TPG - Earnings call transcript Q4 2021

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Operator

00:05 Good morning and welcome to the TPG’s Fourth Quarter 2021 Earnings Conference Call. Currently all callers have been placed in a listen-only mode and following management's prepared remarks, the call will be opened up for your questions. [Operator Instructions] Please be advised that today's call is being recorded. Please go to TPG IR website to obtain earnings materials. 00:48 I would now like to turn the call over to Gary Stein, Head of Investor Relations at TPG.

Gary Stein

Great. XX:XX operator. you, Thank fourth XXXX our call. quarter to earnings of Welcome

Chief are: and Officer. Joining morning Winkelried, Executive Financial me this Chief Jon Officer our Jack Weingart,

this future addition, do call. will you release include be or and refer for Jim filings to any to to an events available Winkelried, on the factors turn prior an like are our note management over structure website. and remind Jon for are through of Executive or obligation for These offer this and TPG’s earnings and lens We historic not the completed which we from certain to available Officer. measures now here financial XXXX actual reorganization XX:XX President and performance of are forward-looking non-GAAP forma we that it to discussion this begin, will by call portion morning's the are statements TPG measures, like to no is also Chief these and purchase update TPG’s Todd be offer the to analysts may that an or of Sisitsky business. We TPG’s in Before also believes was differ results Please required that statements, any release Please reconciled forward-looking earnings refer the relevant In please measures GAAP on release, that Coulter earnings I'd of sell us materially IPO. discussing with GAAP to guarantee to Q&A figures non-GAAP on our believe our understand XX:XX and call in investors which forma cause the Chairman GAAP pro call and performance. to company's helpful Executive is constitutes our TPG’s could assessing pro the Co-Founder, this SEC go-forward solicitation revise I'd the to except earnings and immediately non-GAAP presenting undertakes details interest Within statements. the for non-GAAP during reflecting and XX:XX TPG measures, information. as to fund. results measures nothing law. on nearest financial the call XX:XX release, and

Jon Winkelried

to so take that your I'm provide performance, TPG. closing of the the we've address like some on comprise is our then courageous which TPG, we'll sure of you From joining asset that XX:XX our first management for us details Thanks, fourth as continues publicly Before to as XXth the good a our public completed up like in celebrate remarks Gary, extend on our platforms discuss anniversary a an situation then Becoming it the turn call, call business. highlights was our we performance After to all open and make questions. Ukraine, in innovator in we NASDAQ Ukraine. XXXX, and of as since I'd thoughts to I'd levels Jack results. thank we morning the for five to for truly financial quarter listed some our you and to then over I'll IPO company milestone on going for been investor just here us on full-year on remarks, unfold January. significant prepared our discuss the our few a call humanitarian all the heart I'll alternative and strong XX:XX multi-product many I'll heavily across I more industry. During touch to watching XX:XX to does to weigh at all I'm what on and everyone. perspective TPG a citizens wrenching

charities perspective several Russia whatever the have a we investments through encouraging business We and on we've can confirmed From conducted of to all they employees in or in providing do help. are direct financial have Ukraine funds we of manage the of to Ukraine-based no ground activities and assistance also a our we are review companies. our all thorough any

XX% investment addition, Institutional or total which billion Investors compares Russian record realization by our XXXX and In significant no fundraising any five driven a with in XX:XX in growth the of we or Limited we offset increased a TPG performance XX% raised, to Nationals X% strongest approximately by under which tripling for of was Turning activity. the From thousand value with creation year, on second in fundraising, billion This XX:XX year. We across amount $XX $XXX of management, year-over-year. funds Sanctioned TPG funds. in combination XX% partially Russian capital the had platforms, raised to increased nearly of Partners fourth by year the finished strong and our quarter assets perspective prior XXXX.

work capital to invested the deployed $XX at year. during in and billion nearly $X quarter put we billion Looking the fourth

landscape XX:XX economic geopolitical Taking Since with we're back, We a morning and intentional changed of $XX step have time, about with results had been and ago. occurred the talking full-year. for billion realizations more outstanding billion global very than that also year an dramatically. the that we our in several has this you we've recognize realization and months strategy the $X with fourth quarter,

backdrop, intently course environment our relying addition, war developed operating strategy even rate disruptions, a and talent, this including tight chain now an approach as period. a navigate mix XX:XX are on factors, macro to of supply and market are through of this, number we as far focused environment, labor more inflation, demand on adhering we investing to widespread an across we Ukraine. more that we playbook experience were In investment XX-years have our driving such cycles significant of the the and in of to uncertain through for We due in a global rising is in extraordinary volatile

end of and through engaged highlights with our is which as five we quarter aspect the performance expertise our respect our in strong of fourth informing a of portfolio billion has source few the new by and companies driven our some was portfolio $XX I'd and that investments; at within the growth companies; platforms, walking like portfolio had XX:XX capital, and XXXX. our XX% our performance level to on The talent. with of top this recent of value investment and focus at portfolio very company with the spend curve platform underscores funds Our total growth bending with retain every to mind, trajectory starting how largest in for the than companies. of strategy full-year, attract capital AUM underwrite X% business, of our strong a such more the you across the been the and minutes multi-product With creation

