Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-04321 | |
Entity Registrant Name | TPG Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-2063362 | |
Entity Address, Address Line One | 301 Commerce Street, | |
Entity Address, Address Line Two | Suite 3300 | |
Entity Address, Postal Zip Code | 76102 | |
Entity Address, City or Town | Fort Worth, | |
Entity Address, State or Province | TX | |
City Area Code | 817 | |
Local Phone Number | 871-4000 | |
Title of 12(b) Security | Class A common stock | |
Trading Symbol | TPG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001880661 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 70,811,664 | |
Nonvoting Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,258,901 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 229,652,641 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | $ 1,454,619 | ||
Restricted cash | [1] | 13,135 | $ 13,135 |
Due from affiliates | 207,819 | 185,321 | |
Investments (includes assets pledged of $497,971 and $492,276 as of March 31, 2022 and December 31, 2021, respectively) | [1] | 6,347,314 | 6,109,046 |
Total assets | 9,664,327 | 8,962,013 | |
Liabilities | |||
Accounts payable and accrued expenses | 186,750 | 134,351 | |
Due to affiliates | 244,119 | 826,999 | |
Secured borrowings, net | [1] | 245,028 | 244,950 |
Senior unsecured term loan | 198,944 | 199,494 | |
Accrued performance allocation compensation | 4,074,727 | 0 | |
Derivative liability | 10,400 | 13,000 | |
Total liabilities | 5,238,986 | 1,700,572 | |
Commitments and contingencies (Note 12) | |||
Redeemable equity attributable to consolidated Public SPACs | [1] | 1,000,056 | 1,000,027 |
Equity | |||
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively) | 0 | ||
Additional paid-in-capital | 479,854 | ||
Retained earnings | 41,257 | ||
Other non-controlling interests | 2,903,865 | ||
Total equity | 3,425,285 | ||
Equity | |||
Partners’ capital controlling interests | 1,606,593 | ||
Other non-controlling interests | 4,654,821 | ||
Total equity | 6,261,414 | ||
Total liabilities, redeemable equity and equity | 9,664,327 | 8,962,013 | |
Consolidated Entity, Excluding VIE | |||
Assets | |||
Cash and cash equivalents | 1,454,619 | 972,729 | |
Other assets | 630,652 | 657,317 | |
Liabilities | |||
Other liabilities | 241,375 | 238,246 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Assets | |||
Cash and cash equivalents | [1] | 9,494 | 5,371 |
Due from affiliates | 94,023 | 93,311 | |
Investments (includes assets pledged of $497,971 and $492,276 as of March 31, 2022 and December 31, 2021, respectively) | 6,187,819 | 5,957,356 | |
Other assets | [1] | 1,238 | 19,067 |
Assets held in Trust Accounts | [1] | 1,000,056 | 1,000,027 |
Liabilities | |||
Due to affiliates | 73,821 | 36,049 | |
Other liabilities | [1] | 2,652 | 8,484 |
Derivative liability | [1] | 10,391 | 13,048 |
Deferred Underwriting | [1] | 35,000 | $ 35,000 |
Common Class A | |||
Equity | |||
Common stock, value, issued | 79 | ||
Common Class B | |||
Equity | |||
Common stock, value, issued | $ 230 | ||
[1] | The Company’s consolidated total assets and liabilities as of March 31, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par or stated value per share (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Asset Pledged as Collateral | ||
Equity method investments | $ 497,971 | $ 492,276 |
Common Class A | ||
Common stock, par or stated value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,340,000,000 | 2,340,000,000 |
Common stock, shares issued | 79,070,565 | 0 |
Common shares outstanding | 79,070,565 | 0 |
Common Class B | ||
Common stock, par or stated value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 229,652,641 | 0 |
Common shares outstanding | 229,652,641 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (unaudited) - USD ($) | 2 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | |||
Fees and other | $ 273,005,000 | $ 210,155,000 | |
Capital allocation-based income | 837,705,000 | 994,578,000 | |
Total revenues | 1,110,710,000 | 1,204,733,000 | |
Compensation and benefits: | |||
Cash-based compensation and benefits | 116,359,000 | 127,981,000 | |
Equity-based compensation | 185,911,000 | 0 | |
Performance allocation compensation | 523,138,000 | 0 | |
Total compensation and benefits | 825,408,000 | 127,981,000 | |
General, administrative and other | 102,264,000 | 53,130,000 | |
Depreciation and amortization | 8,699,000 | 1,364,000 | |
Total expenses | 942,532,000 | 194,646,000 | |
Income from investments: | |||
Investment Income, Net | 9,630,000 | 154,355,000 | |
Income before income taxes | 177,808,000 | 1,164,442,000 | |
Income tax expense | 15,004,000 | 3,128,000 | |
Net income | $ 157,099,000 | $ 162,804,000 | 1,161,314,000 |
Net (loss) income attributable to redeemable equity in Public SPACs | 1,823,000 | 63,558,000 | |
Ne loss attributable to non-controlling interests in consolidated TPG Funds/TPG Operating Group | (4,912,000) | (5,736,000) | |
Net income attributable to other non-controlling interest | 118,904,000 | 589,311,000 | |
Net Income (Loss) Attributable to Parent | $ 41,284,000 | ||
Net income attributable to TPG Group Holdings | 514,181,000 | ||
Net income per share data: | |||
Net income available to Class A common stock per share, Basic (in usd per share) | $ 0.52 | ||
Net income available to Class A common stock per share, Diluted (in usd per share) | $ 0.11 | ||
Weighted-average shares of Class A common stock outstanding | |||
Weighted-average shares of Class A common stock outstanding basic | 79,240,057 | ||
Weighted-average shares of Class A common stock outstanding diluted | 308,892,698 | ||
Consolidated Entity, Excluding VIE | |||
Compensation and benefits: | |||
Interest expense | $ 4,638,000 | 3,921,000 | |
Income from investments: | |||
Net gains from investment activities | 6,643,000 | 72,404,000 | |
Interest, dividends and other (including affiliates) | 204,000 | 979,000 | |
Variable Interest Entity, Primary Beneficiary | |||
Compensation and benefits: | |||
Interest expense | 0 | 192,000 | |
Other | 1,523,000 | 8,058,000 | |
Income from investments: | |||
Net gains from investment activities | 0 | (7,616,000) | |
Interest, dividends and other (including affiliates) | 126,000 | 988,000 | |
Unrealized gains on derivative liabilities | $ 2,657,000 | $ 87,600,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest expense, related party | $ 12 | $ 0 |
Consolidated Entity, Excluding VIE | ||
Interest, dividends and other | 204 | 979 |
Variable Interest Entity, Primary Beneficiary | ||
Interest, dividends and other | 126 | 988 |
Affiliated Entity | Consolidated Entity, Excluding VIE | ||
Interest, dividends and other | 184 | 835 |
Affiliated Entity | Variable Interest Entity, Primary Beneficiary | ||
Interest, dividends and other | $ 0 | $ 4 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands | Total | Partners' Capital | Other Non-Controlling Interests | Common Class A | Common Class B | Total TPG Inc. Equity | Common StockCommon Class A | Common StockCommon Class B | Additional Paid-in Capital | Retained Earnings | Other Non-Controlling Interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | $ 1,161,314 | ||||||||||
Change in redemption value of redeemable non-controlling interest prior to Reorganization and IPO | 63,546 | $ 23,614 | $ 39,932 | ||||||||
Net income subsequent to Reorganization and IPO | 1,097,756 | 514,181 | 583,575 | ||||||||
Beginning balance at Dec. 31, 2020 | 4,720,702 | 2,460,868 | 2,259,834 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income | 1,161,314 | ||||||||||
Change in redemption value of redeemable non-controlling interest | 63,546 | 23,614 | 39,932 | ||||||||
Capital contributions | 1,082 | 1,082 | |||||||||
Capital distributions | (147,718) | (67,530) | (80,188) | ||||||||
Ending balance at Mar. 31, 2021 | 5,735,368 | 2,931,133 | $ 2,804,235 | ||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 0 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 162,804 | ||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 79,070,565 | 229,652,641 | 79,070,565 | 229,652,641 | |||||||
Ending balance at Mar. 31, 2022 | 3,425,285 | $ 521,420 | $ 79 | $ 230 | $ 479,854 | $ 41,257 | $ 2,903,865 | ||||
Beginning balance at Dec. 31, 2021 | 6,261,414 | 1,606,593 | $ 4,654,821 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income | $ 162,804 | ||||||||||
Ending balance at Mar. 31, 2022 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | 13 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jan. 18, 2022 | |||||
Operating activities: | |||||||||
Net income | $ 157,099 | $ 162,804 | $ 1,161,314 | $ 6,222 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Equity-based compensation | 185,911 | 0 | |||||||
Performance allocation compensation | 523,138 | 0 | |||||||
Capital allocation-based income | (837,705) | (994,578) | |||||||
Other non-cash amounts | 16,565 | 7,469 | |||||||
Net gains from investment activities of consolidated TPG Funds and Public SPACs | (2,657) | (79,983) | |||||||
Changes in operating assets and liabilities: | |||||||||
Due from affiliates | (53,802) | (29,446) | |||||||
Accounts payable and accrued expenses | 74,402 | 81,327 | |||||||
Due to affiliates | 37,420 | 27,361 | |||||||
Accrued performance allocation compensation | (2,599) | 0 | |||||||
Net cash provided by operating activities | 713,602 | 240,790 | |||||||
Investing activities: | |||||||||
Repayments of notes receivable from affiliates | 14,616 | 147 | |||||||
Advances on notes receivable from affiliates | (14,000) | (8,930) | |||||||
Purchases of fixed assets | (1,252) | 112 | |||||||
Net cash used in investing activities | (636) | (8,671) | |||||||
Financing activities: | |||||||||
Proceeds from issuance of common stock in IPO, net of underwriting and issuance costs | 770,865 | ||||||||
Proceeds from issuance of common stock from underwriters' exercise of over-allotment option, net of underwriting and issuance costs | 49,756 | ||||||||
Payments to Noncontrolling Interests | (379,597) | ||||||||
Reorganization activities | 2,124 | ||||||||
Proceeds from subordinated credit facility | 30,000 | ||||||||
Repayments of subordinated credit facility | (30,000) | ||||||||
Distributions to partners prior to Reorganization and IPO | (355,282) | (192,929) | |||||||
Net cash used in financing activities | (231,076) | (361,096) | |||||||
Net change in cash, cash equivalents and restricted cash | 481,890 | (128,977) | |||||||
Cash, cash equivalents and restricted cash, beginning of period | 985,864 | 871,355 | $ 871,355 | 871,355 | |||||
Cash, cash equivalents and restricted cash, end of period | 1,467,754 | 1,467,754 | 742,378 | 985,864 | |||||
Supplemental disclosures of other cash flow information: | |||||||||
Cash paid for income taxes | 1,039 | 3,198 | |||||||
Cash paid for interest | 32 | 249 | |||||||
Supplemental disclosures of non-cash operating activities: | |||||||||
Proceeds receivable on sale of investments | 0 | (1,949) | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||
Accrued deferred underwriting and offering costs | 11,652 | 0 | |||||||
Distributions payable to partners | 0 | 66,054 | |||||||
Distributions payable to holders of other non-controlling interests | 82,345 | 98,706 | |||||||
Distributions payable to holders of non-controlling interests in consolidated funds | 0 | 1,037 | |||||||
Reconciliation of cash, cash equivalents and restricted cash, end of period: | |||||||||
Cash and cash equivalents | 1,454,619 | 1,454,619 | 729,242 | ||||||
Restricted cash | 13,135 | [1] | 13,135 | [1] | 13,136 | 13,135 | [1] | ||
Cash, cash equivalents and restricted cash, end of period | 1,467,754 | 1,467,754 | 742,378 | 985,864 | |||||
Consolidated Entity, Excluding VIE | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Net gains from investment activities | (6,643) | (72,404) | |||||||
Changes in operating assets and liabilities: | |||||||||
Purchases of investments | (25,297) | (23,827) | |||||||
Proceeds from investments | 662,481 | 168,201 | |||||||
Other assets | (25,514) | (5,157) | |||||||
Other liabilities | (3,457) | (2,604) | |||||||
Financing activities: | |||||||||
Payments to Noncontrolling Interests | (167,225) | $ (318,942) | |||||||
Contributions from holders of other non-controlling interests | 0 | 1,028 | |||||||
Reconciliation of cash, cash equivalents and restricted cash, end of period: | |||||||||
Cash and cash equivalents | 1,454,619 | 1,454,619 | 972,729 | ||||||
Variable Interest Entity, Not Primary Beneficiary | |||||||||
Changes in operating assets and liabilities: | |||||||||
Purchases of investments | 0 | (94,565) | |||||||
Proceeds from investments | 0 | 85,511 | |||||||
Other assets | 17,830 | 15,026 | |||||||
Other liabilities | (5,123) | 3,074 | |||||||
Cash and cash equivalents | (4,123) | (5,917) | |||||||
Assets held in Trust Accounts | (29) | (12) | |||||||
Financing activities: | |||||||||
Payments to Noncontrolling Interests | (2,024) | ||||||||
Contributions from holders of other non-controlling interests | $ 54 | ||||||||
Reconciliation of cash, cash equivalents and restricted cash, end of period: | |||||||||
Cash and cash equivalents | [1] | $ 9,494 | $ 9,494 | $ 5,371 | |||||
[1] | The Company’s consolidated total assets and liabilities as of March 31, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization TPG Inc., along with its consolidated subsidiaries (collectively “TPG,” or the “Company”) is a leading global alternative asset manager on behalf of third-party investors under the “TPG” brand name whose predecessor was founded in 1992. TPG Inc. includes the consolidated accounts of management companies, general partners of pooled investment entities and Special Purpose Acquisition Companies (“Public SPACs” and/or “SPACs”), which are held in one of three holding companies (TPG Operating Group I, L.P., TPG Operating Group II, L.P. and TPG Operating Group III, L.P.) (collectively the “TPG Operating Group”). Reorganization and IPO The owners of TPG Group Holdings and the TPG Operating Group completed a series of actions on January 12, 2022 as part of a corporate reorganization (the “Reorganization”), in conjunction with an initial public offering (“IPO”) that was completed on January 18, 2022. TPG Partners, LLC was created on August 4, 2021 to effectuate the IPO and acquire Common Units of the TPG Operating Group on behalf of public investors. TPG Partners, LLC was designed as a holding company, and its only business is to act as the owner of the entities serving as the general partner of the TPG Operating Group partnerships. The TPG Operating Group (and the entities through which its direct and indirect partners held their interests) was restructured and recapitalized. On December 31, 2021, the TPG Operating Group transferred certain assets to Tarrant RemainCo I, L.P., Tarrant RemainCo II, L.P., and Tarrant RemainCo III, L.P. (collectively “RemainCo”) and distributed the interests in RemainCo to the owners of the TPG Operating Group. Following the transfer of certain assets, the Company deconsolidated certain TPG Funds as of December 31, 2021 as the Company is no longer their primary beneficiary. On January 12, 2022, the following steps were completed: • TPG Group Holdings, the TPG Operating Group, and TPG Partners, LLC completed the remaining steps of the planned Reorganization. The TPG Operating Group created Common Units and issued them to the Company and the other non-controlling interest holders of the TPG Operating Group. Immediately following the Reorganization, the TPG Operating Group and its subsidiaries are controlled by the same parties and as such, the Reorganization is a transfer of interests under common control. Accordingly, the Company will carry forward the existing value of the members’ interests in the assets and liabilities in these Condensed Consolidated Financial Statements prior to the IPO into the financial statements following the IPO. • TPG Partners, LLC changed its name to TPG Inc. and converted to a corporation. • TPG Inc. offered 33,900,000 shares of Class A common stock at a price of $29.50 per share, including 5,589,806 shares sold by a non-controlling interest holder of the TPG Operating Group, in the IPO. Additionally, certain Pre-IPO Investors exchanged their interests in the TPG Operating Group for interests in TPG Inc. totaling 35,136,254 Class A voting and 8,258,901 Class A non-voting common stock. The IPO closed on January 18, 2022, and TPG Inc. received proceeds totaling $770.9 million, net of $41.8 million in underwriting discounts and commissions, as well as $22.5 million of issuance costs. Proceeds of $379.6 million were used to repurchase Common Units of the TPG Operating Group from certain existing non-controlling interest holders, acquire newly issued Common Units of the TPG Operating Group and the remaining net proceeds are available for general corporate purposes. As a result of the Reorganization and IPO, TPG Inc. only holds Common Units of the TPG Operating Group. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements (the “Condensed Consolidated Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements. All dollar amounts are stated in thousands unless otherwise indicated. Accordingly, these interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2021. All intercompany transactions and balances have been eliminated. Certain comparative amounts for the prior fiscal period have been reclassified to conform to the financial statement presentation as of and for the period ended March 31, 2022. These interim Condensed Consolidated Financial Statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited Consolidated Financial Statements. The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. The Condensed Consolidated Financial Statements include the accounts of TPG Inc., TPG Operating Group (formerly known as “the Holdings Companies”) and their consolidated subsidiaries, TPG’s management companies, the general partners of TPG Funds and entities that meet the definition of a variable interest entity (“VIE”) for which the Company is considered the primary beneficiary. The prior period financial statements present the consolidated accounts of TPG Group Holdings, which is considered the predecessor for accounting purposes. Following the completion of our IPO, TPG Inc. is the successor for accounting purposes. Prior to the Reorganization and IPO described within the Company’s Form 10-K for the year ended December 31, 2021, the Company’s predecessor consolidated certain TPG Funds and Public SPACs (herein referred to as “consolidated TPG Funds and Public SPACs”) pursuant to U.S. GAAP, as the Company’s predecessor was considered the primary beneficiary. Following the Reorganization and IPO, the Company no longer has a controlling financial interest in certain TPG Funds and continues to have a controlling financial interest in Public SPACs. Public SPACs are consolidated pursuant to U.S. GAAP. Consequently, the accompanying Condensed Consolidated Financial Statements include the assets, liabilities, revenues, expenses and cash flows of such certain consolidated Public SPACs. The ownership interest in certain TPG Funds held by entities or persons outside of TPG are reflected as other non-controlling interests in the accompanying Condensed Consolidated Financial Statements for fiscal years beginning prior to January 1, 2022. All of the management fees, performance allocations and other amounts earned from the consolidated TPG Funds and Public SPACs are eliminated in consolidation. In addition, the equivalent expense amounts recorded by the consolidated TPG Funds and Public SPACs are also eliminated, with such reduction of expenses allocated to controlling interest holders. Accordingly, the consolidation of these entities has no net effect on net income attributable to TPG Inc., its predecessor, or net income attributable to other non-controlling interests. TPG Funds’ investments (the “Portfolio Companies”) are considered affiliates due to the nature of the Company’s ownership interests. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues, expenses, and investment income during the reporting periods. Actual results could differ from those estimates and such differences could be material to the Condensed Consolidated Financial Statements. COVID-19 and Global Economic and Market Conditions The COVID-19 pandemic has caused significant economic dislocation that has affected, and may continue to affect, the business, financial condition, and results of operations of the Company. While many of the initial restrictions in the United States have been relaxed or removed, the risk of future outbreaks of COVID-19, or variants thereof, or of other public health crises remain. Further, certain public health restrictions remain in place and lifted restrictions may be reimposed to mitigate risks to public health. In 2021, the global economy began reopening, facilitating robust economic activity. However, the economic recovery is only partially underway and has been gradual, uneven and characterized by meaningful dispersion across sectors and regions with uncertainty regarding its ultimate length and trajectory. Further, the emergence of COVID-19 variants and related surges in cases have resulted in setbacks to the recovery, and subsequent surges could lead to renewed restrictions. Many public health experts believe that COVID-19 could persist or reoccur for years, and even if the lethality of the virus declines, such reoccurrence could trigger increased restrictions on business operations. The continued rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on financial market and economic conditions. The estimates and assumptions underlying these Condensed Consolidated Financial Statements are based on the information available as of March 31, 2022 for the current period and as of December 31, 2021, as applicable. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time. Principles of Consolidation The types of entities TPG assesses for consolidation include subsidiaries, management companies, broker-dealers, general partners of investment funds, investment funds, SPACs and other entities. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. TPG first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOE”) under the voting interest model. An entity is considered to be a VIE if any of the following conditions exist: (i) the equity investment at risk is not sufficient to finance the activities of the entity without additional subordinated financial support, (ii) as a group, the holders of the equity investment at risk lack the power to direct the activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, and (iii) the voting rights of some holders of the equity investment at risk are disproportionate to their obligation to absorb losses or right to receive returns, and substantially all of the activities are conducted on behalf of the holder of equity investment at risk with disproportionately few voting rights. For limited partnerships, partners lack power if neither (1) a simple majority or lower threshold (including a single limited partner) with equity at risk is able to exercise substantive kick-out rights through voting interests over the general partner, nor (2) limited partners with equity at risk are able to exercise substantive participating rights over the general partners. TPG consolidates all VIEs in which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which TPG holds a variable interest is a VIE and (ii) whether TPG’s involvement, through holding interest directly or indirectly in the entity or contractually through other variable interests would give it a controlling financial interest. Performance of that analysis requires judgment. The analysis can generally be performed qualitatively; however, if it is not readily apparent that TPG is not the primary beneficiary, a quantitative analysis may also be performed. TPG factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. Fees earned by TPG that are customary and commensurate with the level of effort required for the services provided, and where TPG does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. TPG determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion when facts and circumstances change. Entities that are determined not to be VIEs are generally considered to be VOEs and are evaluated under the voting interest model. TPG consolidates VOEs that it controls through a majority voting interest or through other means. The TPG Funds do not consolidate wholly-owned, majority-owned or controlled investments in Portfolio Companies, nor do the TPG Funds account for investments in Portfolio Companies over which they exert significant influence under the equity method of accounting. Rather, these investments are carried at fair value as described below in the section entitled Fair Value Measurement. As of December 31, 2021, the Company no longer consolidates such TPG Funds (see Note 1 Investments Investments consist of investments in private equity funds, real estate funds, hedge funds, credit funds, including our share of any performance allocations and equity method and other proprietary investments. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected in the Condensed Consolidated Statements of Operations. Equity Method – Performance Allocations and Capital Interests Investments in which the Company is deemed to have significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. The Company as general partner has significant influence over the TPG Funds in which it invests but does not consolidate. The Company uses the equity method of accounting for these interests whereby it records both its proportionate and disproportionate allocation of the underlying profits or losses of these entities in revenues in the accompanying Condensed Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Condensed Consolidated Financial Statements. