化（take-privates）這類交易，市場壓力也創造了價值型機會；此外，如我在評論中提到的，我們也能以遠低於重置成本（replacement costs）的價格收購優質不動產與平台等。

So that narrative and that kind of dynamic is really sort of taking hold within the LP community as far as we see. We're also leveraging off of a very strong track record across our business -- and that's not -- as you know, that's not that common based upon the experience that the market's had in real estate. So -- we -- our teams have done a very good job navigating what has been a difficult space in the market. We are seeing a very robust level of interest across the platforms that Jack described, where we'll be raising capital. And I think one thing that might be helpful to you just in terms of giving you a sense for what gives us confidence around that is just the level of engagement and deal activity that we're seeing.

就我們所見，這樣的敘事與動態正在 LP 社群中逐步成形。我們也在借助我們整體業務非常強的歷史績效——而這點——如你所知——在不動產領域並不常見，考量到市場過去在不動產上的經驗。因此——我們——我們的團隊在一個艱難的市場環境中表現得非常出色。我們在 Jack 所描述、將進行募資的各個平台上，都看到非常強勁的興趣。我想有一點或許能幫助你理解我們為何有信心：就是我們看到的參與程度與交易活動量。

We've had, as an example, over the course of the last, really, the first half of the year, -- we've had about something along the lines of 4 different investments that are significant investments, for instance, in our opportunistic business, where we've had $2.6 billion of co-investment come along.

舉例來說，在今年上半年——確切地說是上半年期間——我們大約有 4 筆不同的投資屬於重大投資，例如在我們的機會型（opportunistic）業務中，伴隨而來的共同投資（co-investment）約為 26 億美元。

That co-investment is coming from both existing investors as well as what would be new to fund investors. So a real expression of interest in size from investors that have not been allocating up to now to opportunistic real estate funds or by the way, on the Core Plus side as well, not been allocating to those funds who are now participating with us in deal flow. And our expectation is with a lot of confidence that they will be coming into our fundraising process as we go through the balance of this year and into next year. So we have a lot of confidence in terms of what we're expecting to see in participation in our real estate capital formation process.

這些共同投資來自既有投資人，也來自對基金而言可能是新投資人。因此，這反映出一些過去尚未配置到機會型不動產基金的投資人（順帶一提，在 Core Plus 方面也是如此，過去未配置到這些基金的投資人），如今以相當大的規模參與我們的交易流（deal flow）。我們相當有信心地預期，隨著今年剩餘時間以及進入明年，他們將會加入我們的募資流程。因此，對於我們在不動產資本形成（capital formation）流程中預期看到的參與度，我們非常有信心。

On the Credit side, I think that one of the things that's happened in the market is you're starting to see (inaudible) for the first time in a long time. If you look across both the performance of our strategies and also where we are participating in the market, I think that our strategies and our platform is continuing to distinguish itself in the market. And so I think that it's created an opportunity for us. We are just getting more share of mind from investors as we go and talk about our strategies. If you look at, for instance, our performance that I mentioned in my comments in our lower middle market Direct Lending strategy in Twin Brook and in our new expanded strategy in ADL.

在信貸方面，我認為市場上正在發生的一件事是，你開始看到（聽不清）——這是很長一段時間以來第一次。如果你同時看我們策略的表現，以及我們在市場中的參與位置，我認為我們的策略與平台持續在市場上展現差異化。因此我認為這為我們創造了機會。當我們去與投資人溝通策略時，我們正獲得更多投資人的關注度（share of mind）。例如，看看我在評論中提到的：我們在 Twin Brook 的低中型市場（lower middle market）直接放款（Direct Lending）策略，以及我們在 ADL 新擴展的策略的表現。

If you look at leverage levels, cash flow lending as opposed to other types of lending, it's attracting more and more interest from investors that want to diversify away from sort of the upper middle market part of -- the upper middle part of the market where there's a lot more competition, a lot more compression in terms of terms. We've -- when we look at our pace of originations this year, we're expecting that we will probably do better than we expected we would do coming into the year just in terms of level of transactional activity and are gaining share in that market.