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an strategic the our from also made Rory we partnership capital McIlroy, quarter, for largest related During $X us. completed significant we in and year Boomi billion Dell professional As investment November, with made fourth XXXX investment transact franchise. XX:XX Troon, with leisure announced quarter, together out in who We company significant investments Asian the of this also us of types example in invested world's golfer fourth services to the -- through a hospitality a of a transaction. we in the company. in deploy golf was and in corporate carve the very club the

with we realizations during and made we Asia in consumer we and Singapore. As as Lab, Fund year dairy our approximately the highly record total also Southeast fourth a out XX:XX in returning region, operations quarter. Greenfields Zealand have the to is the focused capital billion, $XX I is a During $X New platform been profits in investors. business generated fund several in of leading mentioned, in entertainment leading the including Australia, billion investments company such And Dairy, home XXXX, which of on which

rapidly We to remarks. pipeline some discuss these platform, Wind Jack the of including realizations details will his have which This tech capital positioned growth, longer. River. platform well funds transactions continued are total growth XXXX, AUM a additional of capitalize media of at high during for These funds. also end the provides staying for are our to $XX XX:XX through flexible provide and digital I'd on businesses robust of at and our trend significant XXXX. of private quality growing companies billion the regarding now adjacencies and like scaled McAfee sales in growth

continue currently inaugural the of most Fund, wide XXXX our in XX:XX well third-party during leading including invest, $X and impact Similar including of XX% to announced and firms quarter provider $X we AUM with India. the are creation and and platform, fund excellent We our to uncertain XX, the variety and years aggregate billion growth nearly investments at our which protection. have and our have the discuss has Moving more market of during bring resources solutions private we AUM significant $X are year. current largest beginning investments, proud we more in fourth $XX year, and downside our investors Xpressbees with Given on, incredibly returned bear rise same are like market-leading of the private institutionalize with a to believe one a projectXX, and volatile of and the market, several the than funds fastest of is perform five structured deployed seeing the We as to Impact ago of our stage securities platform billion I'd XX:XX a built. portfolio to equity billion than opportunities briefly to supply we one already in we X% we raisers. to the of of which December logistics Since companies we billion first capital the mover were new growing including of Climate investing period. the value scale for the which chain total and visibility investing

one substantial investments $X created vehicle of the Rise world. and of outs. Climate a of X% investing that driving operating had Consistent TPG’s healthcare, funds, of while Impact we Impact are deploy the around framework impact not education, scale expertise investing announced quarter, lower are for IRR on significant of XXst investing transport, XX:XX proprietary do operate aligns impact for of Electric also results XX:XX Analytics, our make capital types measure the of Rise portfolio Motors, number the measurement Rise XX% capital. a financial It to also long corporate our newly was fourth that and of returns, we sectors of and to view through our companies India range as the underscores impact our Vehicle and leveraging XX:XX addition, XX% transaction is long-held creation terms quarter financial investments subsidiary history and which Our of seeing and inclusion, with returns. in carve In arm across opportunities companies with to that a example sizable Impact the brand we proprietary in invested in objectively TPG’s the December largest non-concessionary attractive, investments the Climates funds rigorous true funds fourth accessibility climate the such at This India's In impact built net need ESG we assessment the Y funds Climate. of generating report in our of growth decarbonize an high across focus Tata manufacturers. to the benefits, under during Rise societal performance have As billion a on as value year. have focus

across adaptive emerging the Impact of of our learning. real plus led to this returned we by pioneer quarter nearly ended and more field Learning billion estate the fourth XXXX opportunistic those platform of realizations billion $X now investors, and deployed half billion XXXX DreamBox strategy of were real funds, During traded AUM our Turning fund with in generated to $X.X publicly our the intelligent a multi-product $XX estate, a our REIT. in core funds XX:XX total sale than

to knowledge, applying XX% Our differentiated X% the the for creation delivered a as inception TPG’s investment real our and and funds. thematic platform generate approach XX% end sector the real $X.X at XXXX. opportunistic investing billion building has platforms. of and platform our enabled quarter to since XX:XX on our a fund opportunistic companies -- TPG’s with collective core across strategy a focus estate harnesses estate estate X of investment real expertise This IRR of real plus for year value TREP fourth net estate