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value and its estimated fair value is recognized as an impairment when the loss is deemed other than temporary. The TPG Funds are considered investment companies under ASC 946, Financial Services – Investment Companies (“ASC 946”). The Company, along with the TPG Funds, applies the specialized accounting promulgated in ASC 946 and, as such, neither the Company nor the TPG Funds consolidate wholly-owned, majority-owned and/or controlled Portfolio Companies nor do they record minority investments. The TPG Funds record all investments in the Portfolio Companies at fair value. Investments in publicly traded securities are generally valued at quoted market prices based upon the last sales price on the measurement date. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. When observable prices are not available for investments, the general partners use the market and income approaches to determine fair value. The market approach consists of utilizing observable market data, such as current trading or acquisition multiples of comparable companies, and applying it to key financial metrics, such as earnings before interest, depreciation and taxes, of the Portfolio Company. The comparability of the identified set of comparable companies to the Portfolio Company, among other factors, is considered in the application of the market approach. The general partners, depending on the type of investment or stage of the Portfolio Company’s lifecycle, may also utilize a discounted cash flow analysis, an income approach, in combination with the market approach in determining fair value of investments. The income approach involves discounting projected cash flows of the Portfolio Company at a rate commensurate with the level of risk associated with those cash flows. In accordance with ASC 820, Fair Value Measurement (“ASC 820”) market participant assumptions are used in the determination of the discount rate. In applying valuation techniques used in the determination of fair value, the general partners assume a reasonable period of time for liquidation of the investment and take into consideration the financial condition and operating results of the underlying Portfolio Company, the nature of the investment, restrictions on marketability, market conditions, foreign currency exposures and other factors. In determining the fair value of investments, the general partners exercise significant judgment and use the best information available as of the measurement date. Due to the inherent uncertainty of valuations, the fair values reflected in the accompanying Condensed Consolidated Financial Statements may differ materially from values that would have been used had a readily available market existed for such investments and may differ materially from the values that may ultimately be realized. The carrying value of investments classified as Equity Method - Performance Allocations and Capital Interests approximates fair value, because the underlying investments of the unconsolidated TPG Funds are reported at fair value. Equity Method Investments – Other The Company holds non-controlling, limited partnership interests in certain other partnerships in which it has significant influence over their operations. The Company uses the equity method of accounting for these interests whereby it records its proportionate share of the underlying income or losses of these entities in net gains (losses) from investment activities in the accompanying Condensed Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Condensed Consolidated Financial Statements. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value and its estimated fair value is recognized as an impairment when the loss is deemed other than temporary and recorded in net gains (losses) from investment activities within the Condensed Consolidated Financial Statements. Equity Method – Fair Value Option The Company elects the fair value option for certain investments that would otherwise be accounted for using the equity method of accounting. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. The fair value of such investments is based on quoted prices in an active market. Changes in the fair value of these equity method investments are recognized in net gains (losses) from investment activities in the Condensed Consolidated Financial Statements. Equity Investments The Company holds non-controlling ownership interests in which it does not have significant influence over their operations. The Company records such investments at fair value when there is a readily determinable fair value. For certain nonpublic partnerships without readily determinable fair values, the Company has elected to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is evaluated when significant changes occur that may impact the investee in an adverse manner. Impairment, if any, is recognized in net gains (losses) from investment activities in the Condensed Consolidated Financial Statements. Non-Controlling Interests Non-Controlling Interests consists of ownership interests held by third-party investors in certain entities that are consolidated, but not 100% owned. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the Condensed Consolidated Financial Statements. Allocation of income to non-controlling interest holders is based on the respective entities’ governing documents. Revenues Revenues consisted of the following (in thousands): Three Months Ended 2022 2021 Management fees $ 204,808 $ 153,929 Fee Credits (8,328) (1,538) Monitoring fees 4,001 4,856 Transaction fees 29,209 20,158 Incentive fees — 2,366 Expense reimbursements and other 43,315 30,384 Total fees and other 273,005 210,155 Performance allocations 799,958 946,134 Capital interests 37,747 48,444 Total capital allocation-based income 837,705 994,578 Total revenues $ 1,110,710 $ 1,204,733 Fees and Other Fees and other are accounted for as contracts with customers under Accounting Standard Codification (“ASC”) (Topic 606) : Revenue from Contracts with Customers (“ASC 606”). The guidance for contracts with customers provides a five-step framework that requires the Company to (a) identify the contract with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when the Company satisfies its performance obligations. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Revenue Streams Customer Performance Obligations satisfied over time or point in time (a) Variable or Fixed Consideration Revenue Recognition Classification of Uncollected Amounts (b) Management Fees TPG Funds and other vehicles Asset management services are satisfied over time (daily) because the customer receives and consumes the benefits of the advisory services daily Consideration is variable since over time the management fee varies based on fluctuations in the basis of the calculation of the fee Management fees are recognized each reporting period based on the value provided to the customer for that reporting period Due from affiliates – unconsolidated VIEs Monitoring Fees Portfolio companies In connection with the investment advisory services provided, the Company earns monitoring fees for providing oversight and advisory services to certain portfolio companies over time Consideration is variable when based on fluctuations in the basis of the calculation of the fee Consideration is fixed when based on a fixed agreed-upon amount Monitoring fees are recognized each reporting period based on the value provided to the customer for that reporting period Due from affiliates – portfolio companies Transaction Fees Portfolio companies, third-parties and other vehicles The company provides advisory services, debt and equity arrangements, and underwriting and placement services for a fee at a point in time Consideration is fixed and is based on a point in time Transaction fees are recognized on or shortly after the transaction is completed Due from affiliates – portfolio companies Other assets - other Incentive Fees TPG Funds and other vehicles Investment management services performed over a period of time that result in achievement of minimum investment return levels Consideration is variable since incentive fees are contingent upon the TPG Fund or vehicles achieving more than the stipulated investment threshold return Incentive fees are recognized at the end of the performance measurement period if the investment performance is achieved Due from affiliates – unconsolidated VIEs Expense Reimbursements and other TPG Funds, portfolio companies and third-parties Expense reimbursements incurred at a point in time relate to providing investment, management and monitoring services. Other revenue is performed over time. Expense reimbursements and other are fixed consideration Expense reimbursements and other are recognized as the expenses are incurred or services are rendered Due from affiliates – portfolio companies and unconsolidated VIEs Other assets – other _________________ (a) There were no significant judgements made in evaluating when a customer obtains control of the promised service for performance obligations satisfied at a point in time. (b) See Note 1 0 Management Fees The Company provides investment management services to the TPG Funds and other vehicles in exchange for a management fee. Management fees are determined quarterly based on an annual rate and are generally based upon a percentage of the capital committed or capital invested during the investment period. Thereafter, management fees are generally based on a percentage of actively invested capital or as otherwise defined in the respective management agreements. Since some of the factors that cause management fees to fluctuate are outside of the Company’s control, management fees are considered constrained and are not included in the transaction price until the uncertainty relating to the constraint is subsequently resolved. After the contract is established, management does not make any significant judgments in determining the transaction price. Management fees earned from the TPG Funds generally range from 0.50% to 2.00% of committed capital during the commitment period and from 0.25% to 2.00% of actively invested capital after the commitment period or at an annual rate of fund gross assets, as defined in the respective partnership agreements of the TPG Funds. Management fees charged to consolidated TPG Funds and SPACs are eliminated in consolidation. Monitoring Fees The Company provides monitoring services to certain Portfolio Companies in exchange for a fee, which is recognized over time as services are rendered. Under the terms of the management agreements with certain TPG Funds, a portion of the monitoring fees received from Portfolio Companies may produce Fee Credits, as defined below, which reduce TPG Funds’ management fees due to the Company. After the monitoring contract is established, there are no significant judgments made in determining the transaction price. Transaction Fees The Company provides capital structuring and other advice to Portfolio Companies, third parties and other vehicles generally in connection with debt and equity arrangements, and underwriting and placement services for a fee at a point in time when the underlying advisory services rendered are complete. Transaction fees are separately negotiated for each transaction and are generally based on the underlying transaction value. After the contract is established, management makes no significant judgements when determining the transaction price. Fee Credits Under the terms of the management agreements with certain TPG Funds, the Company is required to share with such funds an agreed upon percentage of certain fees, including monitoring and transaction fees earned from Portfolio Companies ("Fee Credits"). Investment funds earn Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund's investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain costs incurred in connection with reimbursements of specialized operational services associated with providing specialized operations and consulting services to the funds and portfolio companies. Fee Credits are recognized and owed to investment funds concurrently with the recognition of monitoring fees and transaction fees. Since Fee Credits are payable to investment funds, amounts owed are generally applied as a reduction of the management fee that is otherwise billed to the investment fund. Fee Credits are recorded as a reduction of revenues in the Condensed Consolidated Statement of Operations. Fee Credits owed to investment funds are recorded in due to affiliates in the Condensed Consolidated Financial Statements. See Note 1 0 Incentive Fees The Company provides investment management services to certain TPG funds and other vehicles in exchange for a management fee as discussed above and, in some cases an incentive fee when the Company is not entitled to performance allocations, as further discussed below. Incentive fees are considered variable consideration as these fees are subject to reversal, and therefore the recognition of such fees is deferred until the end of the measurement period when the performance-based incentive fees become fixed and determinable. After the contract is established, there are no significant judgments made when determining the transaction price. Expense Reimbursements and Other In providing investment management and advisory services to TPG funds and monitoring services to the Portfolio Companies, TPG routinely contracts for services from third parties. In situations where the Company is viewed, for accounting purposes only, as having incurred these third-party costs on behalf of the TPG Funds or Portfolio Companies, the cost of such services are presented net as a reduction of the Company’s revenues. In all other situations, the expenses and related reimbursements associated with these services are presented on a gross basis, which are classified as part of the Company’s expenses and reimbursements of such costs are classified as expense reimbursements within revenues in the Condensed Consolidated Financial Statements. After the contract is established, there are no significant judgments made when determining the transaction price. Capital Allocation-Based Income Capital allocation-based income is earned from the TPG Funds when the Company has a general partner’s capital interest and is entitled to a disproportionate allocation of investment income (referred to hereafter as “performance allocations”). The Company records capital allocation-based income under the equity method of accounting assuming the fund was liquidated as of each reporting date pursuant to each TPG Fund's governing agreements. Accordingly, these general partner interests are accounted for outside of the scope of ASC 606. Other arrangements surrounding contractual incentive fees through an advisory contract are separate and distinct and accounted for in accordance with ASC 606. In these incentive fee arrangements, the Company’s economics in the entity do not involve an allocation of capital. See discussion above regarding “Incentive Fees”. Performance allocations are allocated to the general partner based on cumulative fund performance as of each reporting date, and after specified investment returns to the funds' limited partners are achieved. At the end of each reporting period, the TPG Funds calculate and allocate the performance allocations that would then be due to the general partner for each TPG Fund, pursuant to the TPG Fund governing agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments (and the investment returns to the funds’ limited partners) varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocations to reflect either (a) positive performance resulting in an increase in the performance allocations allocated to the general partner or (b) negative performance that would cause the amount due to the general partner to be less than the amount previously recognized, resulting in a negative adjustment to performance allocations allocated to the general partner. In each case, performance allocations is calculated on a cumulative basis and cumulative results are compared to amounts previously recorded with a current period adjustment, positive or negative recorded. The Company ceases to record negative performance allocations once previously recognized performance allocations for a TPG Fund have been fully reversed, including realized performance allocations. The general partner is not obligated to make payments for guaranteed returns or hurdles of a fund and, therefore, cannot have negative performance allocations over the life of a fund. Accrued but unpaid performance allocations as of the reporting date is reflected in investments in the Company’s Condensed Consolidated Financial Statements. Performance allocations received by the general partners of the respective TPG Funds is subject to clawback to the extent the performance allocations received by the general partner exceeds the amount the general partner is ultimately entitled to receive based on cumulative fund results. Generally, the actual clawback liability does not become due until eighteen months after the realized loss is incurred; however, individual fund terms vary. For disclosures at March 31, 2022 related to clawback, see Note 1 2 The Company earns management fees, incentive fees and capital allocation-based income (loss) from investment funds and other vehicles whose primary focus is making investments in specified geographical locations and earns transaction and monitoring fees from portfolio companies located in varying geographies. For the three months ended March 31, 2022 and 2021 over 10% of consolidated revenues were generated in the United States. For the three months ended March 31, 2022, 84%, 3% and 13% of consolidated revenues were generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. For the three months ended March 31, 2021, 67%, 4% and 29% of consolidated revenues were generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. The determination of the geographic region was based on the geographic focus of the associated investment vehicle or where the portfolio company is headquartered. Investment Income Income from equity method investments The carrying value of equity method investments in proprietary investments where the Company exerts significant influence is generally determined based on the amounts invested, adjusted for the equity in earnings or losses of the investee allocated based on the Company’s ownership percentage, less distributions and any impairment. The Company records its proportionate share of investee’s equity in earnings or losses based on the most recently available financial information, which in certain cases may lag the date of TPG’s financial statements by up to three calendar months. Income from equity method investments is recorded in net gains (losses) from investment activities on the Condensed Consolidated Statements of Operations. Income from equity method investments for which the fair value option was elected Income from equity method investments for which the fair value option was elected includes realized gains and losses from the sale of investments, and unrealized gains and losses from changes in the fair value during the period as a result of quoted prices in an active market. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. Income from equity method investments for which the fair value option was |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure | AcquisitionIn January 2022, the Company completed its acquisition of the remaining 33.3% interest in NewQuest Holdings (Cayman) Limited (“NQ Manager”) in exchange for equity interests in the Company, which consisted of 1,638,866 shares of Class A common stock and 1,072,998 Common Units of the TPG Operating Group. All of the granted equity interests are subject to a three-year service vesting condition and as such, will be recognized on a straight-line basis as post-combination compensation expense. The effect of the acquisition was a reallocation of equity between controlling and non-controlling interest of $33.6 million. This transaction was an acquisition under common control in which no gain or loss was recognized. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consist of the following (in thousands): March 31, 2022 December 31, 2021 Equity method - performance allocations $ 5,581,267 $ 5,366,694 Equity method - capital interests (includes assets pledged of $497,971 and $492,276) 606,552 590,662 Equity method - fair value option 53,901 46,013 Equity method - other 9,168 7,778 Equity investments 96,426 97,899 Total investments $ 6,347,314 $ 6,109,046 Net gains (losses) from performance allocations and capital interests are disclosed in the Revenue section of Note 2 Three Months Ended March 31, 2022 2021 Net gains (losses) from investment activities Net gains of equity method investments, fair value option $ 7,888 $ — Net gains of equity method investments - other 228 71,105 Net (losses) gains from equity investments (1,473) 1,299 Total net gains from investment activities $ 6,643 $ 72,404 Equity Method Investments, Fair Value Option As of March 31, 2022 and December 31, 2021, the Company held a 9.3% and 9.4% beneficial ownership interest in in Nerdy Inc. (“NRDY”), respectively, consisting of 7.7 million shares of Class A common stock, 4.0 million earnout shares and 4.9 million earnout warrants, with an aggregate fair value of $53.9 million and $46.0 million, respectively. The warrants entitle the Company to acquire one share of Class A common stock at a price of $11.50 per share and expire on September 20, 2026. The earnout shares and warrants are contingent upon NRDY achieving certain market share price milestones or in the event of a change of control, within five years after September 20, 2021. Equity Method Investments The Company evaluates its equity method investments in which it has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. During the three months ended March 31, 2022 and 2021, the Company did not recognize any impairment losses on an equity method investment without a readily determinable fair value. Equity Investments Equity investments represent the Company’s proprietary equity investments. At March 31, 2022 and December 31, 2021, the Company held equity investments with readily determinable fair values of $96.4 million and $97.9 million, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The consolidated Public SPACs enter into derivative contracts in connection with their proprietary trading activities, including warrants and FPAs, which meet the definition of a derivative in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). As a result of the use of derivative contracts, the consolidated Public SPACs are exposed to the risk that counterparties will fail to fulfill their contractual obligations and are exposed to the volatility of the underlying instruments. These warrants and FPAs are included in derivative liabilities of Public SPACs on the Condensed Consolidated Statements of Financial Condition. As of March 31, 2022 and December 31, 2021, the fair value of the warrants and FPAs were $10.4 million and $13.0 million, respectively. There were no related offsets or cash collateral pledged or received for the warrants and FPAs as of March 31, 2022 and December 31, 2021. For the three months ended March 31, 2022 and 2021, the Company recorded unrealized gains on warrants and FPAs totaling $2.7 million and $87.6 million, respectively. The consolidated Public SPACs’ derivative instruments were as follows (in thousands): March 31, 2022 December 31, 2021 Derivatives not designated as hedging instruments under Subtopic 815-20: Liability derivatives: Public warrants $ 7,980 $ 11,662 Forward purchase agreements 2,411 1,386 Derivative liabilities of consolidated entities $ 10,391 $ 13,048 Net gains (losses) on derivative instruments are included in the Condensed Consolidated Statements of Operations as net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs or unrealized gains (losses) on derivative liabilities of consolidated TPG Funds and Public SPACs. The following are net gains recognized on derivative instruments of consolidated TPG Funds and Public SPACs (in thousands): Three Months Ended March 31, 2022 2021 Realized losses, net on total return swaps $ — $ (6,219) Realized gains, net on foreign currency forwards — 727 Unrealized losses, net on total return swaps — (210) Unrealized losses, net on foreign currency forwards — (88) Total net losses on derivative instruments from investment activities of consolidated TPG Funds — (5,790) Unrealized gains, net on public warrants 3,682 6,290 Unrealized (losses) gains, net on forward purchase agreements (1,025) 81,310 Total unrealized gains on derivative instruments of Public SPACs 2,657 87,600 Net gains on derivative instruments $ 2,657 $ 81,810 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following tables summarize the valuation of the Company’s financial assets and liabilities and those non-financial assets and liabilities that fall within the fair value hierarchy (in thousands): March 31, 2022 Level I Level II Level III Total Assets Equity method investments - fair value option $ 53,901 $ — $ — $ 53,901 Equity investments 96,426 — — 96,426 Total assets $ 150,327 $ — $ — $ 150,327 Liabilities Liabilities of consolidated Public SPACs: Public warrants $ 7,980 $ — $ — $ 7,980 Forward purchase agreements — — 2,411 2,411 Total liabilities $ 7,980 $ — $ 2,411 $ 10,391 December 31, 2021 Level I Level II Level III Total Assets Equity method investments - fair value option $ 46,013 $ — $ — $ 46,013 Equity investments 97,899 — — 97,899 Total assets $ 143,912 $ — $ — $ 143,912 Liabilities Liabilities of consolidated Public SPACs: Public warrants 11,662 — — 11,662 Forward purchase agreements — — 1,386 1,386 Total liabilities $ 11,662 $ — $ 1,386 $ 13,048 The valuation methodology used in the determination of the fair value of financial instruments for which Level III inputs were used at March 31, 2022 and December 31, 2021 included a combination of the market approach and income approach. The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands): Three Months Ended March 31, 2022 2021 Equity security assets Balance, beginning of period $ — $ 12,324 Realized losses, net — (11) Unrealized losses, net — (383) Purchases — 237 Proceeds — 2 Balance, end of period $ — $ 12,169 Derivative liabilities Balance, beginning of period $ 1,386 $ 197,539 Unrealized losses (gains), net 1,025 (81,310) Balance, end of period $ 2,411 $ 116,229 Total realized and unrealized gains and losses recorded for Level III investments are reported in net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs and unrealized gains (losses) on derivative liabilities of consolidated TPG Funds and Public SPACs in the Condensed Consolidated Statements of Operations. The following tables provide qualitative information about investments categorized in Level III of the fair value hierarchy as of March 31, 2022 and December 31, 2021. In addition to the techniques and inputs noted in the table below, in accordance with the valuation policy, other valuation techniques and methodologies are used when determining fair value measurements. The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands): Fair Value March 31, 2022 Valuation Technique(s) Unobservable Input(s) (a) Range (Weighted Average) (b) Liabilities Forward purchase agreements $ 2,411 Market comparables Implied volatility 7.7% $ 2,411 _______________ (a) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. (b) Inputs weighted based on fair value of investments in range. Fair Value December 31, 2021 Valuation Unobservable Input(s) (a) Range (Weighted Average) (b) Liabilities Forward purchase agreements $ 1,386 Market comparables Implied volatility 13.0% $ 1,386 _______________ (a) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. (b) Inputs weighted based on fair value of investments in range. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities TPG consolidates VIEs in which it is considered the primary beneficiary as described in Note 2 The assets of consolidated VIEs may only be used to settle obligations of these consolidated VIEs. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities. The Company holds variable interests in certain VIEs which are not consolidated as it is determined that the Company is not the primary beneficiary. The Company’s involvement with such entities is in the form of direct equity interests and fee arrangements. The fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance allocations. Accordingly, disaggregation of TPG’s involvement by type of VIE would not provide more useful information. TPG may have an obligation as general partner to provide commitments to unconsolidated VIEs. For the three months ended March 31, 2022 and 2021, TPG did not provide any amounts to unconsolidated VIEs other than its obligated commitments. The maximum exposure to loss represents the loss of assets recognized by TPG relating to non-consolidated entities and any amounts due to non-consolidated entities. The assets and liabilities recognized in the Company’s Condensed Consolidated Statements of Financial Condition related to its interest in these non-consolidated VIEs and its maximum exposure to loss relating to non-consolidated VIEs were as follows (in thousands): March 31, 2022 December 31, 2021 Investments (includes assets pledged of $497,971 and $492,276) $ 6,187,819 $ 5,957,356 Due from affiliates 94,023 93,311 VIE-related assets 6,281,842 6,050,667 Potential clawback obligation 1,822,107 1,500,875 Due to affiliates 73,821 36,049 Maximum exposure to loss $ 8,177,770 $ 7,587,591 RemainCo In conjunction with the Reorganization described in Note 1, the TPG Operating Group and RemainCo entered into certain agreements to effectuate the go-forward relationship between the entities. The arrangements discussed below represent the TPG Operating Group’s variable interests in RemainCo, which do not provide the TPG Operating Group with the power to direct the activities that most significantly impact RemainCo’s performance and operations. As a result, RemainCo represents a non-consolidated VIE. RemainCo Performance Earnings Agreement In accordance with the TPG Operating Group’s agreement with RemainCo (the “RemainCo Performance Earnings Agreement”), RemainCo is entitled to distributions in respect of performance allocations from TPG Funds as described below. For certain existing TPG Funds that are advanced in their life cycles, which we refer to as the “Excluded Funds,” RemainCo is generally entitled to receive distributions of performance allocations not previously designated for partners and employees or unaffiliated third parties, and the TPG Operating Group is not entitled to further performance allocations from the Excluded Funds. For TPG Funds of a more recent vintage and for future TPG Funds, which we collectively refer to as the “Included Funds,” RemainCo is entitled to a base performance allocation ranging from 10% to 15% (subject to limited exceptions, including TPG Funds acquired in a business combination or formed with meaningful participation by the counterparty of such business combination) depending upon the Included Fund (the “Base Entitlement”). With respect to any TPG Fund that holds a first closing involving non-affiliated investors (a “First Closing”) on or after the fifth anniversary of the IPO, the Base Entitlement will step down ratably for each annual period following the fifth anniversary of the IPO through the fifteenth anniversary. RemainCo will not be entitled to distributions of performance allocations with respect to TPG Funds that have not held a First Closing on or prior to the fifteenth anniversary of the IPO. Once determined, RemainCo’s entitlement to performance allocation percentage with respect to any TPG Fund will remain in effect for the life of the applicable fund. RemainCo is obligated to fund its pro rata share of clawback obligations with respect to any TPG Fund (in proportion to the Base Entitlement with respect to such TPG Fund) either directly or through indemnity or similar obligations to the TPG Operating Group. In the event that the underlying assets of RemainCo are not sufficient to cover the clawback amount, the TPG Operating Group is obligated to cover any shortfall of clawback. This shortfall covered by the TPG Operating Group would be required to be repaid by RemainCo out of future distributions. Further, in the calendar years 2022, 2023 and 2024, if the amount otherwise available under the new discretionary performance allocation program is less than $110 million, $120 million and $130 million, respectively, our Chief Executive Officer can determine to increase the performance allocations available under such performance allocation program by an amount equal to the shortfall plus $10 million (which we refer to as “Performance Allocation Increases”), by allocating amounts to the holders of Promote Units that would have otherwise been distributable to RemainCo. The maximum Performance Allocation Increase in any year is $40 million. RemainCo Administrative Services Agreement The TPG Operating Group has entered into an administrative services agreement with RemainCo whereby the TPG Operating Group provides RemainCo with certain administrative services, including maintaining RemainCo’s books and records, tax and financial reporting and similar support which began on January 1, 2022. In exchange for these services, RemainCo pays the TPG Operating Group an annual administration fee in the amount of 1% per annum of the net asset value of RemainCo’s assets, with such amount payable quarterly in advance. Securitization Vehicles During 2018, certain subsidiaries of the Company issued $200.0 million in privately placed securitization notes. Certain equity interests of these subsidiaries serve as collateral for the notes. The Company used one or more special purpose entities that are considered VIEs to issue notes to third-party investors in the securitization transactions. The notes issued by these VIEs are backed by the cash flows related to the Company’s equity method investments (“Participation Rights”) in certain funds. The Company determined that it is the primary beneficiary of the securitization vehicles because (i) its servicing responsibilities for the Participation Rights gives it the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) its variable interests in the VIEs gives the Company the obligation to absorb losses and the right to receive residual returns that could potentially be significant. In 2019, certain subsidiaries of the Company issued an additional $50.0 million in privately placed securitization notes. The transfer of Participation Rights to the special purpose entities are considered sales for legal purposes. However, the Participation Rights and the related debt remain on the Company’s Condensed Consolidated Statements of Financial Condition. The Company recognizes interest expense on the secured borrowings issued by the special purpose entities. The Participation Rights of the VIEs, cash and restricted cash serve as the sole source of repayment for the notes issued by these entities. Investors in the notes issued by the VIEs do not have recourse to the Company or to its other assets. Additionally, the Participation Rights and other assets directly held by the VIEs are not available to satisfy the general obligations of the Company. As the primary beneficiary of these entities, the Company is exposed to credit, interest rate and market risk from the Participation Rights in the VIEs. However, the Company’s exposure to these risks did not change as a result of the transfer of Participation Rights to the VIEs. The Company may also be exposed to interest rate risk arising from the secured notes issued by the VIEs. The secured notes issued by the VIEs are shown on the Company’s Condensed Consolidated Statements of Financial Condition as secured borrowings, net of unamortized issuance costs as of March 31, 2022 and December 31, 2021 of $5.0 million and $5.1 million, respectively. The following table depicts the total assets and liabilities related to VIE securitization transactions included in the Company’s Condensed Consolidated Statements of Financial Condition (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 52,212 $ 24,719 Restricted cash 13,135 13,135 Participation rights receivable (a) 497,971 492,276 Due from affiliates 381 1,146 Total assets $ 563,699 $ 531,276 Accrued interest $ 3,450 $ 191 Due to affiliates and other 34,095 22,470 Secured borrowings, net 245,028 244,950 Total liabilities $ 282,573 $ 267,611 _______________ (a) Participation rights receivable related to VIE securitization transactions are included in investments in the Company’s Condensed Consolidated Statements of Financial Condition. |
Credit Facilities
Credit Facilities | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Credit Facilities Senior Unsecured Term loan In December 2021, the Company entered into a credit agreement (the “Senior Unsecured Term Loan Agreement”) pursuant to which the lenders thereunder agreed to make term loans in a principal amount of up to $300.0 million during the period commencing on December 2, 2021 and ending on the date that is 30 days thereafter. Unused commitments were terminated at the end of such period. The term loans have an interest rate of LIBOR plus 1.00% and will mature in December 2024. As of March 31, 2022 and December 31, 2021, $200.0 million was outstanding under the Senior Unsecured Term Loan Agreement. During the three months ended March 31, 2022, the Company incurred interest expense of $0.6 million on the Senior Unsecured Term Loan. Subordinated Credit Facility In August 2014, a consolidated subsidiary of the Company entered into two $15.0 million subordinated revolving credit facilities (collectively, the “Subordinated Credit Facility”), for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of the TPG Operating Group. In July 2021, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2022 to August 2023. The interest rate for borrowings under the Subordinated Credit Facility is calculated at the LIBOR rate at the time of borrowing plus 2.25%. During the three months ended March 31, 2022, the subsidiary borrowed $30.0 million and made repayments of $30.0 million on the Subordinated Credit Facility, leaving a zero balance at March 31, 2022. During the year ended December 31, 2021, the subsidiary did not borrow or make repayments on the Subordinated Credit Facility, leaving a zero balance at December 31, 2021. During the three months ended March 31, 2022, the subsidiary incurred interest expense and uncommitted line of credit fees on the Subordinated Credit Facility of $0.1 million. During the three months ended March 31, 2021, the subsidiary incurred interest expense and uncommitted line of credit fees on the Subordinated Credit Facility of less than $0.1 million. Secured Borrowings The Company’s secured borrowings are issued using on-balance sheet securitization vehicles, as further discussed in N ote 7 The secured borrowings contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, default provisions and operating covenants, limitations on certain consolidations, mergers and sales of assets. At March 31, 2022, the Company is in compliance with these covenants and conditions. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As a result of the Reorganization, the Company is treated as a corporation for U.S. federal and state income tax purposes. We are subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of taxable income generated by the TPG Operating Group partnerships. Prior to the Reorganization, the Company was treated as a partnership for U.S. federal income tax purposes and therefore was not subject to U.S. federal and state income taxes except for certain consolidated subsidiaries that were subject to taxation in the U.S. (federal, state and local) and foreign jurisdictions as a result of their entity classification for tax reporting purposes. As of March 31, 2022, the Company has recognized net deferred tax assets before the considerations of valuation allowances in the amount of $84.2 million which primarily relate to excess income tax basis versus book basis differences in connection with the Company’s investment in the TPG Operating Group partnerships. The excess of income tax basis in the TPG Operating Group partnerships was primarily due to the Reorganization which resulted in a step-up in the tax basis of certain assets to the Company that will be recovered as those underlying assets are sold or the tax basis is amortized. A portion of the excess income tax basis in the TPG Operating Group partnerships will only reverse upon a sale of the Company’s interest in the TPG Operating Group partnerships which is not expected to occur in the foreseeable future. As a result, the Company has recognized a valuation allowance in the amount of $76.3 million against the deferred tax assets of $84.2 million (resulting in a net deferred tax asset of $7.9 million) as of March 31, 2022, as it is more-likely-than not that this portion of the deferred tax asset is not realizable. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. Additionally, and concurrent with the Reorganization, the Company recorded a payable pursuant to the Tax Receivable Agreement within other liabilities in the Condensed Consolidated Statements of Financial Condition of $17.5 million. The Company’s effective tax rate was 8.4% and 0.3% for the three months ended March 31, 2022 and 2021, respectively. The Company’s effective tax rate is dependent on many factors, including the estimated amount of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate primarily because (a) the Company was not subject to U.S. federal taxes prior to the Reorganization and (b) a portion of income is allocated to non-controlling interests, and the tax liability on such income is borne by the holders of such non-controlling interests. Applicable accounting standards provide that the Company estimate an annual effective tax rate and apply that rate to year-to-date income for each interim period. However, because the Company’s forecast of income before taxes is highly variable due to changes in market conditions, the actual effective income tax rate for the year-to-date period represents a better estimate of the consolidated annual effective income tax rate. Accordingly, for the three months ended March 31, 2022, the actual consolidated effective income tax rate was used to determine the Company’s income tax provision. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Due from and Due to Affiliates Due from affiliates and due to affiliates consist of the following (in thousands): March 31, 2022 December 31, 2021 Portfolio companies $ 53,328 $ 42,067 Partners and employees 7,153 2,760 Other related entities 53,315 47,183 Unconsolidated VIEs 94,023 93,311 Due from affiliates $ 207,819 $ 185,321 Portfolio companies $ 7,635 $ 6,567 Partners and employees 56,785 125,429 Other related entities 105,878 658,954 Unconsolidated VIEs 73,821 36,049 Due to affiliates $ 244,119 $ 826,999 Affiliate receivables and payables historically have been settled in the normal course of business without formal payment terms, generally do not require any form of collateral and do not bear interest. Senior Unsecured Revolving Credit Facility In March 2011, the Company secured a $400.0 million credit facility (the “Senior Unsecured Revolving Credit Facility”) on behalf of an affiliate. In May 2018, the Company entered into an amended and restated Secured Revolving Credit Facility Agreement under which certain terms were modified, including reduced commitments of $300.0 million, an extension of the maturity to May 2023 and certain components of financial covenants were redefined. In November 2020, the Company entered into an amended and restated Revolving Credit Facility Agreement under which certain terms were modified, including releasing all collateral pledged under the prior Secured Revolving Credit Facility and extending the maturity to November 2025. The interest rate for borrowings on the credit facility is calculated at the LIBOR rate at the time of the borrowing plus 1.75%. In November 2021, the Company entered into an amended and restated Revolving Credit Facility Agreement under which certain terms were modified, including that TPG Holdings, L.P. may elect to have (i) TPG Operating Group II, L.P. (f/k/a TPG Holdings II, L.P.) assume its obligations as borrower under the Senior Unsecured Revolving Credit Facility and (ii) correspondingly release TPG Operating Group II, L.P., TPG Holdings I-A, LLC, TPG Holdings II-A, LLC and TPG Holdings III-A, L.P from their guarantees of the Senior Unsecured Revolving Credit Facility. TPG Holdings, L.P. made such election in conjunction with the Reorganization, upon which TPG Operating Group II, L.P. assumed its obligations as borrower under the Senior Unsecured Revolving Credit Facility, and TPG Holdings, L.P. was thereby released from its obligations as borrower thereunder. Correspondingly, TPG Operating Group II, L.P., TPG Holdings I-A, LLC, TPG Holdings II-A, LLC and TPG Holdings III-A, L.P were released from their guarantees of the Senior Unsecured Revolving Credit Facility. During the three months ended March 31, 2022, the Company made no borrowings nor made repayments on the Senior Unsecured Revolving Credit Facility, leaving a balance of zero at March 31, 2022. During the year ended December 31, 2021, the Company made no borrowings and made repayments of $50.0 million on the Senior Unsecured Revolving Credit Facility, leaving a balance of zero at December 31, 2021. At March 31, 2022 and December 31, 2021, $300.0 million was available to be borrowed under the terms of the credit facility. During the three months ended March 31, 2022, the Company incurred no interest expense on the Senior Unsecured Revolving Credit Facility. During the three months ended March 31, 2021, the Company incurred interest expense on the Senior Unsecured Revolving Credit Facility of $0.2 million. Fund Investments Certain of the Company’s investment professionals and other individuals have made discretionary investments of their own capital in the TPG Funds. These investments are generally not subject to management fees or performance allocations at the discretion of the general partner. Investments made by these individuals during the three months ended March 31, 2022 and 2021 totaled $30.8 million and $33.0 million, respectively. Fee Income from Affiliates Substantially all revenues are generated from TPG Funds or Portfolio companies. The Company disclosed revenues in Note 2 Notes Receivable from Affiliates From time to time, the Company makes loans to its employees and other affiliates. Certain of these loans are collateralized by underlying investment interests of the borrowers. The outstanding balance of these notes was $0.4 million and $1.0 million at March 31, 2022 and December 31, 2021, respectively. These notes generally incur interest at floating rates, and such interest, which is included in interest, dividends and other in the Condensed Consolidated Financial Statements, totaled less than $0.1 million for each of the three months ended March 31, 2022 and 2021 . Aircraft Services The Company terminated its leases of aircraft owned by entities controlled by certain partners of the Company during the period ended March 31, 2022. The termination of the leases resulted in the derecognition of a right-of-use asset and a corresponding lease liability of $13.6 million. For the three months ended March 31, 2022, such lease payments, which were paid to entities controlled by certain partners of the Company, totaled $1.2 million. RemainCo Administrative Services Agreement The TPG Operating Group has entered into an administrative services agreement with RemainCo whereby the TPG Operating Group provides RemainCo with certain administrative services, including maintaining RemainCo’s books and records, tax and financial reporting and similar support which began on January 1, 2022. In exchange for these services, RemainCo pays the TPG Operating Group an annual administration fee in the amount of 1% per annum of the net asset value of RemainCo’s assets, with such amount payable quarterly in advance. The fees earned by the Company for the three months ended March 31, 2022 were $5.1 million. Other Related Party Transactions The Company has entered into contracts to provide services or facilities for a fee with certain related parties. A portion of these fees are recognized within expense reimbursements and other in the amount of $5.5 million and $5.3 million for the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022 and 2021, these related parties have made payments associated with these arrangements of $7.4 million and $6.6 million, respectively. Investment in SPACs The Company invests in and sponsors SPACs which are formed for the purposes of effecting a merger, asset acquisition, stock purchase, reorganization or other business combination. In the IPO of each of these SPACs, either common shares or units (which include one Class A ordinary share and, in some cases, a fraction of a redeemable public warrant which entitles the holder to purchase one share of Class A ordinary shares at a fixed exercise price) are sold to investors. Each SPAC provides its public shareholders the option to redeem their shares either (i) in connection with a shareholder meeting to approve the business combination or (ii) by means of a tender offer. Assets held in Trust Accounts relate to gross proceeds received from the IPO and can only be used for the initial business combination and any possible investor redemptions. If the SPAC is unable to complete a business combination within a specified time frame, typically within 24 months of the IPO close date, the SPACs will redeem all public shares. The ownership interest in each SPAC which is not owned by the Company is reflected as redeemable equity attributable to Public SPACs in the accompanying Condensed Consolidated Financial Statements. The Company consolidates these SPACs during the period before the initial business combination, and therefore the Class F ordinary shares, Class G ordinary shares, private placement shares, private placement warrants and FPAs with consolidated related parties are eliminated in consolidation. In August 2021, AFTR, a SPAC, completed an initial public offering. AFTR sold 25,000,000 units at a price of $10.00 per unit for a total IPO price of $250.0 million. Each unit consists of one Class A ordinary share of AFTR at $0.0001 par value and one-third of one warrant. In April 2021, YTPG, a SPAC, completed an initial public offering. YTPG sold 40,000,000 units at a price of $10.00 per unit for a total IPO price of $400.0 million. Each unit consists of one Class A ordinary share of YTPG at $0.0001 par value. Prior to the IPO, YTPG entered into FPAs for an aggregate purchase price of $175.0 million, of which the Company is responsible for $24.9 million as of March 31, 2022. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The following tables summarize the Company’s lease cost, cash flows, and other supplemental information related to its operating leases. The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease cost (a) : Operating lease cost $ 6,476 $ 9,532 Short-term lease costs 205 174 Variable lease cost 1,171 1,756 Sublease income (1,532) (1,503) Total lease cost $ 6,320 $ 9,959 Weighted-average remaining lease term 7.2 8.1 Weighted-average discount rate 4.09 % 4.11 % ___________ (a) Office rent expense for the three months ended March 31, 2022 and 2021 was $6.4 million and $6.7 million, respectively. Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 6,667 $ 7,705 Non-cash right-of-use assets obtained in exchange for new operating lease liabilities 2,124 3,602 Non-cash right-of-use assets and lease liability termination (13,554) — The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of March 31, 2022 (in thousands): Year Due Lease Amount Remainder of 2022 $ 19,429 2023 23,391 2024 27,905 2025 26,191 2026 22,975 Thereafter 74,050 Total future undiscounted operating lease payments 193,941 Less: imputed interest (33,573) Present value of operating lease liabilities $ 160,368 |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees Certain of the Company’s consolidated entities have guaranteed debt or obligations. At March 31, 2022 and December 31, 2021, the maximum obligations guaranteed under these agreements totaled $698.2 million and $715.0 million, respectively. At March 31, 2022, the guarantees had expiration dates as follows (in thousands): Maturity Date Guarantee Amount August 2023 $ 30,000 December 2024 200,000 November 2025 300,000 June 2026 60,000 December 2026 75,735 June 2030 32,454 Thereafter 50 Total $ 698,239 At March 31, 2022 and December 31, 2021, the outstanding amount of debt on obligations related to these guarantees was $358.6 million and $341.3 million, respectively. Letters of Credit The Company had $0.7 million in letters of credit outstanding at March 31, 2022 and December 31, 2021. Commitments At March 31, 2022, the third party investors of the consolidated Public SPACs had unfunded capital commitments of $207.6 million to the consolidated Public SPACs. At March 31, 2022, the TPG Operating Group had unfunded investment commitments of $330.1 million to the TPG Funds, consolidated Public SPACs and other strategic investments. Contingent Obligations (Clawback) With Affiliates The governing agreements of the TPG Funds that pay performance allocations generally include a clawback provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Performance allocations received by the general partners of the respective TPG Funds is subject to clawback to the extent the performance allocations received by the general partners exceeds the amount the general partners are ultimately entitled to receive based on cumulative fund results. At March 31, 2022, if all investments held by the TPG Funds were liquidated at their current unrealized fair value, there would be clawback of $58.3 million, net of tax, for which a performance fee reserve was recorded within other liabilities in the Condensed Consolidated Financial Statements. At March 31, 2022, if all remaining investments were deemed worthless, a possibility management views as remote, the amount of performance allocations subject to potential clawback would be $1,822.1 million on a pre-tax basis. During the three months ended March 31, 2022, the general partners made no payments on the clawback liability. The Company holds additional equity method investments that generate performance fee-based income in which the potential for additional clawback exists, a possibility that management views as unlikely. The reporting rights of these investments is such that management does not have the ability to estimate potential clawback. Legal Actions and Other Proceedings From time to time, TPG is involved in legal proceedings, litigation and claims incidental to the conduct of our business, including with respect to acquisitions, bankruptcy, insolvency and other types of proceedings. Such lawsuits may involve claims against our portfolio companies that adversely affect the value of certain investments owned by TPG’s funds. TPG’s business is also subject to extensive regulation, which has and may result in TPG becoming subject to examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to the SEC, Department of Justice, state attorneys general, Financial Industry Regulatory Authority and the U.K. Financial Conduct Authority. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings or fines against TPG or its personnel. TPG accrues a liability for legal proceedings in accordance with Generally Accepted Accounting Principles, in particular, TPG establishes an accrued liability for loss contingencies when a settlement arising from a legal proceeding is both probable and reasonably estimable. If the matter is not probable or reasonably estimable, no such liability is recorded. Examples of this include: (i) the proceedings may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved or (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties. Consequently, management is unable to estimate a range of potential loss, if any, related to such matters. Even when TPG accrues a liability for a loss contingency such cases, there may be an exposure to loss in excess of any amounts accrued. Loss contingencies may be, in part or in whole, subject to insurance or other payments such as contributions and/or indemnity, which may reduce any ultimate loss. In November 2019, it became probable that the Company would settle a dispute with the Internal Revenue Service for approximately $7.5 million. This settlement did not result in a change to the Company’s previously filed Federal income tax returns. In the fourth quarter of 2020, the Company recorded this expected settlement amount in general, administrative, and other in the Condensed Consolidated Statements of Operations and the offsetting payable in accounts payable and accrued expenses in the Condensed Consolidated Statements of Financial Condition. In December 2020, the Company settled the dispute with the Internal Revenue Service by making a payment of approximately $7.8 million and recorded additional expenses of $0.3 million in general, administrative, and other in the Condensed Consolidated Statements of Operations. Based on information presently known by management, TPG has not recorded a potential liability related to any pending legal proceeding and is not subject to any legal proceedings that we expect to have a material impact on our operations, financial positions, or cash flows. It is not possible, however, to predict the ultimate outcome of all pending legal proceedings, and the claimants in the matter discussed below seek potentially large and indeterminate amounts. As such, although we do not consider such an outcome likely, given the inherent unpredictability of legal proceedings, it is possible that an adverse outcome in the matter described below or certain other matters could have a material effect on TPG’s financial results in any particular period. Since 2011, a number of TPG-related entities and individuals, including David Bonderman and Jim Coulter, have been named as defendants/respondents in a series of lawsuits in the US, UK, and Luxembourg concerning an investment TPG held from 2005-2007 in a Greek telecommunications company, known then as TIM Hellas (“Hellas”). Entities and individuals related to Apax Partners, a London based investment firm also invested in Hellas at the time, are named in the suits as well. The cases all allege generally that a late 2006 refinancing of the Hellas group of companies was improper. To date, most of the lawsuits filed in New York Federal and State courts against TPG and Apax-related defendants have been dismissed, with those dismissals upheld on appeal, or the appeal period has passed. A lawsuit pending in the District Court of Luxembourg against two former TPG partners and two individuals related to Apax involved in the investment has been decided after trial in their favor on all claims and is now on appeal. In February 2018, a High Court case in London against a number of TPG and Apax related parties and individuals was abandoned by the claimants in the early days of a scheduled six-week trial with costs of $9.5 million awarded to the TPG and Apax-related parties, of which $3.4 million was awarded to TPG. In addition to the Luxembourg appeal, two cases in New York state court are active, and two cases in New York federal court are stayed, against TPG and Apax-related parties concerning the Hellas investment. Motions to dismiss by all defendants (or appeals and motions to reconsider related thereto) are pending in the two active actions. TPG believes that the suits related to the Hellas investment are without merit and intends to continue to defend them vigorously. Indemnifications |
Net Income Per Class A Common S
Net Income Per Class A Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Class A Common Share | Net Income Per Class A Common Share Basic and diluted net income per share of Class A common stock is presented from January 13, 2022 through March 31, 2022, the period following the Reorganization and IPO. There were no shares of Class A common stock outstanding prior to January 13, 2022, therefore no income per share information has been presented for any period prior to that date. The Company calculates its basic and diluted income (loss) per share using the two-class method for all periods presented, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines income per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all income (distributed and undistributed) is allocated to common shares and participating securities based on their respective rights to receive dividends. In computing the dilutive effect that the exchange of TPG Operating Group partnership units would have on Net income available to Class A common stock per share, TPG considered that net income available to holders of shares of Class A common stock would increase due to the elimination of non-controlling interests in the TPG Operating Group, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at TPG Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income per share of Class A common stock (in thousands, except share and per share data): Period Ended March 31, 2022 Numerator: Net Income $ 162,804 Less: Net loss attributable to redeemable equity in Public SPACs prior to IPO (517) Net income attributable to other non-controlling interests prior to IPO 966 Net income attributable to TPG Group Holdings prior to IPO 5,256 Net Income subsequent to IPO 157,099 Less: Net income attributable to participating securities 4,770 Net income attributable to redeemable equity in Public SPACs subsequent to IPO 1,823 Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO (9,721) Net income attributable to other non-controlling interests subsequent to IPO 118,904 Net income attributable to Class A Common Stockholders - Basic 41,323 Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO (8,095) Reallocation of income to participating securities assuming exchange of Common Units 1,093 Net income attributable to Class A Common Stockholders - Diluted $ 34,321 Denominator: Weighted-Average Shares of Common Stock Outstanding - Basic 79,240,057 Exchange of Common Units to Class A Common Stock 229,652,641 Weighted-Average Shares of Common Stock Outstanding - Diluted 308,892,698 Net income available to Class A common stock per share Basic $ 0.52 Diluted $ 0.11 |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation In conjunction with the IPO, TPG employees, certain of the Company’s executives and certain non-employees received grants of equity-based awards in the form of restricted stock units which entitle the holder to one share of Class A common stock upon vesting. These grants were issued as part of the IPO to promote broad ownership of our firm among our employees and further align their interests with those of our shareholders. As a result of the Reorganization and the IPO, our current partners hold restricted indirect interests in Common Units through TPG Partner Holdings, L.P. (“TPG Partner Holdings”) and indirect economic interests through RemainCo. In conjunction with the Reorganization, TPG Partner Holdings distributed its interest in RemainCo and the underlying assets as part of a common control transaction to its existing owners, which are our current and former partners. No changes were made to the terms of the unvested units. TPG Partner Holdings and RemainCo will both be presented as non-controlling interest holders within our consolidated financial statements. The interests in TPG Partner Holdings (“TPH Units”) and indirectly in RemainCo (“RPH Units”) are generally subject to both service-based vesting, primarily over a four Shares / Units Granted Shares / Units Outstanding as of March 31, 2022 Compensation Expense for the three months ended March 31, 2022 Unrecognized Compensation Expense as of March 31, 2022 Restricted Stock Units Awards issued in conjunction with the IPO 10.2 9.8 $ 18.0 $ 277.4 Executive Service-Vesting Awards 1.1 1.1 1.4 31.1 Executive Performance Condition Awards 1.1 1.1 1.1 17.1 Total Restricted Stock Units 12.4 12.0 $ 20.5 $ 325.6 Other IPO-Related Awards Unvested TOG Common Units 2.4 2.4 $ 5.5 $ 59.7 Unvested Class A Common Stock 1.8 1.8 3.8 48.4 Total Other IPO-Related Awards 4.2 4.2 $ 9.3 $ 108.1 Unvested Units Exchanged or Granted at IPO Unvested Units Outstanding as of March 31, 2022 Compensation Expense for the three months ended March 31, 2022 Unrecognized Compensation Expense as of March 31, 2022 TPH and RPH Units TPH units 66.6 64.2 $ 141.8 1,476.7 RPH units 0.6 0.6 18.8 275.8 Total TPH and RPH Units 67.2 64.8 $ 160.6 $ 1,752.5 Restricted Stock Units Under TPG’s Omnibus Equity Incentive Plan (the “Omnibus Plan”), TPG is permitted to grant equity awards representing ownership interests in TPG Inc.’s Class A common stock. On January 13, 2022, the 2021 Omnibus Equity Incentive Plan became effective. 30,694,780 shares of TPG Inc.’s Class A common stock have been authorized for issuance under the Omnibus Plan. For the periods ended March 31, 2022, the Company recorded equity-based compensation expense o f $20.5 million. Service-Vesting Awards Under the Omnibus Plan, TPG granted equity awards that are subject to service-based vesting, primarily over a four TPG awarded 10.2 million restricted stock units to employees and certain non-employees of the Company in conjunction with the IPO. The related expense associated with awards granted to certain non-employees of the Company is recognized in general, administrative and other on t he Condensed Consolidated Statements of Operations and totaled $5.4 million. This excludes 2.2 million of restricted stock units granted to certain executives (“Executive Awards”) in conjunction with the IPO. The fair value is based on the grant date fair value, which considers the public share price of the Company’s Class A common stock. The grant date fair value of the service-vesting award grants made during the period ended March 31, 2022 is $295.4 million. A summary of the status of TPG’s unvested service-vesting awards as of March 31, 2022 and of changes during the period January 1, 2022 through March 31, 2022 is presented below: (shares in millions) Shares Weighted-Average Grant Date Fair Value Balance, December 31, 2021 — $ — Granted 10.2 29.56 Vested, unsettled (0.2) 29.50 Forfeited (0.2) 29.50 Balance, March 31, 2022 9.8 $ 29.56 As of March 31, 2022, there was approximately $277.4 million of total estimated unrecognized compensation expense related to unvested Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 4.2 years. Executive Awards Under the Omnibus Plan, TPG also granted 2.2 million of Executive Awards in order to incentivize and retain key members of management and further their alignment with our shareholders. The Executive Awards consist of i) award of 1.1 million restricted stock units subject to service-based vesting over a 5-year service period beginning with the second anniversary of the grant date (hereinafter referred to as “Executive Service-Vesting Awards”) and ii) award of 1.1 million market and service based restricted stock units (hereinafter referred to as “Executive Performance Condition Awards”). Each Executive Performance Condition Award is comprised of two parts: (i) a time-based component requiring a 5-year service period (“Type I”) and (ii) a market price component with a target Class A common stock share price at either $44.25 within 5 years or $59.00 within 8 years (“Type II”). Dividend equivalents are paid on vested and unvested Executive Service-Vesting Awards when the dividend occurs. Dividend equivalents accrue for vested and unvested Executive Performance Condition Awards and are paid only when both the applicable service and performance conditions are satisfied. The fair value of the Executive Service-Vesting Awards, $32.5 million, is based on the grant date fair value, which considers the public share price of the Company’s Class A common stock. Compensation expense for those awards will be recognized on a straight-line basis. The grant date fair value of the Executive Performance Condition Awards made during the period ended March 31, 2022 is $18.2 million and is based on a Monte-Carlo simulation valuation model. Compensation expense for those awards will be recognized using the accelerated attribution method on a tranche by tranche basis. A summary of the status of TPG’s unvested Executive Awards as of March 31, 2022 and of changes during the period January 1, 2022 through March 31, 2022 is presented below: (shares in millions) Executive Service-Vesting Awards Grant Date Fair Value Executive Performance Condition Awards Weighted Average Grant Date Fair Value Balance, December 31, 2021 — $ — — $ — Granted 1.1 29.50 1.1 16.34 Vested — — — — Forfeited — — — — Balance, March 31, 2022 1.1 $ 29.50 1.1 $ 16.34 Below is a summary of the grant date fair value based on the Monte-Carlo simulation valuation model. Vesting Condition Grant Date Fair Value Type I $ 17.58 Type II $ 15.59 Significant Assumptions Type I Type II TPG Class A common stock share price as of valuation date $ 29.50 $ 29.50 Volatility 35.0 % 35.0 % Dividend Yield 4.0 % 4.0 % Risk-free rate 1.46 % 1.65 % Cost of Equity 10.7 % 10.7 % As of March 31, 2022, there was approximately $31.1 million of total estimated unrecognized compensation expense related to unvested Executive Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 4.8 years. There was approximately $17.1 million of unrecognized compensation expense related to unvested Executive Performance Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 3.5 years. TPH and RPH Awards We account for the TPH Units and RPH Units as compensation expense in accordance with Accounting Standards Codification Topic 718 Compensation – Stock Compensation (“ASC 718”). The unvested TPH and RPH Units are recognized as equity-based compensation subject to primarily service vesting conditions and in certain cases performance conditions, which are currently deemed probable of achieving. The expense for the three months ended March 31, 2022 and 2021 totaled $160.6 million and $0, respectively. There is no additional dilution to our stockholders related to these interests. Contractually these units are only related to non-controlling interest holders of the TPG Operating Group, and there is no impact to the allocation of income and distributions to TPG Inc. Therefore, we have allocated these expense amounts to our non-controlling interest holders. A summary of the status of unvested TPH Units and RPH Units as of March 31, 2022 and of changes during the period January 13, 2022 through March 31, 2022 is presented below: TPH Units RPH Units (Units in millions) Partnership Units Grant Date Fair Value Partnership Units Grant Date Fair Value Balance, January 13, 2022 34.0 $ 23.60 0.6 $ 457.10 Granted 32.6 25.08 — — Vested (2.4) 25.08 — — Forfeited — — — — Balance, March 31, 2022 64.2 $ 24.30 0.6 $ 457.10 As of March 31, 2022, there was approximately $1,752.5 million of total estimated unrecognized compensation expense related to unvested TPH and RPH Units. Other IPO-Related Awards In accordance with ASC 718 those awards are also recognized as equity-based compensation. The expense for the three months ended March 31, 2022 and 2021 totaled $9.3 million and $0, respectively. As TPG Operating Group holders would accrete pro-rata or benefit directly upon forfeiture of those awards, this compensation expense was allocated pro-rata to all controlling and non-controlling interest holders of TPG, Inc. The weighted average grant date fair value of the TOG Units was $27.29 and of Class A common stock was $29.50. Total unrecognized compensation expense related to outstanding unvested awards is $108.1 million (TOG Units - 2.4 million, Class A common stock- 1.8 million). |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Class A common stock is traded on the Nasdaq Global Select Market. The Company is authorized to issue 2,240,000,000 shares of Class A common stock with a par value of $0.001 per share, 100,000,000 shares of nonvoting Class A common stock, 750,000,000 shares of Class B common stock with a par value of $0.001 per share, and 25,000,000 shares of preferred stock, with a par value of $0.001 per share. Each share of the Company’s Class A common stock entitles its holder to one vote, and each share of our Class B common stock entitles its holder to ten votes. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. The nonvoting Class A common stock have the same rights and privileges as, and rank equally and share ratably with, and are identical in all respects as to all matters to, the Class A common stock, except that the nonvoting Class A common stock have no voting rights other than such rights as may be required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. As of March 31, 2022, 79,070,565 shares of Class A common stock were outstanding, 229,652,641 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding. Dividends and distributions are reflected in the Condensed Consolidated Statements of Stockholders’ Equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to holders of non-controlling interests in subsidiaries. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 10, 2022, the Company’s board of directors declared a quarterly dividend of $0.44 per share of Class A common stock of record at the close of business on May 20, 2022, payable on June 3, 2022. There have been no additional events since March 31, 2022 that require recognition or disclosure in the Condensed Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements (the “Condensed Consolidated Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements. All dollar amounts are stated in thousands unless otherwise indicated. Accordingly, these interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2021. All intercompany transactions and balances have been eliminated. Certain comparative amounts for the prior fiscal period have been reclassified to conform to the financial statement presentation as of and for the period ended March 31, 2022. These interim Condensed Consolidated Financial Statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited Consolidated Financial Statements. The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. The Condensed Consolidated Financial Statements include the accounts of TPG Inc., TPG Operating Group (formerly known as “the Holdings Companies”) and their consolidated subsidiaries, TPG’s management companies, the general partners of TPG Funds and entities that meet the definition of a variable interest entity (“VIE”) for which the Company is considered the primary beneficiary. The prior period financial statements present the consolidated accounts of TPG Group Holdings, which is considered the predecessor for accounting purposes. Following the completion of our IPO, TPG Inc. is the successor for accounting purposes. Prior to the Reorganization and IPO described within the Company’s Form 10-K for the year ended December 31, 2021, the Company’s predecessor consolidated certain TPG Funds and Public SPACs (herein referred to as “consolidated TPG Funds and Public SPACs”) pursuant to U.S. GAAP, as the Company’s predecessor was considered the primary beneficiary. Following the Reorganization and IPO, the Company no longer has a controlling financial interest in certain TPG Funds and continues to have a controlling financial interest in Public SPACs. Public SPACs are consolidated pursuant to U.S. GAAP. Consequently, the accompanying Condensed Consolidated Financial Statements include the assets, liabilities, revenues, expenses and cash flows of such certain consolidated Public SPACs. The ownership interest in certain TPG Funds held by entities or persons outside of TPG are reflected as other non-controlling interests in the accompanying Condensed Consolidated Financial Statements for fiscal years beginning prior to January 1, 2022. All of the management fees, performance allocations and other amounts earned from the consolidated TPG Funds and Public SPACs are eliminated in consolidation. In addition, the equivalent expense amounts recorded by the consolidated TPG Funds and Public SPACs are also eliminated, with such reduction of expenses allocated to controlling interest holders. Accordingly, the consolidation of these entities has no net effect on net income attributable to TPG Inc., its predecessor, or net income attributable to other non-controlling interests. TPG Funds’ investments (the “Portfolio Companies”) are considered affiliates due to the nature of the Company’s ownership interests. |
Use of Estimates | Use of EstimatesThe preparation of the Condensed Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues, expenses, and investment income during the reporting periods. Actual results could differ from those estimates and such differences could be material to the Condensed Consolidated Financial Statements. |
Principles of Consolidation | Principles of Consolidation The types of entities TPG assesses for consolidation include subsidiaries, management companies, broker-dealers, general partners of investment funds, investment funds, SPACs and other entities. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. TPG first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOE”) under the voting interest model. An entity is considered to be a VIE if any of the following conditions exist: (i) the equity investment at risk is not sufficient to finance the activities of the entity without additional subordinated financial support, (ii) as a group, the holders of the equity investment at risk lack the power to direct the activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, and (iii) the voting rights of some holders of the equity investment at risk are disproportionate to their obligation to absorb losses or right to receive returns, and substantially all of the activities are conducted on behalf of the holder of equity investment at risk with disproportionately few voting rights. For limited partnerships, partners lack power if neither (1) a simple majority or lower threshold (including a single limited partner) with equity at risk is able to exercise substantive kick-out rights through voting interests over the general partner, nor (2) limited partners with equity at risk are able to exercise substantive participating rights over the general partners. TPG consolidates all VIEs in which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which TPG holds a variable interest is a VIE and (ii) whether TPG’s involvement, through holding interest directly or indirectly in the entity or contractually through other variable interests would give it a controlling financial interest. Performance of that analysis requires judgment. The analysis can generally be performed qualitatively; however, if it is not readily apparent that TPG is not the primary beneficiary, a quantitative analysis may also be performed. TPG factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. Fees earned by TPG that are customary and commensurate with the level of effort required for the services provided, and where TPG does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. TPG determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion when facts and circumstances change. Entities that are determined not to be VIEs are generally considered to be VOEs and are evaluated under the voting interest model. TPG consolidates VOEs that it controls through a majority voting interest or through other means. The TPG Funds do not consolidate wholly-owned, majority-owned or controlled investments in Portfolio Companies, nor do the TPG Funds account for investments in Portfolio Companies over which they exert significant influence under the equity method of accounting. Rather, these investments are carried at fair value as described below in the section entitled Fair Value Measurement. As of December 31, 2021, the Company no longer consolidates such TPG Funds (see Note 1 |