如果你看槓桿水準、以現金流放款（cash flow lending）相對於其他類型放款的模式，它正吸引越來越多希望分散配置、遠離——市場中上中型（upper middle market）那一段——的投資人；因為那一段競爭更激烈、條款也更被壓縮。我們——當我們看今年的放款起案（originations）節奏時，就交易活動量而言，我們預期可能會比年初的預期更好，並且正在該市場中提升市占。

And then I mentioned also in my comments around our Credit Solutions platform with what is going on across the market generally with capital structures that may be so much stuck refinancing walls that are refi walls that are maturity walls that are coming up over the course of 2028, 2029. They're just -- there is just a strong need for solutions-oriented capital in the market. And we have the capacity and the capabilities to fill that need. So things like Hybrid Solutions, things like Credit Solutions are just attracting a lot of attention in here as sort of a very good risk/reward part of the market. So I think that is sort of what we see overall happening.

另外我也在評論中提到我們的 Credit Solutions 平台：就整體市場而言，許多資本結構可能卡在再融資高牆（refinancing walls）——也就是到期高牆（maturity walls）——這些將在 2028、2029 年陸續到來。市場對以解決方案為導向的資本（solutions-oriented capital）有非常強的需求。而我們具備產能與能力來滿足這項需求。因此，像是 Hybrid Solutions、像是 Credit Solutions，正吸引大量關注，被視為市場中風險／報酬非常不錯的一個區塊。所以我想，這大致就是我們看到的整體情況。

It's Jack. The only thing I'd add to that on your question about the timing of fees generated. Jon mentioned, we're very, very confident in the LP support for these Real Estate businesses. We're not assuming that we activate any of those funds until close to the end of the year. So you'll see most of the FRR benefit from that fundraising kick-in throughout the course of the year, next year.

我是 Jack。針對你關於費用產生時點的問題，我唯一想補充的是：Jon 提到過，我們對這些不動產業務獲得 LP 支持非常、非常有信心。我們並不假設會在接近年底之前啟動其中任何一檔基金。因此，你會在今年以及明年看到，來自該募資啟動所帶來的 FRR 利益在全年逐步體現。

Bill Katz, TD Cowen.

TD Cowen 的 Bill Katz。

Jack and Axel congratulations. I look forward to as well working with you in new respective roles. Maybe just a big picture question. Just sort of think through the flywheel on the monetization opportunity, very good sequential growth in the net accrued carry, as you talked about earlier. Just looking for your disclosure, you have a bunch of different vintages where you saw some nice improvement.

Jack 和 Axel，恭喜。我也期待在你們各自的新職務上與你們合作。也許先問一個宏觀問題。就貨幣化機會的飛輪效應來看，淨應計 carry（附帶收益）如你們先前所談，呈現相當不錯的環比成長。從你們的揭露來看，你們有多個不同的基金年份（vintage）都出現了不錯的改善。

So I guess the first part of the question is, as you think through that flywheel of opportunity into 2027, which areas do you sort of see the best opportunity to drive that monetization?

所以我想問題的第一部分是：當你們思考這個機會飛輪一路延伸到 2027 年時，你們認為哪些領域最有機會推動這項貨幣化？

And then just a conceptual question. As you think through your operating leverage into 2027, how does that sort of quantum of compensation opportunity, which I know sits on the private side, how does that inform your compensation that sits within the FRE?

接著是一個概念性問題。當你們思考到 2027 年的營運槓桿時，那個薪酬機會的量級（我知道是在私募那一側），會如何影響你們在 FRE（費用相關收益）之內的薪酬安排？

Yes, I'll start with the first part. I'd say it's actually pretty broad-based at this point in terms of where we see the opportunities. We're seeing a number of opportunities that we're excited about in the Climate business in terms of monetization over the next 3 to 6 months. We actually see a number of opportunities that we're pushing on in the software space as well. I think as we mentioned, we've continued to be very active in Asia, and have had one strategic sale and one IPO in the last couple of weeks alone and continue to see opportunities to drive that.