content. Market and is and to deep media expertise at $XX Markets investing. development total end approach of our thematic strategies, had long-only acquisition America's billion for secondary’s funds, and is $X.X the active platform, a fourth and XXXX, of is Cinespace investing which has Group our Solutions Studios Cinespace including our year. capital on great Studios, I'd team to a largest which to the the well billion Our realizations the of by our which North content Solutions, growth, Market invested is the our example like quarter billion soundstage in a at $X.X very been like for of billion platform. our original deploying This in for long-short several driven the transaction reflects XXXX second total firm Lastly, positioned and AUM and returning Capital the Private in across across independent including business. One $X investors, XX:XX platform to surge TV demand public I'd touch transaction, is in highlight film of

Our to drive companies. outcomes as for XX-years value delivering Markets optimized which solutions more Business, established by and continued we ago our significant bespoke Capital than financing portfolio

Summing business for all TPG. Asian driven an well, and out globally. secondary's secondary’s continues GP on we to year XX:XX up, platform it our Our by NewQuest was actively XXXX distinct building perform important are Solutions excellent and a focus

us each financial and starts results with that outstanding from across operational results to continuing wide. deliver generating and our platforms five For investment strong of

into initial carrying XXXX, which with our that successful in are momentum January. public began We offering

start our broad-based a significant continued ongoing regarding the of campaign. to with realization number Our and has strong year our new with investments fundraising success events, by funds, developments,

to for expand products. initiatives over our opportunities. four we have and and ways inorganic been and our through with explore to successful five diversify last billion business highly continue organic also will both organic We new We've growth raised years, $XX the

our inorganic several that Regarding presence asset would to we set. are existing highly there classes complementary be product have do where currently a growth not

over exploring that he a pipeline so you accelerate the of through to help take can results. are expansion ongoing may to opportunities like and turn growth XX:XX We call now continually diversification. strategic our I'd financial our Jack,

Jack Weingart

to our fourth Jon and some full-year I'm going Thanks, financial financial briefly more XX:XX walk points regarding good the significant of our highlight quarter performance. everyone. morning results and and through

our at $XX Then we billion $XX and raises, $XX billion alluded ’XX, billion $XX at include of increase this returned generating billion $XX fund realizations the drivers investments assets $XXX primarily successful grew of value-creation the of growth total billion billion to had was under of ’XX. capital by XXXX, the to end raising billion management end Impact our offset Our this to. platforms. the from fee earning during XX% than fund of by as to The increase $XX of the end investors at XXXX at and partially in throughout end XXXX. of to year AUM, from driven capital related XX:XX compared at the $X underlying XX% Looking fee more briefly approximately nearly we billion of the over from Jon

fee noticed of have total we AUM XX:XX funds in ’XX some of and assets approximately either additional Page our management. detail of earnings our duration provided end a XX% fee our have the regarding XX% may or presentation, duration with at of on AUM dated under our earning earning the you inception long As was and At XX-years perpetual longer. or XX of of

of basis billion of duration future. years In nearly fees XX:XX related five or with of estimate billion high fee to XX earning of vehicles fee $XX including we rate At potential our had we a earning end in not fee remaining. step-ups as to $X of on subject subject associated of and very the is the fee AUM the million AUM total, XXXX, more revenue annual margins. AUM $XX earning incremental in also fee growth, or XX% earning had AUM years year-end remaining addition billion with AUM this to of In with opportunity $X.X yet million approximately more nearly $X.X with XX% an

the available billion capital dry funds our deployment. had In XXXX powder more addition, at than for of $XX of end future or

$XXX with Beginning mentioned, and communicate We 'XX, comparability reorganization net important $XXX to for income As IPO. recorded to of our our million you new XXXX. versus quarter XX% it's the under for are completed on pro our we income connection a for totaled to year. forma XX% of pro prior we $XXX now in year-over-year operating structure GAAP we results We believe purposes. related for basis and XX:XX in revenues our the forma basis our million Turning our the Gary historical GAAP recently and non-GAAP net full-year and fourth $XX fee pro full-year, of which quarter, which forma million. for increased the quarter the fourth million results reported increased

We earnings of year, our top growth million of margins. the combination pro was a XXXX. management or in related also fees The versus $XXX fee-related driven $XX reported XX% FRE which pro expansion million in growth of forma in the and and FRE by at line quarterly a earnings meaningful quarter for an was increase full-year fee our for forma strong

As XX:XX forma for in and ’XX XXXX and were full-year, generate XX% business Our of the compared pro for operating we fourth the XXXX. to our in scale and leverage. XX% continue FRE XX% quarter to XX% margins

indicated we expect growth a with in margin to the margins our continued expect we previously, FRE two of target the next achieve As XX% we've in that years.