Equity Method Investments | Investments Investments consist of investments in private equity funds, real estate funds, hedge funds, credit funds, including our share of any performance allocations and equity method and other proprietary investments. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected in the Condensed Consolidated Statements of Operations. Equity Method – Performance Allocations and Capital Interests Investments in which the Company is deemed to have significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. The Company as general partner has significant influence over the TPG Funds in which it invests but does not consolidate. The Company uses the equity method of accounting for these interests whereby it records both its proportionate and disproportionate allocation of the underlying profits or losses of these entities in revenues in the accompanying Condensed Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Condensed Consolidated Financial Statements. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value and its estimated fair value is recognized as an impairment when the loss is deemed other than temporary. The TPG Funds are considered investment companies under ASC 946, Financial Services – Investment Companies (“ASC 946”). The Company, along with the TPG Funds, applies the specialized accounting promulgated in ASC 946 and, as such, neither the Company nor the TPG Funds consolidate wholly-owned, majority-owned and/or controlled Portfolio Companies nor do they record minority investments. The TPG Funds record all investments in the Portfolio Companies at fair value. Investments in publicly traded securities are generally valued at quoted market prices based upon the last sales price on the measurement date. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. When observable prices are not available for investments, the general partners use the market and income approaches to determine fair value. The market approach consists of utilizing observable market data, such as current trading or acquisition multiples of comparable companies, and applying it to key financial metrics, such as earnings before interest, depreciation and taxes, of the Portfolio Company. The comparability of the identified set of comparable companies to the Portfolio Company, among other factors, is considered in the application of the market approach. The general partners, depending on the type of investment or stage of the Portfolio Company’s lifecycle, may also utilize a discounted cash flow analysis, an income approach, in combination with the market approach in determining fair value of investments. The income approach involves discounting projected cash flows of the Portfolio Company at a rate commensurate with the level of risk associated with those cash flows. In accordance with ASC 820, Fair Value Measurement (“ASC 820”) market participant assumptions are used in the determination of the discount rate. In applying valuation techniques used in the determination of fair value, the general partners assume a reasonable period of time for liquidation of the investment and take into consideration the financial condition and operating results of the underlying Portfolio Company, the nature of the investment, restrictions on marketability, market conditions, foreign currency exposures and other factors. In determining the fair value of investments, the general partners exercise significant judgment and use the best information available as of the measurement date. Due to the inherent uncertainty of valuations, the fair values reflected in the accompanying Condensed Consolidated Financial Statements may differ materially from values that would have been used had a readily available market existed for such investments and may differ materially from the values that may ultimately be realized. The carrying value of investments classified as Equity Method - Performance Allocations and Capital Interests approximates fair value, because the underlying investments of the unconsolidated TPG Funds are reported at fair value. Equity Method Investments – Other The Company holds non-controlling, limited partnership interests in certain other partnerships in which it has significant influence over their operations. The Company uses the equity method of accounting for these interests whereby it records its proportionate share of the underlying income or losses of these entities in net gains (losses) from investment activities in the accompanying Condensed Consolidated Financial Statements. The carrying amounts of equity method investments are included in investments in the Condensed Consolidated Financial Statements. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value and its estimated fair value is recognized as an impairment when the loss is deemed other than temporary and recorded in net gains (losses) from investment activities within the Condensed Consolidated Financial Statements. Equity Method – Fair Value Option The Company elects the fair value option for certain investments that would otherwise be accounted for using the equity method of accounting. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. The fair value of such investments is based on quoted prices in an active market. Changes in the fair value of these equity method investments are recognized in net gains (losses) from investment activities in the Condensed Consolidated Financial Statements. |
Equity Investments | Equity Investments The Company holds non-controlling ownership interests in which it does not have significant influence over their operations. The Company records such investments at fair value when there is a readily determinable fair value. For certain nonpublic partnerships without readily determinable fair values, the Company has elected to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is evaluated when significant changes occur that may impact the investee in an adverse manner. Impairment, if any, is recognized in net gains (losses) from investment activities in the Condensed Consolidated Financial Statements. |
Non-Controlling Interests | Non-Controlling InterestsNon-Controlling Interests consists of ownership interests held by third-party investors in certain entities that are consolidated, but not 100% owned. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the Condensed Consolidated Financial Statements. Allocation of income to non-controlling interest holders is based on the respective entities’ governing documents. |
Revenues | Revenues Revenues consisted of the following (in thousands): Three Months Ended 2022 2021 Management fees $ 204,808 $ 153,929 Fee Credits (8,328) (1,538) Monitoring fees 4,001 4,856 Transaction fees 29,209 20,158 Incentive fees — 2,366 Expense reimbursements and other 43,315 30,384 Total fees and other 273,005 210,155 Performance allocations 799,958 946,134 Capital interests 37,747 48,444 Total capital allocation-based income 837,705 994,578 Total revenues $ 1,110,710 $ 1,204,733 Fees and Other Fees and other are accounted for as contracts with customers under Accounting Standard Codification (“ASC”) (Topic 606) : Revenue from Contracts with Customers (“ASC 606”). The guidance for contracts with customers provides a five-step framework that requires the Company to (a) identify the contract with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when the Company satisfies its performance obligations. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Revenue Streams Customer Performance Obligations satisfied over time or point in time (a) Variable or Fixed Consideration Revenue Recognition Classification of Uncollected Amounts (b) Management Fees TPG Funds and other vehicles Asset management services are satisfied over time (daily) because the customer receives and consumes the benefits of the advisory services daily Consideration is variable since over time the management fee varies based on fluctuations in the basis of the calculation of the fee Management fees are recognized each reporting period based on the value provided to the customer for that reporting period Due from affiliates – unconsolidated VIEs Monitoring Fees Portfolio companies In connection with the investment advisory services provided, the Company earns monitoring fees for providing oversight and advisory services to certain portfolio companies over time Consideration is variable when based on fluctuations in the basis of the calculation of the fee Consideration is fixed when based on a fixed agreed-upon amount Monitoring fees are recognized each reporting period based on the value provided to the customer for that reporting period Due from affiliates – portfolio companies Transaction Fees Portfolio companies, third-parties and other vehicles The company provides advisory services, debt and equity arrangements, and underwriting and placement services for a fee at a point in time Consideration is fixed and is based on a point in time Transaction fees are recognized on or shortly after the transaction is completed Due from affiliates – portfolio companies Other assets - other Incentive Fees TPG Funds and other vehicles Investment management services performed over a period of time that result in achievement of minimum investment return levels Consideration is variable since incentive fees are contingent upon the TPG Fund or vehicles achieving more than the stipulated investment threshold return Incentive fees are recognized at the end of the performance measurement period if the investment performance is achieved Due from affiliates – unconsolidated VIEs Expense Reimbursements and other TPG Funds, portfolio companies and third-parties Expense reimbursements incurred at a point in time relate to providing investment, management and monitoring services. Other revenue is performed over time. Expense reimbursements and other are fixed consideration Expense reimbursements and other are recognized as the expenses are incurred or services are rendered Due from affiliates – portfolio companies and unconsolidated VIEs Other assets – other _________________ (a) There were no significant judgements made in evaluating when a customer obtains control of the promised service for performance obligations satisfied at a point in time. (b) See Note 1 0 Management Fees The Company provides investment management services to the TPG Funds and other vehicles in exchange for a management fee. Management fees are determined quarterly based on an annual rate and are generally based upon a percentage of the capital committed or capital invested during the investment period. Thereafter, management fees are generally based on a percentage of actively invested capital or as otherwise defined in the respective management agreements. Since some of the factors that cause management fees to fluctuate are outside of the Company’s control, management fees are considered constrained and are not included in the transaction price until the uncertainty relating to the constraint is subsequently resolved. After the contract is established, management does not make any significant judgments in determining the transaction price. Management fees earned from the TPG Funds generally range from 0.50% to 2.00% of committed capital during the commitment period and from 0.25% to 2.00% of actively invested capital after the commitment period or at an annual rate of fund gross assets, as defined in the respective partnership agreements of the TPG Funds. Management fees charged to consolidated TPG Funds and SPACs are eliminated in consolidation. Monitoring Fees The Company provides monitoring services to certain Portfolio Companies in exchange for a fee, which is recognized over time as services are rendered. Under the terms of the management agreements with certain TPG Funds, a portion of the monitoring fees received from Portfolio Companies may produce Fee Credits, as defined below, which reduce TPG Funds’ management fees due to the Company. After the monitoring contract is established, there are no significant judgments made in determining the transaction price. Transaction Fees The Company provides capital structuring and other advice to Portfolio Companies, third parties and other vehicles generally in connection with debt and equity arrangements, and underwriting and placement services for a fee at a point in time when the underlying advisory services rendered are complete. Transaction fees are separately negotiated for each transaction and are generally based on the underlying transaction value. After the contract is established, management makes no significant judgements when determining the transaction price. Fee Credits Under the terms of the management agreements with certain TPG Funds, the Company is required to share with such funds an agreed upon percentage of certain fees, including monitoring and transaction fees earned from Portfolio Companies ("Fee Credits"). Investment funds earn Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund's investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain costs incurred in connection with reimbursements of specialized operational services associated with providing specialized operations and consulting services to the funds and portfolio companies. Fee Credits are recognized and owed to investment funds concurrently with the recognition of monitoring fees and transaction fees. Since Fee Credits are payable to investment funds, amounts owed are generally applied as a reduction of the management fee that is otherwise billed to the investment fund. Fee Credits are recorded as a reduction of revenues in the Condensed Consolidated Statement of Operations. Fee Credits owed to investment funds are recorded in due to affiliates in the Condensed Consolidated Financial Statements. See Note 1 0 Incentive Fees The Company provides investment management services to certain TPG funds and other vehicles in exchange for a management fee as discussed above and, in some cases an incentive fee when the Company is not entitled to performance allocations, as further discussed below. Incentive fees are considered variable consideration as these fees are subject to reversal, and therefore the recognition of such fees is deferred until the end of the measurement period when the performance-based incentive fees become fixed and determinable. After the contract is established, there are no significant judgments made when determining the transaction price. Expense Reimbursements and Other In providing investment management and advisory services to TPG funds and monitoring services to the Portfolio Companies, TPG routinely contracts for services from third parties. In situations where the Company is viewed, for accounting purposes only, as having incurred these third-party costs on behalf of the TPG Funds or Portfolio Companies, the cost of such services are presented net as a reduction of the Company’s revenues. In all other situations, the expenses and related reimbursements associated with these services are presented on a gross basis, which are classified as part of the Company’s expenses and reimbursements of such costs are classified as expense reimbursements within revenues in the Condensed Consolidated Financial Statements. After the contract is established, there are no significant judgments made when determining the transaction price. |
Capital Allocation-Based Income | Capital Allocation-Based Income Capital allocation-based income is earned from the TPG Funds when the Company has a general partner’s capital interest and is entitled to a disproportionate allocation of investment income (referred to hereafter as “performance allocations”). The Company records capital allocation-based income under the equity method of accounting assuming the fund was liquidated as of each reporting date pursuant to each TPG Fund's governing agreements. Accordingly, these general partner interests are accounted for outside of the scope of ASC 606. Other arrangements surrounding contractual incentive fees through an advisory contract are separate and distinct and accounted for in accordance with ASC 606. In these incentive fee arrangements, the Company’s economics in the entity do not involve an allocation of capital. See discussion above regarding “Incentive Fees”. Performance allocations are allocated to the general partner based on cumulative fund performance as of each reporting date, and after specified investment returns to the funds' limited partners are achieved. At the end of each reporting period, the TPG Funds calculate and allocate the performance allocations that would then be due to the general partner for each TPG Fund, pursuant to the TPG Fund governing agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments (and the investment returns to the funds’ limited partners) varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocations to reflect either (a) positive performance resulting in an increase in the performance allocations allocated to the general partner or (b) negative performance that would cause the amount due to the general partner to be less than the amount previously recognized, resulting in a negative adjustment to performance allocations allocated to the general partner. In each case, performance allocations is calculated on a cumulative basis and cumulative results are compared to amounts previously recorded with a current period adjustment, positive or negative recorded. The Company ceases to record negative performance allocations once previously recognized performance allocations for a TPG Fund have been fully reversed, including realized performance allocations. The general partner is not obligated to make payments for guaranteed returns or hurdles of a fund and, therefore, cannot have negative performance allocations over the life of a fund. Accrued but unpaid performance allocations as of the reporting date is reflected in investments in the Company’s Condensed Consolidated Financial Statements. Performance allocations received by the general partners of the respective TPG Funds is subject to clawback to the extent the performance allocations received by the general partner exceeds the amount the general partner is ultimately entitled to receive based on cumulative fund results. Generally, the actual clawback liability does not become due until eighteen months after the realized loss is incurred; however, individual fund terms vary. For disclosures at March 31, 2022 related to clawback, see Note 1 2 The Company earns management fees, incentive fees and capital allocation-based income (loss) from investment funds and other vehicles whose primary focus is making investments in specified geographical locations and earns transaction and monitoring fees from portfolio companies located in varying geographies. For the three months ended March 31, 2022 and 2021 over 10% of consolidated revenues were generated in the United States. For the three months ended March 31, 2022, 84%, 3% and 13% of consolidated revenues were generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. For the three months ended March 31, 2021, 67%, 4% and 29% of consolidated revenues were generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. The determination of the geographic region was based on the geographic focus of the associated investment vehicle or where the portfolio company is headquartered. |
Investment Income | Investment Income Income from equity method investments The carrying value of equity method investments in proprietary investments where the Company exerts significant influence is generally determined based on the amounts invested, adjusted for the equity in earnings or losses of the investee allocated based on the Company’s ownership percentage, less distributions and any impairment. The Company records its proportionate share of investee’s equity in earnings or losses based on the most recently available financial information, which in certain cases may lag the date of TPG’s financial statements by up to three calendar months. Income from equity method investments is recorded in net gains (losses) from investment activities on the Condensed Consolidated Statements of Operations. Income from equity method investments for which the fair value option was elected Income from equity method investments for which the fair value option was elected includes realized gains and losses from the sale of investments, and unrealized gains and losses from changes in the fair value during the period as a result of quoted prices in an active market. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. Income from equity method investments for which the fair value option was elected is recorded in net gains (losses) from investment activities on the Condensed Consolidated Statements of Operations. Income from equity investments Income from equity investments, which represent investments held through equity securities of an investee that the Company does not hold significant influence over, includes realized gains from the sale of investments and unrealized gains and losses result from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Income from equity investments is recorded in net gains (losses) from investment activities on the Condensed Consolidated Statements of Operations. Net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs Net gains (losses) from investment activities includes realized gains and losses from the sale of equity, securities sold and not yet purchased, debt and derivative instruments other than warrants and forward purchase agreements (“FPAs”), and unrealized gains and losses from changes in the fair value of such instruments. Realized gains and losses are recognized on the date the transaction is completed. These instruments are generally valued at quoted market prices based upon the last sales price on the measurement date. Discounts are applied, where appropriate, to reflect restrictions on the marketability of the investment. Net gains from investment activities of consolidated TPG Funds and Public SPACs are recorded in net gains (losses) from investment activities of consolidated TPG Funds and Public SPACs on the Condensed Consolidated Statements of Operations. Unrealized gains (losses) from derivative liabilities of Public SPACs Unrealized gains (losses) from derivative liabilities of Public SPACs includes unrealized gains and losses from changes in fair value of warrants and FPAs. Interest, Dividends and Other |
Compensation and Benefits | Compensation and Benefits Cash-based compensation and benefits includes (i) salaries and wages, (ii) benefits and (iii) discretionary cash bonuses. Bonuses are accrued over the service period to which they relate. Compensation expense related to the issuance of equity-based awards is measured at fair value on the grant date. Compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis. Compensation expense for awards that do not require future service is recognized immediately. Compensation expense for awards that contain market and service conditions is based on grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized on a tranche by tranche basis using the accelerated attribution method. The requisite service period for those awards is the longer of the explicit service period and |
Net Income (Loss) Per Share of Class A Common Stock | Net Income (Loss) Per Share of Class A Common Stock Basic Income (Loss) Per Share of Class A Common Stock is calculated by dividing Net Income (Loss) Attributable to TPG Inc. by the weighted-average shares of Class A common stock, unvested participating shares of Class A common stock outstanding for the period and vested deferred restricted shares of Class A common stock that have been earned for which issuance of the related shares of Class A common stock is deferred until future periods. Diluted Income (Loss) Per Share of Class A Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented by the unvested restricted stock units. The Company applies the if-converted method to the TPG Operating Group partnership units to determine the dilutive impact, if any, of the exchange right included in the TPG Operating Group partnership units. |
Cash, and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with banks and other short-term investments with an initial maturity of 90 days or less. Restricted cash balances relate to cash balances reserved for the payment of interest on the Company’s secured borrowings. Cash and Cash Equivalents Held by Consolidated Public SPACs Cash and cash equivalents held by consolidated Public SPACs represent cash and cash equivalents that are held by consolidated Public SPACs and not available to fund the general liquidity needs of the Company. |
Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with banks and other short-term investments with an initial maturity of 90 days or less. Restricted cash balances relate to cash balances reserved for the payment of interest on the Company’s secured borrowings. |