好的，我先回答第一部分。我會說，就我們目前看到的機會而言，其實相當廣泛，並不集中在單一領域。在氣候（Climate）業務方面，我們看到一些令我們興奮的機會，預期在未來 3 到 6 個月內可望實現貨幣化。在軟體領域，我們也看到多個正在積極推進的機會。另外，如同我們提到的，我們在亞洲持續非常活躍，僅在過去幾週就完成了一筆策略性出售與一宗 IPO，並且仍持續看到可推動的機會。

We have a few public companies. As we mentioned, there will be -- may go public in the future. And we have stakes in some companies that have recently gone public. So there's some natural way liquidity. And finally, we've referenced this in other calls we've referenced today, we have a few -- we have a healthy push in of our business today in private equity, particularly in TPG Capital that relates to structured partnerships with corporate partners, in many cases, repeat structured partnership, corporate partners.

我們也有幾家上市公司。如我們提到的，未來可能還會有公司上市。同時，我們也持有一些近期已上市公司的股權。因此在流動性方面有一些自然的實現途徑。最後，我們在其他電話會議以及今天也提到過：我們目前在私募股權業務（特別是 TPG Capital）有一個健康的推進方向，與企業夥伴的結構性合作夥伴關係有關；在許多情況下，這些企業夥伴是重複合作的結構性合作夥伴。

When you look at the first quarter, we had a really strong distribution -- excuse me, exists with INTERCEPT Power to Google and our exit to Cencora or the business that we bought together, OneOncology and both very good exits, both contemplated in the original partnership with those partners. In some cases, we have very clear structural time frames around all these things, but I think that there will continue to be opportunities to fulfill the natural evolution of the structured partnerships, which would be for the corporates who take over and to acquire the businesses, that will also be a portion of the exit we see over the next year. So I actually would say it's not particularly concentrated. We see opportunities really across the board.

回到第一季，我們有非常強勁的分配——抱歉，我是說退出（exit）：包括將 INTERCEPT Power 出售給 Google，以及我們退出 Cencora（也就是我們與其共同收購的 OneOncology 業務）。兩筆都是非常好的退出，也都在與這些夥伴最初的合作架構中就已被規劃。在某些情況下，這些安排有非常明確的結構性時間表；但我認為，未來仍會持續有機會去完成這些結構性合作夥伴關係的自然演進——也就是由企業方接手並收購相關業務——這也將構成我們未來一年所看到退出的一部分。所以我其實會說，機會並沒有特別集中。我們確實在各個面向都看到機會。

And Bill, on the second part of your question, I would just say, I think I'm interpreting your question correctly, but as we see the next wave of promote generated, we have a pretty well-established allocation process for that promote. We're going to continue to generate -- to allocate 20% of it in kind of a royalty format through to shareholders and the remainder of it flows in the direction that you know. So the fact is this year, our promote is probably going to be a little bit below an average year, and our partners are comfortable with that. As we promote new partners, they come out of the FRE comp and into the carry pool, and that's what -- as we see the next surge of carry generated, we'll continue to allocate it in the same way.

Bill，關於你問題的第二部分，我想我理解你的意思：當我們看到下一波產生的 promote（績效分成）時，我們對 promote 有一套相當成熟的分配流程。我們會持續以類似權利金（royalty）的形式，將其中 20% 以實物方式分配給股東，其餘部分則按你所熟悉的方向流向相關對象。事實上，今年我們的 promote 可能會略低於平均年度，而我們的合夥人對此是可以接受的。當我們晉升新的合夥人時，他們會從 FRE 薪酬中移出、轉入 carry 池；而當我們看到下一波 carry 產生的增長時，我們也會以相同方式持續進行分配。

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。以上為今日電話會議的問答環節。接下來我想把電話交回給 Gary Stein 作結語。

Thank you. Thank you all for joining us today. As always, if you have any follow-up questions, please feel free to reach out directly to the Investor Relations team. Otherwise, we'll look forward to speaking with you again next quarter.

謝謝。感謝各位今天加入我們。一如往常，如果你有任何後續問題，請隨時直接聯繫投資人關係團隊。否則，我們期待在下個季度再次與各位交流。

Thank you, everyone.

謝謝大家。

Thank you. This concludes today's TPG's Second Quarter 2026 Earnings Call and Webcast. You may disconnect your line at this time, and have a wonderful day.

謝謝。以上為 TPG 2026 年第二季財報電話會議與網路直播的全部內容。您現在可以掛斷電話，祝您有美好的一天。