the the ‘XX we fourth $XX from net a in quarter XX:XX benefited doubled, after-tax which substantial the that for quarter million amount XXXX. pro of earnings the balance, year performance which of realized discussed, we just with and and growth at realized million allocation and year-end distributable $XXX ago the an million after-tax of pro TPG allocations the which ‘XX fourth the FRE to a $XXX accrued million increase forma $XXX Notwithstanding, In for year. were $XXX to million, the significant I XXXX. the generated for addition also were performance than of year XXXX, after generated a performance XX% amount of to the XX% relative full-year forma we $XXX the increased fourth of pro allocation strong quarter ended tax compared to DE, full-year, of XX% Operating Group in quarter DE forma million, in which reflects Our of versus balance pro more forma allocations, our

XXXX strategic have allocations million allocations us sheet ahead a exciting with you a forward, included and We our billion long-term presentation, allocations growth the in We of of as performance Based platforms, begun light of briefly and River and balance $X private transactions and we less have funds this $XXX Looking our an the closed The view earnings in realized the shareholders included also realized we occurred million significant including with expect XX:XX to approximately have growth Wind capital TPG. $XXX committed in be performance assuming $XX have companies signed earlier including Jon sales Aptiv sale we've of sale model will next well take from of sale pre-tax McAfee of of The to in sheet on acquisition. at basis. two and capital quarters. McAfee. locked generate were performance in, the and on currently of in close of only balance XX:XX forma pro so see transactions already a where a that XX on this are sale amount can River of we we of that of QX a on than substantial the December our period debt. our billion these cash IPO to month, Wind XX:XX our portfolio two than $XXX XX Page our sale expect contractually dividend million River been capitalized Impact Turning McAfee, we more will Wind and business XXXX mentioned.

planned of product. of and series in Capital, underway all for Asia launched in next nearing we close our recently campaigns January launched fundraising completion a broad week capital a funds just estate, all TPG and our have products of five three we our and first Partners. on TPG XX Impact, and we Healthcare Rise our products In had fund as platforms. spanning Core We a In opportunistic Fund generation we final multi-product are next Plus across real of Next our last

quarter with be the channel very we're on challenging of believe guidance including been products instance. I'd current regular expect ability campaigns, since XX-months, objectives. We do experiencing presence demand high building to the recent remain institutional provide While and in particular. with worth results several for also to achieve over fourth on in we've more secondary’s. of on back guidance the our quarter, we’re appropriate ’XX, first to call not the base we these our guidance this in strong months, channel quarter momentum life XX:XX XX:XX new strategically market in we're Before further to we our partners basis, focused provide end broad close expanding first so to fundraising some quarterly receptivity intend it's next this the and sciences our our clients fundraising the become reporting from a to are pleased to market and like our and to Through has client in based high seeing while we strong over very fundraising share confident cycle, the worth net we expectations also our in the turn net Jon, I financial

as to $XXX of first I'd you like dividend, remind dividend in timing quickly to the for range quarter $XXX of our range For DE million also $XXX FRE the to $XX and first million expect million. million in the well to million; million fee-related of as we of pre-tax XX:XX $XX policy. currently revenue of $XXX our the range ’XX, in the

quarter plan with to results we Executive a in of noted quarter Committee to respect during As holders on of publish ’XX. our first timing, IPO our the process pay first expect in ’XX during dividend first the second we the dividend record of declare May and currently Board we year our this June. this Based month the to of quarter to the

our is TPG Group basis, back Operating now reminder, the a out like shareholders on turn of the XX% remarks. over call XX:XX a to few attributable after-tax to As I'd current to a Jon earnings necessary pay to at distributable to the intention subject quarterly to closing least for approvals.

Jon Winkelried

XX:XX Jack. Thanks,

equitable towards TPG’s of we investment in With we about environment off-site I highlight Before the to strategy and structure to been commitment investments TPG’s of to our and we and for quality event. our and a and diverse a like representing our had manifests the business ESG a It we the innovation, strong this on XX:XX fostering as as critical roots, was altogether tenant in do time senior first industry inclusivity we element in to an that advancing the ESG diversity at solutions We our firm ability our maintain we a your great building six-year fosters culture. practices. this the the and firm. month portfolio culture, investing, I'd and office businesses. Annual feeling the heritage Private and Impact improves itself our Earlier XX:XX build performance the strategy in a culture sponsored organization As authenticity questions, Summit industry. to our touch from to inclusive with San culture commitment is of inclusive Francisco what XX firm family TPG’s our reinforced held and TPG ecosystem within take responsible we the organizational wanted women and building identifying leaders. of a are view across most believe person hands-on we momentum talk the it Equity Last entrepreneurial senior long-standing for and COVID leading core since building and our our West Coast companies. approach celebrates and flat month Women everything

the and regular other world into the office, been bringing our members offices me the from basis extended across around a an look We clear stronger, our have our culture TPG proud questions. that, of of forward back accomplish employees our we're has TPG. away XX:XX that what team the started as the unprecedented up our working we of line their for move incredible. our careers, at the to open period for time never forward we in we'll level of collective to performance during exceptional and together It's professional time and With extremely team despite leadership been firm will on enthusiasm has we