Assets Held in Trust Accounts | Assets Held in Trust Accounts Proceeds from equity issued by certain consolidated Public SPACs have been deposited into trust accounts (“Trust Accounts”) and may only be utilized for specific purposes. Therefore, such cash and investments are reported separately in assets held in Trust Accounts on the Condensed Consolidated Statements of Financial Condition. As of March 31, 2022 and December 31, 2021, AfterNext HealthTech ("AFTR") and TPG PACE Beneficial II ("YTPG") assets held in the Trust Accounts were deposited into a non-interest-bearing U.S. based trust account. |
Derivatives of Public SPACs | Derivative Liabilities of Public SPACs Financial derivative assets and liabilities related to our consolidated Public SPACs’ investment activities may consist of the following instruments: • Warrant liabilities • Forward purchase agreements The Company recognizes these derivative instruments as assets or liabilities at fair value in the accompanying Condensed Consolidated Financial Statements. Changes in the fair value of derivative contracts entered into by the Company are included in current period earnings. These derivative contracts are not designated as hedging instruments for accounting purposes. These derivatives are agreements in which a consolidated Public SPAC and a Counterparty agree to exchange cash flows based on agreed-upon terms. As a result of the derivative transaction, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the applicable Public SPAC only enters into contracts with major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of the derivative instruments. In the normal course of business, the Company incurs commitments and is exposed to risks resulting from its investment and financing transactions, including derivative instruments. The value of a derivative instrument is based upon an underlying instrument. These instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, performance and operational risks. The Company manages these risks on an aggregate basis as part of its risk management policies and as such, does not distinguish derivative income or loss from any other category of instruments for financial statement presentation purposes. The leverage inherent in the Company’s derivative instruments increases the sensitivity of the Company’s earnings to market changes. Notional amounts often are used to express the volume of these transactions, but the amounts potentially subject to risk are much smaller. The Company routinely evaluates its contractual arrangements to determine whether embedded derivatives exist. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, if a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative and if the combined instrument is not measured at fair value through profit or loss. For derivative contracts where an enforceable master netting agreement is in place, the Company has elected to offset derivative assets and liabilities, as well as cash that may have been received or pledged, as part of collateral arrangements with the respective counterparty in the Condensed Consolidated Financial Statements. The master netting agreements provide the Company and the counterparty the right to liquidate collateral and the right to offset each other’s obligations in the event of default by either party. The Company’s consolidated Public SPACs may issue public warrants and FPAs in conjunction with their IPO. The Company accounts for warrants and FPAs of the consolidated Public SPAC’s ordinary shares that are not indexed to its own stock as liabilities at fair value on the balance sheet. These warrants and FPAs are subject to remeasurement at each balance sheet date and any change in fair value is recognized in the Company’s Condensed Consolidated Statements of Operations. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants and FPAs that do not meet all the criteria for equity classification, the warrants and FPAs are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants and FPAs are recognized as a non-cash gain or loss on the Condensed Consolidated Statements of Operations. |
Fair Value Measurement | Fair Value Measurement ASC 820 establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure the investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy under ASC 820 are as follows: Level I – Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. The types of investment generally included in Level I are publicly listed equities, debt and securities sold, not yet purchased. Level II – Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly. Level II pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. The types of investments generally included in Level II are restricted securities listed in active markets, corporate bonds and loans. Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. The types of investments generally included in Level III are privately held debt and equity securities. In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment. In certain instances, an investment that is measured and reported at fair value may be transferred into or out of Level I, II, or III of the fair value hierarchy. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. When a security is valued based on dealer quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level II or Level III investment. Some of the factors considered include the number and quality of quotes, the standard deviations of the observed quotes and the corroboration of the quotes to independent pricing services. Level III investments may include common and preferred equity securities, corporate debt, and other privately issued securities. When observable prices are not available for these securities, one or more valuation techniques (e.g., the market approach and/or the income approach) for which sufficient and reliable data is available are used. Within Level III, the use of the market approach generally consists of using comparable market transactions or other data, while the use of the income approach generally utilizes the net present value of estimated future cash flows, adjusted, as appropriate, for liquidity, credit, market and other risk factors. Due to the inherent uncertainty of these valuations, the fair values reflected in the accompanying Condensed Consolidated Financial Statements may differ materially from values that would have been used had a readily available market for the investments existed and may differ materially from the values that may ultimately be realized. The period of time over which the underlying assets of the investments will be liquidated is unknown. |
Financial Instruments | Financial Instruments Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Except for secured borrowings, the fair value of the Company’s assets and liabilities, including our Senior Unsecured Term Loan, which qualify as financial instruments under ASC 820, |
Due from Due to Affiliates | Due from and Due to Affiliates The Company considers current and former limited partners of funds and employees, including their related entities, entities controlled by the Company’s Founders but not consolidated by the Company, Portfolio Companies of TPG Funds, and unconsolidated TPG Funds to be affiliates (“Affiliates”). Receivables from and payables to affiliates are recorded at their expected settlement amount in due from and due to affiliates in the Consolidated Financial Statements. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of acquired identifiable net tangible and intangible assets. Goodwill is not amortized. At least annually, management assesses whether goodwill is impaired. Management assesses whether an impairment exists by comparing the fair value of each of its reporting units to its carrying value, including goodwill. |
Intangible assets | Intangible assets The Company’s intangible assets consist of the fair value of its interests in future promote of certain funds and the fair value of acquired investor relationships representing the fair value of management fees earned from existing investors in future funds. Finite-lived intangible assets are amortized over their estimated useful lives, which range from five |
Operating Leases | Operating Leases At contract inception, the Company determines if an arrangement contains a lease by evaluating whether (i) an identified asset has been deployed in a contract explicitly or implicitly and (ii) the Company obtains substantially all the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. Additionally, at contract inception the Company will evaluate whether the lease is an operating or finance lease. Right-of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. To the extent these payments are fixed or determinable, they are included as part of the lease payments used to measure the lease liability. The Company’s ROU assets are recognized as the initial measurement of the lease liabilities plus any initial direct costs and any prepaid lease payments less lease incentives received, if any. The lease terms may include options to extend or terminate the lease which are accounted for when it is reasonably certain that the Company will exercise that option. As the discount rate implicit to the lease is not readily determinable, incremental borrowing rates of the Company were used. The incremental borrowing rates are based on the information available including, but not limited to, collateral assumptions, the term of the lease, and the economic environment in which the lease is denominated at the commencement date. The Company elected the package of practical expedients provided under the guidance. The practical expedient package applies to leases commenced prior to the adoption of the new standard and permits companies not to reassess whether existing or expired contracts are or contain a lease, the lease classification, and any initial direct costs for any existing leases. The Company has elected to not separate the lease and non-lease components within the contract. Therefore, all fixed payments associated with the lease are included in the ROU asset and the lease liability. These costs often relate to the fixed payments for a proportionate share of real estate taxes, common area maintenance and other operating costs in addition to a base rent. Any variable payments related to the lease are recorded as lease expense when and as incurred. The Company has elected this practical expedient for all lease classes. The Company did not elect the hindsight practical expedient. The Company has elected the short-term lease expedient. A short-term lease is a lease that, as of the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For such leases, the Company will not apply the recognition requirements of ASC 842, Leases (“ASC 842”) and instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. Additionally, the Company elected the practical expedient which allows an entity to not reassess whether any existing land easements are or contain leases. The Company’s leases primarily consist of operating leases for real estate, which have remaining terms of 1 to 11 years. Some of those leases include options to extend for additional terms ranging from 2 to 10 years. The Company’s other leases, including those for office equipment, vehicles, and aircrafts, are not significant. Additionally, the Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations. The Company also does not provide any residual value guarantees for the leases or have any significant leases that have yet to be commenced. From time to time, the Company enters into certain sublease agreements that have terms similar to the remaining terms of the master lease agreements between TPG and the landlord. Sublease income is recorded as an offset to general, administrative and other in the accompanying Condensed Consolidated Statements of Operations. In response to the COVID-19 pandemic, the FASB provided relief under ASC 842. Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from the COVID-19 pandemic, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract. The Company made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made under enforceable rights in the original contract. Additionally, the Company made the policy election to account for these concessions outside of the lease modification framework described under ASC 842. The Company records accruals for deferred rental payments and recognizes rent abatements or concessions as variable lease costs in the periods incurred. Operating lease expense is recognized on a straight-line basis over the lease term and is recorded within general, administrative and other in the accompanying Condensed Consolidated Statements of Operations (See Note 1 |
Redeemable Equity from Consolidated Public SPACs | Redeemable Equity from Consolidated Public SPACs Redeemable equity from consolidated Public SPACs represents the shares issued by the Company’s consolidated Public SPACs that are redeemable for cash by the public shareholders in the event of an election to redeem by individual public shareholders at the time of the business combination. Additionally, these shares become automatically redeemable with the Public SPAC’s failure to complete a business combination, tender offer, or stockholder approval provisions. The Company accounts for redeemable equity in accordance with ASC 480-10-S99, Distinguishing Liabilities from Equity , which states redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The redeemable non-controlling interests are initially recorded at their original issuance price and are subsequently allocated their proportionate share of the underlying gains or losses of the Public SPACs. The Company adjusts the redeemable equity to full redemption value on a quarterly basis. |
Income Taxes | Income Taxes As a result of the Reorganization, the Company is treated as a corporation for U.S. federal and state income tax purposes. The Company is subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of taxable income generated by the TPG Operating Group partnerships. Prior to the Reorganization and the IPO, the Company was treated as a partnership for U.S. federal income tax purposes and therefore was not subject to U.S. federal and state income taxes except for certain consolidated subsidiaries that were subject to taxation in the U.S. (federal, state and local) and foreign jurisdictions as a result of their entity classification for tax reporting purposes. The provision for income taxes in the historical Condensed Consolidated Statements of Operations consists of U.S. (federal, state and local) and foreign income taxes with respect to certain consolidated subsidiaries. Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC 740, Income Taxes , a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. The realization of deferred tax assets is dependent on the amount of our future taxable income. When evaluating the realizability of deferred tax assets, all evidence (both positive and negative) is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions including evaluating uncertainties. We review our tax positions quarterly and adjust our tax balances as new information becomes available. |
Recent Accounting Pronouncements and Recently Adopted Accounting Guidance | Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to U.S. GAAP requirements for modifications to debt agreements, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. These optional expedients and exceptions are effective as of March 12, 2020 through December 31, 2022. Adoption is permitted at any time. For the three months ended March 31, 2022, the Company has not elected to apply the temporary optional expedients and exceptions and will be reevaluating the application each quarter. Recently Adopted Accounting Guidance In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company’s adoption of ASU 2020-06 on January 1, 2022 did not have a material impact to its Condensed Consolidated Financial Statements. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity, in particular, when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Early adoption is permitted. This ASU is applied prospectively to modifications or exchanges occurring on or after the effective date of the ASU. The Company has no written call options classified in equity and as a result, the adoption of ASU 2021-04 this quarter did not have any impact to its Condensed Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | Revenues consisted of the following (in thousands): Three Months Ended 2022 2021 Management fees $ 204,808 $ 153,929 Fee Credits (8,328) (1,538) Monitoring fees 4,001 4,856 Transaction fees 29,209 20,158 Incentive fees — 2,366 Expense reimbursements and other 43,315 30,384 Total fees and other 273,005 210,155 Performance allocations 799,958 946,134 Capital interests 37,747 48,444 Total capital allocation-based income 837,705 994,578 Total revenues $ 1,110,710 $ 1,204,733 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Equity Method Investments | Investments consist of the following (in thousands): March 31, 2022 December 31, 2021 Equity method - performance allocations $ 5,581,267 $ 5,366,694 Equity method - capital interests (includes assets pledged of $497,971 and $492,276) 606,552 590,662 Equity method - fair value option 53,901 46,013 Equity method - other 9,168 7,778 Equity investments 96,426 97,899 Total investments $ 6,347,314 $ 6,109,046 Three Months Ended March 31, 2022 2021 Net gains (losses) from investment activities Net gains of equity method investments, fair value option $ 7,888 $ — Net gains of equity method investments - other 228 71,105 Net (losses) gains from equity investments (1,473) 1,299 Total net gains from investment activities $ 6,643 $ 72,404 |
Summary of Equity Securities | Investments consist of the following (in thousands): March 31, 2022 December 31, 2021 Equity method - performance allocations $ 5,581,267 $ 5,366,694 Equity method - capital interests (includes assets pledged of $497,971 and $492,276) 606,552 590,662 Equity method - fair value option 53,901 46,013 Equity method - other 9,168 7,778 Equity investments 96,426 97,899 Total investments $ 6,347,314 $ 6,109,046 Three Months Ended March 31, 2022 2021 Net gains (losses) from investment activities Net gains of equity method investments, fair value option $ 7,888 $ — Net gains of equity method investments - other 228 71,105 Net (losses) gains from equity investments (1,473) 1,299 Total net gains from investment activities $ 6,643 $ 72,404 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments | The consolidated Public SPACs’ derivative instruments were as follows (in thousands): March 31, 2022 December 31, 2021 Derivatives not designated as hedging instruments under Subtopic 815-20: Liability derivatives: Public warrants $ 7,980 $ 11,662 Forward purchase agreements 2,411 1,386 Derivative liabilities of consolidated entities $ 10,391 $ 13,048 |
Schedule of Net Gains Recognized on Derivative Instruments | The following are net gains recognized on derivative instruments of consolidated TPG Funds and Public SPACs (in thousands): Three Months Ended March 31, 2022 2021 Realized losses, net on total return swaps $ — $ (6,219) Realized gains, net on foreign currency forwards — 727 Unrealized losses, net on total return swaps — (210) Unrealized losses, net on foreign currency forwards — (88) Total net losses on derivative instruments from investment activities of consolidated TPG Funds — (5,790) Unrealized gains, net on public warrants 3,682 6,290 Unrealized (losses) gains, net on forward purchase agreements (1,025) 81,310 Total unrealized gains on derivative instruments of Public SPACs 2,657 87,600 Net gains on derivative instruments $ 2,657 $ 81,810 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of Financial Assets and Liabilities | The following tables summarize the valuation of the Company’s financial assets and liabilities and those non-financial assets and liabilities that fall within the fair value hierarchy (in thousands): March 31, 2022 Level I Level II Level III Total Assets Equity method investments - fair value option $ 53,901 $ — $ — $ 53,901 Equity investments 96,426 — — 96,426 Total assets $ 150,327 $ — $ — $ 150,327 Liabilities Liabilities of consolidated Public SPACs: Public warrants $ 7,980 $ — $ — $ 7,980 Forward purchase agreements — — 2,411 2,411 Total liabilities $ 7,980 $ — $ 2,411 $ 10,391 December 31, 2021 Level I Level II Level III Total Assets Equity method investments - fair value option $ 46,013 $ — $ — $ 46,013 Equity investments 97,899 — — 97,899 Total assets $ 143,912 $ — $ — $ 143,912 Liabilities Liabilities of consolidated Public SPACs: Public warrants 11,662 — — 11,662 Forward purchase agreements — — 1,386 1,386 Total liabilities $ 11,662 $ — $ 1,386 $ 13,048 |
Summary of Changes in Fair Value of Financial Instruments | The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands): Three Months Ended March 31, 2022 2021 Equity security assets Balance, beginning of period $ — $ 12,324 Realized losses, net — (11) Unrealized losses, net — (383) Purchases — 237 Proceeds — 2 Balance, end of period $ — $ 12,169 Derivative liabilities Balance, beginning of period $ 1,386 $ 197,539 Unrealized losses (gains), net 1,025 (81,310) Balance, end of period $ 2,411 $ 116,229 |
Summary of Changes in Fair Value of Financial Instruments | The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands): Three Months Ended March 31, 2022 2021 Equity security assets Balance, beginning of period $ — $ 12,324 Realized losses, net — (11) Unrealized losses, net — (383) Purchases — 237 Proceeds — 2 Balance, end of period $ — $ 12,169 Derivative liabilities Balance, beginning of period $ 1,386 $ 197,539 Unrealized losses (gains), net 1,025 (81,310) Balance, end of period $ 2,411 $ 116,229 |
Summary of Significant Level 3 Inputs | The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands): Fair Value March 31, 2022 Valuation Technique(s) Unobservable Input(s) (a) Range (Weighted Average) (b) Liabilities Forward purchase agreements $ 2,411 Market comparables Implied volatility 7.7% $ 2,411 _______________ (a) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. (b) Inputs weighted based on fair value of investments in range. Fair Value December 31, 2021 Valuation Unobservable Input(s) (a) Range (Weighted Average) (b) Liabilities Forward purchase agreements $ 1,386 Market comparables Implied volatility 13.0% $ 1,386 _______________ (a) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. (b) Inputs weighted based on fair value of investments in range. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The assets and liabilities recognized in the Company’s Condensed Consolidated Statements of Financial Condition related to its interest in these non-consolidated VIEs and its maximum exposure to loss relating to non-consolidated VIEs were as follows (in thousands): March 31, 2022 December 31, 2021 Investments (includes assets pledged of $497,971 and $492,276) $ 6,187,819 $ 5,957,356 Due from affiliates 94,023 93,311 VIE-related assets 6,281,842 6,050,667 Potential clawback obligation 1,822,107 1,500,875 Due to affiliates 73,821 36,049 Maximum exposure to loss $ 8,177,770 $ 7,587,591 The following table depicts the total assets and liabilities related to VIE securitization transactions included in the Company’s Condensed Consolidated Statements of Financial Condition (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 52,212 $ 24,719 Restricted cash 13,135 13,135 Participation rights receivable (a) 497,971 492,276 Due from affiliates 381 1,146 Total assets $ 563,699 $ 531,276 Accrued interest $ 3,450 $ 191 Due to affiliates and other 34,095 22,470 Secured borrowings, net 245,028 244,950 Total liabilities $ 282,573 $ 267,611 _______________ (a) Participation rights receivable related to VIE securitization transactions are included in investments in the Company’s Condensed Consolidated Statements of Financial Condition. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Due from affiliates and due to affiliates consist of the following (in thousands): March 31, 2022 December 31, 2021 Portfolio companies $ 53,328 $ 42,067 Partners and employees 7,153 2,760 Other related entities 53,315 47,183 Unconsolidated VIEs 94,023 93,311 Due from affiliates $ 207,819 $ 185,321 Portfolio companies $ 7,635 $ 6,567 Partners and employees 56,785 125,429 Other related entities 105,878 658,954 Unconsolidated VIEs 73,821 36,049 Due to affiliates $ 244,119 $ 826,999 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of Components of Lease Expense and Supplemental Consolidated Statement of Cash Flow Information | The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease cost (a) : Operating lease cost $ 6,476 $ 9,532 Short-term lease costs 205 174 Variable lease cost 1,171 1,756 Sublease income (1,532) (1,503) Total lease cost $ 6,320 $ 9,959 Weighted-average remaining lease term 7.2 8.1 Weighted-average discount rate 4.09 % 4.11 % ___________ (a) Office rent expense for the three months ended March 31, 2022 and 2021 was $6.4 million and $6.7 million, respectively. Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 6,667 $ 7,705 Non-cash right-of-use assets obtained in exchange for new operating lease liabilities 2,124 3,602 Non-cash right-of-use assets and lease liability termination (13,554) — |
Summary of Undiscounted Cash Flows of Operating Leases on an Annual Basis | The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of March 31, 2022 (in thousands): Year Due Lease Amount Remainder of 2022 $ 19,429 2023 23,391 2024 27,905 2025 26,191 2026 22,975 Thereafter 74,050 Total future undiscounted operating lease payments 193,941 Less: imputed interest (33,573) Present value of operating lease liabilities $ 160,368 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | At March 31, 2022, the guarantees had expiration dates as follows (in thousands): Maturity Date Guarantee Amount August 2023 $ 30,000 December 2024 200,000 November 2025 300,000 June 2026 60,000 December 2026 75,735 June 2030 32,454 Thereafter 50 Total $ 698,239 |
Net Income Per Class A Common_2