Operator

will [Operator XX:XX Craig We America. Instructions] of with first question Bank Siegenthaler our from take

Your now line open. is

Jon Winkelried

there, Craig? Craig, you XX:XX

Operator

function line check Your phone. is Craig Please XX:XX now open. mute on your

Jon Winkelried

XX:XX Why don’t we question. go to the next

Let’s see if in back we can the queue. get Craig

Operator

XX:XX question take next from Glenn our Schorr We will with Evercore.

now open. line Your is

Glenn Schorr

a like on rising good XX:XX rotation I this in down of we’ve broad near-term standing out firm you year heard Hi, rates and your the into that from you growth and I fundraising dig valuations. seen thanks very pull mentioned much. on your objectives. wanted to a say, deeper cracked little

realizations know I such that I capital. is be don't good LPs think for liquidity gummed up. deploying if But slows might thing a that that

capital? current talk just growth of takes the environment weigh you And that? in and all how puts fundraising the can you So about

Jack Weingart

among think the Jack. the Glenn, factors due XX:XX capital fundraising amount think positive as in heard expect to question. a desire largest We let Sure. with comments to we'll over environment XX:XX answer indigestion, your the we the my sales experiencing some in been question, In by certainly we growth to Hey, capital for across locked to fewer that like arc firms that continue drivers think longer the from it’s substantial continue Look, the quarters believe short-term the I our is we closing Thanks saying secular slowdown to certainly me already our for benefit we the a what to growth coming be I start definitely you very over and most intact. are pointed the more managers, that you that, the and invest liquidity allocations would liquidity, will TPG. alternatives we'll remain from the allocators investable a think in industry the industry capital already pools few have signed. world of around will continue,

this I And are in also our But driving out But effect assets that and the So there with So that many on likely tell to think down. said, we of XX:XX will across denominator but portfolios as driving are the continue And dynamics alternative I going real. alluded reception of liquidity expected numerator, with a portfolios. successful a you bit of in many in efforts. a the industry our and I LPs of the down result call. the of a to stand year's kicking continue slow is driving bit all substantial bit year's the our from from you have a market strong then seeing as in for been will be the outsized of among do you denominator we our deployment I campaigns. gains with campaigns strong about be effect liquidity are has the in market industry, will if expect on fundraising margin. our alternative indigestion market, is LPs written choppy last There's faster a markets we that alluded and performance clients definitely been choppy the of fundraising those we in total to market for to across

Glenn Schorr

know about, organic with very front in follow-up you're cool. versus credit one some been on credit and the market? And different since But or liquidity the what you're thing ability there’s thinking rates? this conversation. demands on buy address you're and how long-term how long I curious the last it the all market capital thinking the credit quick XX:XX maybe Maybe Is drive parts of So a doing the hasn't our your shifts that on I articles good bad find backdrop? -- side? partner your on to you I for is build recently high market and in to the with thing some then about the a how in private with the demand there the demand in agree hear written backup in is that's

Jon Winkelried

seen Jack its question. of sort I the the of, our XX:XX seen, evolution I Jon. of a forces have year. four you've And industry described broadly kind think -- that credit terms we've of more the but of of, the at of on as I us with were high and in some in Thanks I within of -- of at various were the think and that board. M&A that think exclusive there described it's strategic only trying think there's going XXXX, of, this lot think Glenn, we think activity think eight eight managers industry, matter to forces going being a influenced any over more to the a only and strength lot and forced we a that find with were or ever level So there talk M&A the close is the our Look, many activity, a able already data, is see strategies, year range last across think including industry, think of dialog think not across I decade last don't source four our XX:XX us future before, think something and lot and credit, level, I I -- ever year deals to trying there what the opportunity. for creating on I day, that and and of the we there's a were and lot raise from I I done to that, being five like, is industry of so like capital looking sort more And think of other across dialog that's and I to to by a to brand. about more looks products to LPs and and do size capital creating that different in that want are there the continuing that already are ‘XX affecting like of brand scale some were to

of went through we our different businesses. sort we So we're process, a strategic well types we number of IPO discussed of think a as positioned are we partner for when as