Net Income Per Class A Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income per share of Class A common stock (in thousands, except share and per share data): Period Ended March 31, 2022 Numerator: Net Income $ 162,804 Less: Net loss attributable to redeemable equity in Public SPACs prior to IPO (517) Net income attributable to other non-controlling interests prior to IPO 966 Net income attributable to TPG Group Holdings prior to IPO 5,256 Net Income subsequent to IPO 157,099 Less: Net income attributable to participating securities 4,770 Net income attributable to redeemable equity in Public SPACs subsequent to IPO 1,823 Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO (9,721) Net income attributable to other non-controlling interests subsequent to IPO 118,904 Net income attributable to Class A Common Stockholders - Basic 41,323 Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO (8,095) Reallocation of income to participating securities assuming exchange of Common Units 1,093 Net income attributable to Class A Common Stockholders - Diluted $ 34,321 Denominator: Weighted-Average Shares of Common Stock Outstanding - Basic 79,240,057 Exchange of Common Units to Class A Common Stock 229,652,641 Weighted-Average Shares of Common Stock Outstanding - Diluted 308,892,698 Net income available to Class A common stock per share Basic $ 0.52 Diluted $ 0.11 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the granted and outstanding awards for the three months ended March 31, 2022 (in millions, including share data): Shares / Units Granted Shares / Units Outstanding as of March 31, 2022 Compensation Expense for the three months ended March 31, 2022 Unrecognized Compensation Expense as of March 31, 2022 Restricted Stock Units Awards issued in conjunction with the IPO 10.2 9.8 $ 18.0 $ 277.4 Executive Service-Vesting Awards 1.1 1.1 1.4 31.1 Executive Performance Condition Awards 1.1 1.1 1.1 17.1 Total Restricted Stock Units 12.4 12.0 $ 20.5 $ 325.6 Other IPO-Related Awards Unvested TOG Common Units 2.4 2.4 $ 5.5 $ 59.7 Unvested Class A Common Stock 1.8 1.8 3.8 48.4 Total Other IPO-Related Awards 4.2 4.2 $ 9.3 $ 108.1 Unvested Units Exchanged or Granted at IPO Unvested Units Outstanding as of March 31, 2022 Compensation Expense for the three months ended March 31, 2022 Unrecognized Compensation Expense as of March 31, 2022 TPH and RPH Units TPH units 66.6 64.2 $ 141.8 1,476.7 RPH units 0.6 0.6 18.8 275.8 Total TPH and RPH Units 67.2 64.8 $ 160.6 $ 1,752.5 A summary of the status of TPG’s unvested service-vesting awards as of March 31, 2022 and of changes during the period January 1, 2022 through March 31, 2022 is presented below: (shares in millions) Shares Weighted-Average Grant Date Fair Value Balance, December 31, 2021 — $ — Granted 10.2 29.56 Vested, unsettled (0.2) 29.50 Forfeited (0.2) 29.50 Balance, March 31, 2022 9.8 $ 29.56 A summary of the status of TPG’s unvested Executive Awards as of March 31, 2022 and of changes during the period January 1, 2022 through March 31, 2022 is presented below: (shares in millions) Executive Service-Vesting Awards Grant Date Fair Value Executive Performance Condition Awards Weighted Average Grant Date Fair Value Balance, December 31, 2021 — $ — — $ — Granted 1.1 29.50 1.1 16.34 Vested — — — — Forfeited — — — — Balance, March 31, 2022 1.1 $ 29.50 1.1 $ 16.34 Below is a summary of the grant date fair value based on the Monte-Carlo simulation valuation model. Vesting Condition Grant Date Fair Value Type I $ 17.58 Type II $ 15.59 Significant Assumptions Type I Type II TPG Class A common stock share price as of valuation date $ 29.50 $ 29.50 Volatility 35.0 % 35.0 % Dividend Yield 4.0 % 4.0 % Risk-free rate 1.46 % 1.65 % Cost of Equity 10.7 % 10.7 % A summary of the status of unvested TPH Units and RPH Units as of March 31, 2022 and of changes during the period January 13, 2022 through March 31, 2022 is presented below: TPH Units RPH Units (Units in millions) Partnership Units Grant Date Fair Value Partnership Units Grant Date Fair Value Balance, January 13, 2022 34.0 $ 23.60 0.6 $ 457.10 Granted 32.6 25.08 — — Vested (2.4) 25.08 — — Forfeited — — — — Balance, March 31, 2022 64.2 $ 24.30 0.6 $ 457.10 |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands | Feb. 09, 2022USD ($)shares | Jan. 12, 2022USD ($)$ / sharesshares | Mar. 31, 2022USD ($)holdingCompanyshares | Dec. 31, 2021shares |
Subsidiary, Sale of Stock [Line Items] | ||||
Number of entities | holdingCompany | 3 | |||
Repurchase common units of TOG Operating Group | $ | $ 379,597 | |||
TPG Operating Group | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Noncontrolling interest, ownership percentage by parent | 26.00% | |||
IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of stock, number of shares issued in transaction | 33,900,000 | |||
Sale of stock, price per share (in USD per share) | $ / shares | $ 29.50 | |||
Sale of stock, consideration received on transaction | $ | $ 770,900 | |||
Underwriting discounts and commissions | $ | 41,800 | |||
Payments of stock issuance costs | $ | $ 22,500 | |||
IPO | Non-Controlling Interest Holder Of TPG Operating Group | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of stock, number of shares issued in transaction | 5,589,806 | |||
Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of stock, consideration received on transaction | $ | $ 49,800 | |||
Common Class A | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common shares outstanding | 79,070,565 | 0 | ||
Common Class A | IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Ownership interests exchanged, number of shares issued (in shares) | 35,136,254 | |||
Common Class A | Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of stock, number of shares issued in transaction | 1,775,410 | |||
Common shares outstanding | 70,811,664 | |||
Common Class A | Over-Allotment Option | Non-Controlling Interest Holder Of TPG Operating Group | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Sale of stock, number of shares issued in transaction | 1,614,590 | |||
Nonvoting Common Stock | IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Ownership interests exchanged, number of shares issued (in shares) | 8,258,901 | |||
Nonvoting Common Stock | Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common shares outstanding | 8,258,901 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total fees and other | $ 273,005 | $ 210,155 |
Performance allocations | 799,958 | 946,134 |
Capital interests | 37,747 | 48,444 |
Total capital allocation-based income | 837,705 | 994,578 |
Total revenues | 1,110,710 | 1,204,733 |
Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Total fees and other | 204,808 | 153,929 |
Fee Credits | ||
Disaggregation of Revenue [Line Items] | ||
Total fees and other | (8,328) | (1,538) |
Monitoring fees | ||
Disaggregation of Revenue [Line Items] | ||
Total fees and other | 4,001 | 4,856 |
Transaction fees | ||
Disaggregation of Revenue [Line Items] | ||
Total fees and other | 29,209 | 20,158 |
Incentive fees | ||
Disaggregation of Revenue [Line Items] | ||
Total fees and other | 0 | 2,366 |
Expense reimbursements and other | ||
Disaggregation of Revenue [Line Items] | ||
Total fees and other | $ 43,315 | $ 30,384 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Geographic Concentration Risk | Revenue Benchmark | UNITED STATES | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | |
Geographic Concentration Risk | Revenue Benchmark | Americas | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Concentration risk, percentage | 84.00% | 67.00% | |
Geographic Concentration Risk | Revenue Benchmark | Europe/Middle East | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Concentration risk, percentage | 3.00% | 4.00% | |
Geographic Concentration Risk | Revenue Benchmark | Asia-Pacific | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Concentration risk, percentage | 13.00% | 29.00% | |
Secured Debt | Estimate of Fair Value Measurement | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Long-term debt, fair value | $ 259.2 | $ 271.6 | |
Secured Debt | Carrying Amount | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Long-term debt, fair value | $ 250 | $ 250 | |
Minimum | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Management fee, percentage | 0.25% | ||
Estimated useful life | 5 years | ||
Remaining lease term | 1 year | ||
Renewal term | 2 years | ||
Minimum | TPG Funds | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Management fee, percentage | 0.50% | ||
Maximum | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Management fee, percentage | 2.00% | ||
Estimated useful life | 12 years | ||
Remaining lease term | 11 years | ||
Renewal term | 10 years | ||
Maximum | TPG Funds | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Management fee, percentage | 2.00% |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended |
Jan. 31, 2022 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||
Reallocation of equity between controlling and non-controlling interest | $ 0 | |
NewQuest Holdings (Cayman) Limited | ||
Business Acquisition [Line Items] | ||
Business acquisition, percentage of voting interests acquired | 33.30% | |
Award vesting period | 3 years | |
Award service period | 3 years | |
Reallocation of equity between controlling and non-controlling interest | $ 33,600 | |
NewQuest Holdings (Cayman) Limited | Common Units | ||
Business Acquisition [Line Items] | ||
Equity interest issued in the business acquisition (in shares) | 1,072,998 | |
Common Class A | NewQuest Holdings (Cayman) Limited | ||
Business Acquisition [Line Items] | ||
Equity interest issued in the business acquisition (in shares) | 1,638,866 |
Investments - Summary of Invest
Investments - Summary of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity method - fair value option | $ 53,901 | $ 46,013 | |
Equity investments | 96,426 | 97,899 | |
Total investments | [1] | 6,347,314 | 6,109,046 |
Asset Pledged as Collateral | |||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity method investments | 497,971 | 492,276 | |
Equity method - performance allocations | |||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity method investments | 5,581,267 | 5,366,694 | |
Equity method - capital interests | |||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity method investments | 606,552 | 590,662 | |
Equity method - capital interests | Asset Pledged as Collateral | |||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity method investments | 492,276 | ||
Equity method - other | |||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity method investments | $ 9,168 | $ 7,778 | |
[1] | The Company’s consolidated total assets and liabilities as of March 31, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements. |
Investments - Summary of Net Ga
Investments - Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net gains (losses) from investment activities | ||
Net gains of equity method investments, fair value option | $ 7,888 | $ 0 |
Net gains of equity method investments - other | 228 | 71,105 |
Net (losses) gains from equity investments | (1,473) | 1,299 |
Net gains from investment activities | $ 6,643 | $ 72,404 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Sep. 20, 2021 | |
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Class of warrants or earnout share contingency period | 5 years | |||
Equity investments | $ 96,426,000 | $ 97,899,000 | ||
Nerdy Inc | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Number of securities called by each warrant or earnout shares (in shares) | 1 | |||
Fair Value, Recurring | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Equity method investments - fair value option | $ 53,901,000 | 46,013,000 | ||
Equity investments | $ 96,426,000 | $ 97,899,000 | ||
Nerdy Inc | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Equity method investment, ownership percentage | 9.30% | 9.40% | ||
Variable Interest Entity, Primary Beneficiary | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Loss on investments | $ 0 | $ 7,616,000 | ||
Earnout Warrants | Nerdy Inc | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Exercise price of warrants or earnout shares (in usd per share) | $ 11.50 | |||
Common Class A | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Common shares outstanding | 79,070,565 | 0 | ||
Nerdy Inc | Earnout Shares | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Class of warrant or earnout shares, outstanding (in shares) | 4,000,000 | |||
Nerdy Inc | Earnout Warrants | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Class of warrant or earnout shares, outstanding (in shares) | 4,900,000 | |||
Nerdy Inc | Common Class A | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Common shares outstanding | 7,700,000 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Variable Interest Entity [Line Items] | ||||
Derivative liability | $ 10,400 | $ 13,000 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Derivative liability | [1] | 10,391 | $ 13,048 | |
Unrealized gains on derivative liabilities | $ 2,657 | $ 87,600 | ||
[1] | The Company’s consolidated total assets and liabilities as of March 31, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements. |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative liabilities of consolidated entities | $ 10,400 | $ 13,000 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative liabilities of consolidated entities | 10,391 | 13,048 |
Public warrants | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative liabilities of consolidated entities | 7,980 | 11,662 |
Forward purchase agreements | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative liabilities of consolidated entities | $ 2,411 | $ 1,386 |
Derivative Instruments - Net Ga
Derivative Instruments - Net Gains Recognized on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Net gains on derivative instruments | $ 2,657 | $ 81,810 |
Variable Interest Entity, Primary Beneficiary | ||
Derivative [Line Items] | ||
Unrealized gains (losses) on derivatives | 2,657 | 87,600 |
Net gains on derivative instruments | 0 | (5,790) |
Variable Interest Entity, Not Primary Beneficiary | ||
Derivative [Line Items] | ||
Unrealized gains (losses) on derivatives | 2,657 | 87,600 |
Return Swap | Variable Interest Entity, Primary Beneficiary | ||
Derivative [Line Items] | ||
Realized gain (loss) on derivatives | 0 | (6,219) |
Unrealized gains (losses) on derivatives | 0 | (210) |
Foreign Exchange Contract | Variable Interest Entity, Primary Beneficiary | ||
Derivative [Line Items] | ||
Realized gain (loss) on derivatives | 0 | 727 |
Unrealized gains (losses) on derivatives | 0 | (88) |
Public warrants | Variable Interest Entity, Not Primary Beneficiary | ||
Derivative [Line Items] | ||
Unrealized gains (losses) on derivatives | 3,682 | 6,290 |
Forward purchase agreements | Variable Interest Entity, Not Primary Beneficiary | ||
Derivative [Line Items] | ||
Unrealized gains (losses) on derivatives | $ (1,025) | $ 81,310 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Valuation of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Equity investments | $ 96,426 | $ 97,899 |
Liabilities | ||
Derivative liability | 10,400 | 13,000 |
Fair Value, Recurring | ||
Assets | ||
Equity method investments - fair value option | 53,901 | 46,013 |
Equity investments | 96,426 | 97,899 |
Total assets | 150,327 | 143,912 |
Liabilities | ||
Total liabilities | 10,391 | 13,048 |
Fair Value, Recurring | Public warrants | ||
Liabilities | ||
Derivative liability | 7,980 | 11,662 |
Fair Value, Recurring | Forward purchase agreements | ||
Liabilities | ||
Derivative liability | 2,411 | 1,386 |
Fair Value, Recurring | Level I | ||
Assets | ||
Equity method investments - fair value option | 53,901 | 46,013 |
Equity investments | 96,426 | 97,899 |
Total assets | 150,327 | 143,912 |
Liabilities | ||
Total liabilities | 7,980 | 11,662 |
Fair Value, Recurring | Level I | Public warrants | ||
Liabilities | ||
Derivative liability | 7,980 | 11,662 |
Fair Value, Recurring | Level I | Forward purchase agreements | ||
Liabilities | ||
Derivative liability | 0 | 0 |
Fair Value, Recurring | Level II | ||
Assets | ||
Equity method investments - fair value option | 0 | 0 |
Equity investments | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level II | Public warrants | ||
Liabilities | ||
Derivative liability | 0 | 0 |
Fair Value, Recurring | Level II | Forward purchase agreements | ||
Liabilities | ||
Derivative liability | 0 | 0 |
Fair Value, Recurring | Level III | ||
Assets | ||
Equity method investments - fair value option | 0 | 0 |
Equity investments | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 2,411 | 1,386 |
Fair Value, Recurring | Level III | Public warrants | ||
Liabilities | ||
Derivative liability | 0 | 0 |
Fair Value, Recurring | Level III | Forward purchase agreements | ||
Liabilities | ||
Derivative liability | $ 2,411 | $ 1,386 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Changes in Fair Value of Financial Assets (Details) - Equity Securities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 0 | $ 12,324 |
Realized losses, net | 0 | (11) |
Unrealized losses, net | 0 | (383) |
Purchases | 0 | 237 |
Proceeds | 0 | 2 |
Balance, end of period | $ 0 | $ 12,169 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Changes in Fair Value of Financial Liabilities (Details) - Derivative - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 1,386 | $ 197,539 |
Unrealized losses (gains), net | 1,025 | (81,310) |
Balance, end of period | $ 2,411 | $ 116,229 |
Fair Value Measurement - Summ_4
Fair Value Measurement - Summary of Significant Level 3 Inputs (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability | $ 10,400 | $ 13,000 |
Fair Value, Recurring | Forward purchase agreements | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability | 2,411 | 1,386 |
Level III | Fair Value, Recurring | Forward purchase agreements | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability | $ 2,411 | $ 1,386 |
Level III | Fair Value, Recurring | Weighted Average | Forward purchase agreements | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, measurement input | 7.7 | 13 |
Variable Interest Entities - As
Variable Interest Entities - Assets and Liabilities Recognized (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Investments (includes assets pledged of $497,971 and $492,276 as of March 31, 2022 and December 31, 2021, respectively) | [1] | $ 6,347,314 | $ 6,109,046 |
Due from affiliates | 207,819 | 185,321 | |
Potential clawback obligation | 1,822,100 | ||
Due to affiliates | 244,119 | 826,999 | |
Asset Pledged as Collateral | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | 497,971 | 492,276 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Investments (includes assets pledged of $497,971 and $492,276 as of March 31, 2022 and December 31, 2021, respectively) | 6,187,819 | 5,957,356 | |
Due from affiliates | 94,023 | 93,311 | |
VIE-related assets | 6,281,842 | 6,050,667 | |
Potential clawback obligation | 1,822,107 | 1,500,875 | |
Due to affiliates | 73,821 | 36,049 | |
Maximum exposure to loss | 8,177,770 | 7,587,591 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Due from affiliates | 381 | 1,146 | |
Due to affiliates | 34,095 | 22,470 | |
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | $ 497,971 | $ 492,276 | |
[1] | The Company’s consolidated total assets and liabilities as of March 31, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements. |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2019 | May 31, 2018 | |
Variable Interest Entity [Line Items] | |||||||
Performance Allocation Increases | $ 10 | ||||||
Maximum annual Performance Allocation Increase | $ 40 | ||||||
Annual Administration | Affiliated Entity | |||||||
Variable Interest Entity [Line Items] | |||||||
Related party transaction, rate | 1.00% | ||||||
Tranche A | Secured Debt | |||||||
Variable Interest Entity [Line Items] | |||||||
Aggregate principal balance | $ 200 | ||||||
Tranche B | Secured Debt | |||||||
Variable Interest Entity [Line Items] | |||||||
Aggregate principal balance | $ 50 | ||||||
Variable Interest Entity, Not Primary Beneficiary | Secured Debt | |||||||
Variable Interest Entity [Line Items] | |||||||
Long-term debt | $ 5 | $ 5.1 | |||||
Variable Interest Entity, Not Primary Beneficiary | Forecast | RemainCo | |||||||
Variable Interest Entity [Line Items] | |||||||
Amount otherwise available under the performance allocation program, threshold for increase in performance allocation | $ 130 | $ 120 | $ 110 | ||||
Minimum | Variable Interest Entity, Not Primary Beneficiary | RemainCo | |||||||
Variable Interest Entity [Line Items] | |||||||
Base performance allocation percentage | 10.00% | ||||||
Maximum | Variable Interest Entity, Not Primary Beneficiary | RemainCo | |||||||
Variable Interest Entity [Line Items] | |||||||
Base performance allocation percentage | 15.00% |
Variable Interest Entities - _2
Variable Interest Entities - Assets and Liabilities Related to VIE Securitization Transactions (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | $ 1,454,619 | $ 729,242 | ||||
Restricted cash | 13,135 | [1] | $ 13,135 | [1] | $ 13,136 | |
Participation rights receivable | [1] | 6,347,314 | 6,109,046 | |||
Due from affiliates | 207,819 | 185,321 | ||||
Total assets | 9,664,327 | 8,962,013 | ||||
Accrued interest | 186,750 | 134,351 | ||||
Due to affiliates | 244,119 | 826,999 | ||||
Secured borrowings, net | [1] | 245,028 | 244,950 | |||
Total liabilities | 5,238,986 | 1,700,572 | ||||
Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 52,212 | 24,719 | ||||
Restricted cash | 13,135 | 13,135 | ||||
Due from affiliates | 381 | 1,146 | ||||
Total assets | 563,699 | 531,276 | ||||
Accrued interest | 3,450 | 191 | ||||
Due to affiliates | 34,095 | 22,470 | ||||
Secured borrowings, net | 245,028 | 244,950 | ||||
Total liabilities | $ 282,573 | $ 267,611 | ||||
[1] | The Company’s consolidated total assets and liabilities as of March 31, 2022 and December 31, 2021 include assets and liabilities of variable interest entities (“VIEs”). The assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. These amounts include the assets and liabilities of consolidated Public SPACs, restricted cash, assets pledged of securitization vehicles, secured borrowings of securitization vehicles, and redeemable equity of consolidated Public SPACs. See Note 7 to the Condensed Consolidated Financial Statements. |
Credit Facilities (Details)
Credit Facilities (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2014USD ($)creditFacility | Mar. 31, 2022USD ($)tranche | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Oct. 31, 2019USD ($) | May 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Proceeds from subordinated credit facility | $ 30,000 | |||||
Repayments of lines of credit | $ 30,000 | |||||
Debt instrument, additional interest percent if not redeemed by June 21, 2038 | 4.00% | |||||
Interest expense, debt | $ 3,300 | |||||
Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Number of tranches | tranche | 2 | |||||
Interest expense, debt | $ 3,300 | |||||
Secured Debt | Tranche A | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 5.33% | |||||
Aggregate principal balance | $ 200,000 | |||||
Secured Debt | Tranche B | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate | 4.75% | |||||
Aggregate principal balance | $ 50,000 | |||||
Term Loans | Line of Credit | Senior Unsecured Term Loan Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||||
Line of credit oustanding | $ 200,000 | 200,000 | ||||
Interest expense and uncommitted line of credit fees | $ 600 | |||||
Term Loans | Line of Credit | London Interbank Offered Rate (LIBOR) | Senior Unsecured Term Loan Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility | Subordinated Debt | Subordinated Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 30,000 | |||||
Line of credit oustanding | $ 0 | 0 | ||||
Number of credit facilities | creditFacility | 2 | |||||
Proceeds from subordinated credit facility | 30,000 | 0 | ||||
Repayments of lines of credit | 30,000 | $ 0 | ||||
Interest expense and uncommitted line of credit fees | $ 100 | $ 100 | ||||
Revolving Credit Facility | Subordinated Debt | Subordinated Credit Facility One | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 15,000 | |||||
Revolving Credit Facility | Subordinated Debt | Subordinated Credit Facility Two | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 15,000 | |||||
Revolving Credit Facility | Subordinated Debt | London Interbank Offered Rate (LIBOR) | Subordinated Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.25% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset before valuation allowance | $ 84.2 | |
Valuation allowance | 76.3 | |
Deferred tax assets, net of valuation allowance | 7.9 | |
Taxes payable | $ 17.5 | |
Effective income tax rate reconciliation, percent | 8.40% | 0.30% |
Related Party Transactions - Du
Related Party Transactions - Due from Affiliates and Due to Affiliates (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Due from affiliates | ||
Due from affiliates | $ 207,819 | $ 185,321 |
Due to affiliates | ||
Due to affiliates | 244,119 | 826,999 |
Portfolio companies | ||
Due from affiliates | ||
Due from affiliates | 53,328 | 42,067 |
Due to affiliates | ||
Due to affiliates | 7,635 | 6,567 |
Partners and employees | ||
Due from affiliates | ||
Due from affiliates | 7,153 | 2,760 |
Due to affiliates | ||
Due to affiliates | 56,785 | 125,429 |
Other related entities | ||
Due from affiliates | ||
Due from affiliates | 53,315 | 47,183 |
Due to affiliates | ||
Due to affiliates | 105,878 | 658,954 |
Unconsolidated VIEs | ||
Due from affiliates | ||
Due from affiliates | 94,023 | 93,311 |
Due to affiliates | ||
Due to affiliates | $ 73,821 | $ 36,049 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | Jan. 12, 2022 | Aug. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | May 31, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2011 |
Related Party Transaction [Line Items] | ||||||||||
Proceeds from subordinated credit facility | $ 30,000,000 | |||||||||
Notes receivable, related parties | 400,000 | $ 1,000,000 | ||||||||
Interest expense, related party | 12,000 | $ 0 | ||||||||
Non-cash right-of-use assets and lease liability termination | 13,554,000 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities | 6,667,000 | 7,705,000 | ||||||||