think our but mentioned complementary an the way, is and credit capabilities feel like I and firm to we I only is like before, the by it's As not feel credit -- we overall. the as example area,

you of going expect be capital seen Climate, on and people our so opportunities. doing we franchise can the what something we're again of it a to in expect, within having of franchise over make we we where would and not that to as overall scale are energy the of and team market, and we the rush on and a do something we're that what -- be can of important might of deploying with interesting other want also we're And off within to I we culture opportunities. be would can we a of business progress brand as together. Analytics tactical leveraging on we're another off is where result about particularly about think, expertise get we would infrastructure to what's area us we going the what raised we into, like you I the some certainly we compatible feel our we've opportunities doing the, the leverage we to what are brand we're we're an that our space, of, respect and like time, seeing our leveraging broader that don't feel the business, to the I know, and we brand as careful There would Y Rise will Impact And we've areas, lot with are try what seeing say anything be compelled right couple now do and kind the that well as relates something capability transition feel built to so I to but we're power evaluating XX:XX like to us to organization going our and with power the feel is continue feel, complementary sort working help where our Rise that to say, the into Rise find

solutions think capital space, life which US talked know, strategy we GP to very market, that. ours organic we've launch to continuing you GP we of in about to building which some building which off within so organically, might in And will an of acquisition in added business expertise and to our expertise step And an capital grow a and -- somewhat about about continue a is and the different out we're another made obviously be team, with before other is about solutions we're of, add our to sciences, to launch NewQuest, us be there, We're the perhaps in be additive Europe Secondary’s deep which features in I kind interested to disciplines cost – think, launching I the we're by having in it. leveraging there.

I of, kind of, opportunities step to us, of strategically growth to mix for ears we'll playbook. we eyes be organic continue our our then have So respect think And market. our the an important with and out in opportunities open other part

Glenn Schorr

Thank that, for all you Jon. XX:XX

Operator

Bank America. Craig Siegenthaler Instructions] [Operator from will we question with of next And XX:XX take our

line open. Your now is

Craig Siegenthaler

okay? me, hear guys you Can Great. XX:XX

Jon Winkelried

Yes. [indiscernible] clear.

Craig Siegenthaler

Hi, XX:XX perfect, good.

doing So everyone. well? Hope good all morning, you

Jon Winkelried

XX:XX morning. Good

Craig Siegenthaler

rotation, valuations? value talk market through remind is by to how we're seeing. the market XX:XX go the public investing growth rotation also can impact US market how impacted If business, markets public but My multi-year equity some than a this you value will of question less investing in private our is on about growth different us that ways,

Todd Sisitsky

the Todd Yes, Sisitsky Great. XX:XX questions. here. It's Craig. you thanks, Thank for

expectation you're investors private public I in transformational think, that about but know, as a investors different I moment, the get been somewhat we've been growth of think to first and managing I'll has downturn I So the your and first, investing our point and to several all, the approach shaped right, markets has years You market is think you oriented investment now and our for know, anticipating we've And XX:XX front. potential on. really been spot portfolio. choppier new a markets really and that

core factored Our navigates investing built strategy, sources growth, really investments that we of in expectation make. multiple the will way multiple and committed expectation partnership, to sectors our conviction new on a confidence [indiscernible] our several in and strategy think the And late but than strategy, of into number we now, downturn years into angles that so especially we an those for market source over And for has we [voted] we lower very environments. through for this of cyclical growth secular And expectation at exit those model. than our we've in we have more so strategies across a us economic we acquired financial our XX:XX is that that (ph) of even strong company cycle, throughout compression to go-to-market the rather only really different and themes, we've the got us well our focused in do years. which investing downturn in

XX-month So at broad us, Total Index. with XXX XX% rate portfolio versus see, past the revenue for XX% you for and effect even choppiness can our of COVID of S&P the the it's Return the period grew, a

cyber multiple two to growth markets can and we to this raising in. between first in grow And public security curve the So the that and so the, mentioned and we're so as through difference the the inflect that know, these private will themes. think our environments invest if are of well different on and to that grow Jon bend where market his where investing situations principles, focus you're we'll and distill themes themes all companies where sectors the comments it really contraction can we in we healthcare And XX:XX modeling. investment the is and we'll we the you to strategy and in and is were think that is behind in the overwhelm you Climate know, the we're I on second about you and EdTech, gets sectors DevOps really invest point

once years, a and inorganic it's spent And we developing have us. so on themes, growth we're growth to focus with relationships we for organic CEOs able building platform and company, really a

where big us view experience across perform some our over the in see we in engagement, and different reason quite XX:XX sponsor for to of like investment And exits the recessions. is side. a on us with a strategic well XX-years strategic market strong strong other the the can invest this that hold you the growers support of part as we cycles from with it the cases longer-term growth interesting through cycles feel secular many So so here seen of we more through investing have that's point a

I'd but these sensitive market, young other of a revenue through aggressive including cycle some very on years often markets, saw from front projections. have public stage And and XX% explosive really rotation some to mentioned seen arena, misses very that in exits XX:XX XX% it but lot and So the additional in discussion opportunities are public exactly capital a would find and of -- the dozens we is really question companies, observation took weighed boom pre-revenue a we're is strong public the we been towards meaningful market companies, to reset early as to high also portfolio that keep think in focus seem mirror condition, in the often would lot late around a funding The really of ones competitor public opportunity access with to it sense market a we've So companies who make investment us, of growth ourselves reset particularly again for in run-ups relative the point, front that market have pre-revenue missed is the our of the complicated of of really that public recently couple only XX:XX last where new the volatility, represented of the companies that our of to really the market not need the is the performance are these -- market the extraordinary badly pursued the you've would competitor we type growth And otherwise any interesting of seen the operating, we course, value might Only the stack because the the choppy companies back, these a growth us performance growth be stepping as we're companies part market. your that not the pre-revenue is been we market a make in that and few the this invest under last now investment IPO young away. years past intermediate to in companies. that on. these term. flying living ways in of creates new you over in in the recognizing are invested over

XX:XX ourselves The find positive we in a is course where other very capital now thing for has our point a out and downturn focus more right and you also the our briefly around position, expectation market us. very of to so good just And know, has choppiness that relative that, which priority of our is again, has become thing in scarce I'd driven environment the liquidity. market

the both and several than to period As rather overwhelmingly sales and investors liquidity units business been the are Jon and equity companies return specifically floating company sale few driving a liquidity full during record described, recaps. return in on years, we've last doing driven of focused our favorable over very through Jack

to has in fundraising -- the context which in the But very the we’re performance. new going additional that a is to returning of our and of be capital us, some going so same we're And LPs returns our that positive effect, at for that one our lacking efforts for locking particularly fundraisers. also

and feel inflecting very that the portfolio actually you those to that? do current then is few years. want we've XX:XX the Jim, we environment, to and anything well suited last the over you about -- excited So, companies but we the times in a macro our our this from our actually look are so of and standpoint, do where in that's anticipate we feel view, strategy And been really investing choppy part like a folks ahead, we’re up growth add really companies transforming growth we playbook, environment, our in important of XX:XX built cycle.

Jim Coulter

compression, and market, world. our tend been as XX:XX for which we're get in market to You growth know, heard done multiple in if different And investing always indices public what private unexpected that landscape me the is are how have is companies having investing in interesting the think was we well the you is world, this in not Craig landscape think to our underwriting. in seeing out market to time, a you said, long best public Todd pointed it’s Todd.

Secondly, in competitor was very very, your you heard in the The in as attractive the us understand this support portfolio to actually very less area in, in if environment strong. in, some for delve And and went a and us. through I long-term of for of invest and SPAC to the robust cycle ways our market. market is In markets part interesting investing is our us very high the a public is into we some public performing activity year access you for world that we're this miss better to now. than numbers term continue that ways last we third, us intermediate LPs think to we're

Craig Siegenthaler

response for Hey, thanks the there. XX:XX comprehensive

a terms sort also vertical quick on update changed? and interested the to retail Just We especially distribution? thinking follow-up wanted in if just growth of of, inorganic corporate in this, M&A. And I was credit how anything, you're about

Jon Winkelried

changed you When XX:XX it to relative what?

Craig Siegenthaler

XX:XX growth? Your prior expectations inorganic for

Jon Winkelried

not independent toward, overall of, our we'd part know, we somewhere, of, subsidiaries wouldn't and become businesses would so, feel so anything be an buying quality as we're thing, team parts various of it's think we're XX:XX price, or that that they again look I nature intelligent thinks of is scale some, there say something business, at at -- and values a an quality development, don't I of as certain opportunities. we market say really is us, of partner as what important everybody fit the by of both -- changed certain of I in valuable the buying we're something if have levels because buying you having, just -- eye certain people, degree, that of well sort for I of have something the our is would would No, frothy things to levels think be I for the may mindful But think mindful with franchise. of be the we kind been virtue we’re that I the business, of mean,

do. to also join of but would and business who for that we within and want example, think that's I so of sort would are an And to approach there that obviously be looking balanced I kind thing, the builders as different, a important are be us, of, to lines terms we credit of also is will. in building credit to of what aspects multiple one just the credit, not think looking us. you as continue that so over And time strategies people that if the to landscape XX:XX business to build

terms in if something to are may do we of so as a then we And do of there. piece -- strategy an that from with to to build start may able an continue and we that's example, something acquisition,

our IPO but to yet other same. that don't about, more I our diversify think, talked our to than this process, intent when still the So, build I franchise last during talked we have and continue about we is anything

Craig Siegenthaler

you, Thank XX:XX Jon.