YTPG | Forward purchase agreements | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 24,900,000 | |||||||||
TPGY | Forward purchase agreements | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | $ 17,000,000 | |||||||||
Common Class A | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par or stated value per share (in usd per share) | $ 0.001 | $ 0.001 | ||||||||
AFTR | Common Class A | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of securities called by each warrant or earnout shares (in shares) | 1 | |||||||||
AFTR | Warrant | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of securities called by each warrant or earnout shares (in shares) | 0.3333 | |||||||||
YTPG | Forward purchase agreements | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Derivative, notional amount | $ 175,000,000 | |||||||||
YTPG | Common Class A | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of securities called by each warrant or earnout shares (in shares) | 1 | |||||||||
TPGY | Forward purchase agreements | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Derivative, notional amount | $ 100,000,000 | |||||||||
TPGY | Common Class A | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of securities called by each warrant or earnout shares (in shares) | 1 | |||||||||
TPGY | Warrant | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of securities called by each warrant or earnout shares (in shares) | 0.2 | |||||||||
IPO | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of stock, number of shares issued in transaction | 33,900,000 | |||||||||
Sale of stock, price per share (in USD per share) | $ 29.50 | |||||||||
Sale of stock, consideration received on transaction | $ 770,900,000 | |||||||||
IPO | AFTR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par or stated value per share (in usd per share) | $ 0.0001 | |||||||||
IPO | AFTR | Units | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of stock, number of shares issued in transaction | 25,000,000 | |||||||||
Sale of stock, price per share (in USD per share) | $ 10 | |||||||||
Sale of stock, consideration received on transaction | $ 250,000,000 | |||||||||
IPO | YTPG | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par or stated value per share (in usd per share) | $ 0.0001 | |||||||||
IPO | YTPG | Units | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of stock, number of shares issued in transaction | 40,000,000 | |||||||||
Sale of stock, price per share (in USD per share) | $ 10 | |||||||||
Sale of stock, consideration received on transaction | $ 400,000,000 | |||||||||
IPO | TPGY | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par or stated value per share (in usd per share) | $ 0.0001 | |||||||||
IPO | TPGY | Units | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of stock, number of shares issued in transaction | 35,000,000 | |||||||||
Sale of stock, price per share (in USD per share) | $ 10 | |||||||||
Sale of stock, consideration received on transaction | $ 350,000,000 | |||||||||
Affiliated Entity | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,200,000 | |||||||||
Affiliated Entity | Annual Administration | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction, rate | 1.00% | |||||||||
Revenue from related parties | $ 5,100,000 | |||||||||
Affiliated Entity | Related Party Investments | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction, amounts of transaction | 30,800,000 | 33,000,000 | ||||||||
Affiliated Entity | Other Related Party Transactions | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction, amounts of transaction | 5,500,000 | 5,300,000 | ||||||||
Revenue from related parties | 7,400,000 | 6,600,000 | ||||||||
Revolving Credit Facility | Line of Credit | Senior Unsecured Revolving Credit Facility | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | $ 400,000,000 | ||||||||
Repayments of long-term debt | 0 | 50,000,000 | ||||||||
Proceeds from subordinated credit facility | 0 | |||||||||
Long-term debt | 0 | $ 0 | ||||||||
Line of credit facility, remaining borrowing capacity | 300,000,000 | $ 300,000,000 | ||||||||
Interest expense | $ 0 | $ 200,000 | ||||||||
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | Senior Unsecured Revolving Credit Facility | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.75% |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease cost (a): | ||
Operating lease cost | $ 6,476 | $ 9,532 |
Short-term lease costs | 205 | 174 |
Variable lease cost | 1,171 | 1,756 |
Sublease income | (1,532) | (1,503) |
Total lease cost | $ 6,320 | $ 9,959 |
Weighted-average remaining lease term | 7 years 2 months 12 days | 8 years 1 month 6 days |
Weighted-average discount rate | 4.09% | 4.11% |
Operating lease, expense | $ 6,400 | $ 6,700 |
Operating Leases - Cash Flows I
Operating Leases - Cash Flows Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 6,667 | $ 7,705 |
Non-cash right-of-use assets and lease liability termination | 2,124 | $ 3,602 |
Non-cash right-of-use assets and lease liability termination | $ (13,554) |
Operating Leases - Annual Undis
Operating Leases - Annual Undiscounted Cash Flows (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 19,429 |
2023 | 23,391 |
2024 | 27,905 |
2025 | 26,191 |
2026 | 22,975 |
Thereafter | 74,050 |
Total future undiscounted operating lease payments | 193,941 |
Less: imputed interest | (33,573) |
Present value of operating lease liabilities | $ 160,368 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2020USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2022USD ($)individualpartner | Dec. 31, 2021USD ($) | Nov. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | |||||
Maximum obligations guaranteed | $ 698,239 | $ 715,000 | |||
Amount of debt on obligations related to the guarantees | 358,600 | 341,300 | |||
Letters of credit outstanding | 700 | $ 700 | |||
Unfunded capital commitments | 207,600 | ||||
Unfunded investment commitments | 330,100 | ||||
Potential clawback, net of tax | 58,300 | ||||
Potential clawback obligation | $ 1,822,100 | ||||
Loss contingency, estimate of possible loss | $ 7,500 | ||||
Amount paid to settle the dispute | $ 7,800 | ||||
Loss contingency, loss in period | $ 300 | ||||
Number of partners | partner | 2 | ||||
Number of individuals | individual | 2 | ||||
TPG and Apax-Related Parties | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement, amount awarded from other party | $ 9,500 | ||||
TPG | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement, amount awarded from other party | $ 3,400 |
Commitment and Contingencies _2
Commitment and Contingencies - Guarantees (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | $ 698,239 | $ 715,000 |
August 2023 | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | 30,000 | |
December 2024 | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | 200,000 | |
November 2025 | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | 300,000 | |
June 2026 | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | 60,000 | |
December 2026 | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | 75,735 | |
June 2030 | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | 32,454 | |
Thereafter | ||
Guarantor Obligations [Line Items] | ||
Maximum obligations guaranteed | $ 50 |
Net Income Per Class A Common_3
Net Income Per Class A Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 13 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 18, 2022 | |
Numerator: | ||||
Net income | $ 157,099 | $ 162,804 | $ 1,161,314 | $ 6,222 |
Net (loss) income attributable to redeemable equity in Public SPACs | 1,823 | 63,558 | (517) | |
Net income attributable to other non-controlling interest | 118,904 | 589,311 | 966 | |
Net income attributable to TPG Group Holdings | $ 514,181 | $ 5,256 | ||
Net income attributable to participating securities | 4,770 | |||
Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO | $ (9,721) | |||
Net income attributable to Class A Common Stockholders - Basic | 41,323 | |||
Net loss attributable to non-controlling interests in TPG Operating Group subsequent to IPO | (8,095) | |||
Reallocation of income to participating securities assuming exchange of Common Units | 1,093 | |||
Net income attributable to Class A Common Stockholders - Diluted | $ 34,321 | |||
Denominator: | ||||
Weighted-Average Shares of Common Stock Outstanding - Basic | 79,240,057 | |||
Exchange of Common Units to Class A Common Stock | 229,652,641 | |||
Weighted-Average Shares of Common Stock Outstanding - Diluted | 308,892,698 | |||
Net income available to Class A common stock per share | ||||
Net income available to Class A common stock per share, Basic (in usd per share) | $ 0.52 | |||
Net income available to Class A common stock per share, Diluted (in usd per share) | $ 0.11 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | Feb. 09, 2022 | Jan. 12, 2022shares | Jan. 31, 2022 | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Jan. 13, 2022shares | Dec. 31, 2021$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance (in shares) | shares | 30,694,780 | ||||||
Equity-based compensation | $ 185,911 | $ 0 | |||||
NewQuest Holdings (Cayman) Limited | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 3 years | ||||||
Award vesting period | 3 years | ||||||
Business acquisition, percentage of voting interests acquired | 33.30% | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 7 years | ||||||
Restricted Stock Units And Performance Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award conversion ratio | 1 | ||||||
Total TPH and RPH Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | 160,600 | 0 | |||||
Awards granted in the period (in shares) | shares | 67,200,000 | ||||||
Unrecognized compensation expense | 1,752,500 | ||||||
Total TPH and RPH Units | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 4 years | ||||||
Total TPH and RPH Units | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 7 years | ||||||
Total Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 20,500 | ||||||
Awards granted in the period (in shares) | shares | 12,400,000 | ||||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 18,000 | ||||||
Awards granted in the period (in shares) | shares | 10,200,000 | ||||||
Weighted average grant date fair value | $ 295,400 | ||||||
Unrecognized compensation expense | $ 277,400 | ||||||
Weighted average remaining requisite service period | 4 years 2 months 12 days | ||||||
Weighted average grant date fair value (in usd per share) | $ / shares | $ 29.56 | $ 0 | |||||
Restricted Stock Units | General and Administrative Expense | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 5,400 | ||||||
Restricted Stock Units | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 4 years | ||||||
Award vesting period | 4 years | ||||||
Restricted Stock Units | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 6 years | ||||||
Award vesting period | 6 years | ||||||
Executive Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards granted in the period (in shares) | shares | 2,200,000 | ||||||
Executive Service-Vesting Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 5 years | ||||||
Award vesting period | 5 years | ||||||
Equity-based compensation | $ 1,400 | ||||||
Awards granted in the period (in shares) | shares | 1,100,000 | ||||||
Weighted average grant date fair value | $ 32,500 | ||||||
Unrecognized compensation expense | $ 31,100 | ||||||
Weighted average remaining requisite service period | 4 years 9 months 18 days | ||||||
Weighted average grant date fair value (in usd per share) | $ / shares | $ 29.50 | 0 | |||||
Executive Performance Condition Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 1,100 | ||||||
Awards granted in the period (in shares) | shares | 1,100,000 | ||||||
Weighted average grant date fair value | $ 18,200 | ||||||
Unrecognized compensation expense | $ 17,100 | ||||||
Weighted average remaining requisite service period | 3 years 6 months | ||||||
Weighted average grant date fair value (in usd per share) | $ / shares | $ 16.34 | $ 0 | |||||
Executive Market Condition Awards, Type I | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award service period | 5 years | ||||||
Executive Market Condition Awards, Type II | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target common stock share price within five years | $ / shares | $ 44.25 | ||||||
Target common stock share price within eight years | $ / shares | $ 59 | ||||||
Other Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 9,300 | $ 0 | |||||
Awards granted in the period (in shares) | shares | 4,200,000 | ||||||
Unrecognized compensation expense | $ 108,100 | ||||||
TOG Common Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 5,500 | ||||||
Awards granted in the period (in shares) | shares | 2,400,000 | ||||||
Unrecognized compensation expense | $ 2,400 | ||||||
Weighted average grant date fair value (in usd per share) | $ / shares | $ 27.29 | ||||||
Common Class A | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 3,800 | ||||||
Awards granted in the period (in shares) | shares | 1,800,000 | ||||||
Unrecognized compensation expense | $ 1,800 | ||||||
Weighted average grant date fair value (in usd per share) | $ / shares | $ 29.50 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Outstanding Awards, Compensation Expense, and Remaining Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands, shares in Millions | Jan. 12, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation Expense for the three months ended March 31, 2022 | $ 185,911 | $ 0 | ||
Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 1.8 | |||
Shares / Units Outstanding (in shares) | 1.8 | |||
Compensation Expense for the three months ended March 31, 2022 | $ 3,800 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 48,400 | |||
Total Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 12.4 | |||
Shares / Units Outstanding (in shares) | 12 | |||
Compensation Expense for the three months ended March 31, 2022 | $ 20,500 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 325,600 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 10.2 | |||
Shares / Units Outstanding (in shares) | 9.8 | 0 | ||
Compensation Expense for the three months ended March 31, 2022 | $ 18,000 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 277,400 | |||
Executive Service-Vesting Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 1.1 | |||
Shares / Units Outstanding (in shares) | 1.1 | 0 | ||
Compensation Expense for the three months ended March 31, 2022 | $ 1,400 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 31,100 | |||
Executive Performance Condition Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 1.1 | |||
Shares / Units Outstanding (in shares) | 1.1 | 0 | ||
Compensation Expense for the three months ended March 31, 2022 | $ 1,100 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 17,100 | |||
Total TPH and RPH Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 67.2 | |||
Shares / Units Outstanding (in shares) | 64.8 | |||
Compensation Expense for the three months ended March 31, 2022 | $ 160,600 | 0 | ||
Unrecognized Compensation Expense as of March 31, 2022 | $ 1,752,500 | |||
TPH Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 66.6 | 32.6 | ||
Shares / Units Outstanding (in shares) | 64.2 | 34 | ||
Compensation Expense for the three months ended March 31, 2022 | $ 141,800 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 1,476,700 | |||
RPH Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 0.6 | 0 | ||
Shares / Units Outstanding (in shares) | 0.6 | 0.6 | ||
Compensation Expense for the three months ended March 31, 2022 | $ 18,800 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 275,800 | |||
Total Other IPO-Related Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 4.2 | |||
Shares / Units Outstanding (in shares) | 4.2 | |||
Compensation Expense for the three months ended March 31, 2022 | $ 9,300 | $ 0 | ||
Unrecognized Compensation Expense as of March 31, 2022 | $ 108,100 | |||
TOG Common Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares / Units Granted (in shares) | 2.4 | |||
Shares / Units Outstanding (in shares) | 2.4 | |||
Compensation Expense for the three months ended March 31, 2022 | $ 5,500 | |||
Unrecognized Compensation Expense as of March 31, 2022 | $ 59,700 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Unvested Awards (Details) - $ / shares shares in Millions | Jan. 12, 2022 | Mar. 31, 2022 |
Restricted Stock Units | ||
Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 10.2 | |
Vested, unsettled (in shares) | (0.2) | |
Forfeited (in shares) | (0.2) | |
Ending balance (in shares) | 9.8 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 0 | |
Granted (in usd per share) | 29.56 | |
Vested, unsettled (in usd per share) | 29.50 | |
Forfeited (in usd per share) | 29.50 | |
Ending balance (in usd per share) | $ 29.56 | |
Executive Service-Vesting Awards | ||
Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 1.1 | |
Vested, unsettled (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 1.1 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 0 | |
Granted (in usd per share) | 29.50 | |
Vested, unsettled (in usd per share) | 0 | |
Forfeited (in usd per share) | 0 | |
Ending balance (in usd per share) | $ 29.50 | |
Executive Performance Condition Awards | ||
Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 1.1 | |
Vested, unsettled (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 1.1 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 0 | |
Granted (in usd per share) | 16.34 | |
Vested, unsettled (in usd per share) | 0 | |
Forfeited (in usd per share) | 0 | |
Ending balance (in usd per share) | $ 16.34 | |
TPH Units | ||
Shares | ||
Beginning balance (in shares) | 34 | |
Granted (in shares) | 66.6 | 32.6 |
Vested, unsettled (in shares) | (2.4) | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 64.2 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 23.60 | |
Granted (in usd per share) | 25.08 | |
Vested, unsettled (in usd per share) | 25.08 | |
Forfeited (in usd per share) | 0 | |
Ending balance (in usd per share) | $ 24.30 | |
RPH Units | ||
Shares | ||
Beginning balance (in shares) | 0.6 | |
Granted (in shares) | 0.6 | 0 |
Vested, unsettled (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 0.6 | |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 457.10 | |
Granted (in usd per share) | 0 | |
Vested, unsettled (in usd per share) | 0 | |
Forfeited (in usd per share) | 0 | |
Ending balance (in usd per share) | $ 457.10 |
Equity-Based Compensation - Sig
Equity-Based Compensation - Significant Assumptions (Details) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Executive Market Condition Awards, Type I | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date fair value (in usd per share) | $ 17.58 |
TPG Class A common stock share price as of valuation date | $ 29.50 |
Volatility | 35.00% |
Dividend Yield | 4.00% |
Risk-free rate | 1.46% |
Cost of Equity | 10.70% |
Executive Market Condition Awards, Type II | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date fair value (in usd per share) | $ 15.59 |
TPG Class A common stock share price as of valuation date | $ 29.50 |
Volatility | 35.00% |
Dividend Yield | 4.00% |
Risk-free rate | 1.65% |
Cost of Equity | 10.70% |
Equity - Narrative (Details)
Equity - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2022classOfStock$ / sharesshares | Dec. 31, 2021$ / sharesshares | |
Class of Stock [Line Items] | ||
Number of classes of common stock, outstanding | classOfStock | 2 | |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, par or stated value per share (in usd per share) | $ / shares | $ 0.001 | $ 0.001 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 2,340,000,000 | 2,340,000,000 |
Common stock, par or stated value per share (in usd per share) | $ / shares | $ 0.001 | $ 0.001 |
Number of votes per share of common stock held | 1 | |
Common shares outstanding | 79,070,565 | 0 |
Nonvoting Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, par or stated value per share (in usd per share) | $ / shares | $ 0.001 | $ 0.001 |
Number of votes per share of common stock held | 10 | |
Common shares outstanding | 229,652,641 | 0 |
Common Class A Voting | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 2,240,000,000 | |
Common stock, par or stated value per share (in usd per share) | $ / shares | $ 0.001 |
Subsequent Events (Details)
Subsequent Events (Details) | May 10, 2022$ / shares |
Common Class A | Subsequent Event | |
Subsequent Event [Line Items] | |
Common stock, dividends declared (in usd per share) | $ 0.44 |
Uncategorized Items - tpg-20220
Label | Element | Value |
Non-Controlling Interest, Decrease From Liability-Based Performance Allocation Compensation | tpg_NonControllingInterestDecreaseFromLiabilityBasedPerformanceAllocationCompensation | $ 3,525,767,000 |
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | 1,896,000 |
Equity Reallocation Between Controlling And Non-Controlling Interests | tpg_EquityReallocationBetweenControllingAndNonControllingInterests | 0 |
Net Income (Loss), Including Portion Attributable to Non-Redeemable Noncontrolling Interest | tpg_NetIncomeLossIncludingPortionAttributableToNonRedeemableNoncontrollingInterest | 155,276,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 190,462,000 |
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | (2,504,000) |
Noncontrolling Interest, Change in Redemption Value | us-gaap_MinorityInterestChangeInRedemptionValue | (517,000) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 82,345,000 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 13,232,000 |
IPO [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 759,213,000 |
Over-Allotment Option [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 49,756,000 |
Partner Capital [Member] | ||
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | (1,611,739,000) |
Noncontrolling Interest, Change in Redemption Value | us-gaap_MinorityInterestChangeInRedemptionValue | (110,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 5,256,000 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | 33,584,000 |
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | 271,780,000 |
Equity Reallocation Between Controlling And Non-Controlling Interests | tpg_EquityReallocationBetweenControllingAndNonControllingInterests | 654,129,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 7,627,000 |
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | 141,000 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 13,232,000 |
Additional Paid-in Capital [Member] | IPO [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 784,611,000 |
Additional Paid-in Capital [Member] | Over-Allotment Option [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 49,754,000 |
Noncontrolling Interest [Member] | ||
Non-Controlling Interest, Decrease From Liability-Based Performance Allocation Compensation | tpg_NonControllingInterestDecreaseFromLiabilityBasedPerformanceAllocationCompensation | 3,525,767,000 |
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | (33,584,000) |
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | 1,341,603,000 |
Equity Reallocation Between Controlling And Non-Controlling Interests | tpg_EquityReallocationBetweenControllingAndNonControllingInterests | 654,129,000 |
Net Income (Loss), Including Portion Attributable to Non-Redeemable Noncontrolling Interest | tpg_NetIncomeLossIncludingPortionAttributableToNonRedeemableNoncontrollingInterest | 113,992,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 182,835,000 |
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | (2,645,000) |
Noncontrolling Interest, Change in Redemption Value | us-gaap_MinorityInterestChangeInRedemptionValue | (407,000) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 82,345,000 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | us-gaap_MinorityInterestDecreaseFromRedemptions | 379,597,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 966,000 |
Noncontrolling Interest [Member] | IPO [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | (25,426,000) |
Parent [Member] | ||
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | 33,584,000 |
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | 272,032,000 |
Equity Reallocation Between Controlling And Non-Controlling Interests | tpg_EquityReallocationBetweenControllingAndNonControllingInterests | 654,129,000 |
Net Income (Loss), Including Portion Attributable to Non-Redeemable Noncontrolling Interest | tpg_NetIncomeLossIncludingPortionAttributableToNonRedeemableNoncontrollingInterest | 41,284,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 7,627,000 |
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | 141,000 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation | 13,232,000 |
Parent [Member] | IPO [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 784,639,000 |
Parent [Member] | Over-Allotment Option [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 49,756,000 |
Retained Earnings [Member] | ||
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | (27,000) |
Net Income (Loss), Including Portion Attributable to Non-Redeemable Noncontrolling Interest | tpg_NetIncomeLossIncludingPortionAttributableToNonRedeemableNoncontrollingInterest | 41,284,000 |
Common Class A [Member] | Common Stock [Member] | ||
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | $ 49,000 |
Effect Of Reorganization And Purchase Of Units In The Partnership, Shares | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipShares | 48,984,961 |
Common Class A [Member] | Common Stock [Member] | IPO [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 28,000 |
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 28,310,194 |
Common Class A [Member] | Common Stock [Member] | Over-Allotment Option [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 2,000 |
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 1,775,410 |
Common Class B [Member] | Common Stock [Member] | ||
Effect Of Reorganization And Purchase Of Units In The Partnership, Value | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipValue | $ 230,000 |
Effect Of Reorganization And Purchase Of Units In The Partnership, Shares | tpg_EffectOfReorganizationAndPurchaseOfUnitsInThePartnershipShares | 229,652,641 |