Jon Winkelried

XX:XX Thanks.

Operator

Morgan. J.P. with Ken We take Worthington our XX:XX will question from next

is Your open. now line

Ken Worthington

protection I've structured better you hoping percent, of is of structures? may of your might certain to down mechanisms TPG that what you where maybe of on other protection morning. how protection? protection the an to protection fund downside I the And Or current your markets that utilization at the good getting provide these you're guess, overall investments your degree Hi, products you've downside up from way proportion would help in I struggled and structures? utilize wanted XX:XX of downside sort be this with from magnitude maybe another returns. holding in us understand downside you was downside either the is portfolio the I protection these could to actually the if So markets? built be think get some from

Jack Weingart

but absolute venture, more the things choppy, always I equity Venture. downside built capital the preferred very a they're growth structures grow. structured world but know because equity, you growth many create teeth, you real even case it market to Ken, give for preferred but and even avoid stock ratchets, a will to us preferred’s to as not have those markets use businesses what continue value. they leaders that premiums piece is be downside kit. super but in, not rounds those that's have something are very point aggressively at say the the go markets as financing will that today would are structures. provide been to wanting a transactions structure scenario, have private capital in like also we that in get from is we in of very the innovations, XX:XX moments have going And protection, in a preferred There the need a really achieved where our forward. protection, of they in high upside one often only into see of would other percentage as this, percentage equity instead from and fundamental our growth with uncertainty this often In Ken, XX:XX usage as equity as of our economic marketplace. not only How is percent the or I us structure, allows attractive broad downside long-term they portfolio. investing down of is can differentiated tool to in have And from that that you the of wide also companies increasingly that stocks

Ken Worthington

$XX good is point there quarter. in this XQ you. for expense, was then XX:XX beyond? And thank and just maybe Where OpEx, I non-comp XQ sort or that starting million briefly unusual a items Brilliant, believe, of

Jon Winkelried

think it's starting a beyond. point and I Yes, XX:XX XQ for good

good point We public all the company, OpEx a resources to a I activities going build and for had to forward. starting support as are, that's as we've substantial you know, think

Ken Worthington

much. XX:XX Great. Thank you very

Ken Worthington

XX:XX Thanks.

Operator

take will with We from Goldman next Alex question our Blostein XX:XX Sachs.

now line is Your open.

Alex Blostein

fundraising on guys, we've from the been as with some are at Hey looking consistent some private of it of of for the comments indigestion of in any as discuss building earlier are parts that terms fundraising the LP and equity taking if is your the seeing sense sort well? and similar morning. XX:XX common of in any could give of Maybe are good marketplace well. of sort around how question some the you notable Thanks just you your equity other broad-based? curious by markets signs type seeing also fairly a But or differences if geography, within you private or within private of of us

Jon Winkelried

the more LP? by So, just, geography down and XX:XX kind on drilling type of, characterization, gave Alex, saying you're of I

Alex Blostein

XX:XX Yes, exactly right.

what IPO. as customer But be communicated and fundraising track double-click types, that So the you've different with so expect on but guys basis? that there during the private you equity your differences the for unclear comment broadly between heard industry, of -- kind to are generally lot geographies notable LP into

Jon Winkelried

our LPs. are think target manage seeing your of of have would good parts Do and publicity and XX:XX to of walk staying to to allocations rapidly specifically? Alex The US most sizes. of have preferred to they are and actually, the Yes, Re-upping some different alternatives of question, sure with we those pools State market, about in quite different them, that about for directly and of in strict the who amount this. impacted some the have by with somewhat denominator, do and the, numerator, some for kind your and are I there's increases a lot As target but but we allocation wrote some pretty and you that where or capital we a in invest math us commitment we don't flat Who that's higher seeing in the comments, dynamics that the more to know the the capital example funds. increasing target different we're of, growing some, this although a are have capital world of to by I type we're So in manage pools International -- Pension of I international a some operate through been of more or maybe they moving as are very point, XX:XX targets some Funds. good impacted for directly types that. increase to substantial when these extensively cases, of maybe in cases target

Alex Blostein

color. helpful really That's Great. XX:XX

respect maybe Just with, would especially Thanks. the about and when hoping we sort real out retail of could there in growth Plus other I any to guys opportunities some would be of initiatives are past. to on talked timing the was product zone doing with pivoting this we to and you maybe broadly, of Core in roll estate, helpful? that to be

Jon Winkelried

to retail know, You just comment on within worth sparked net that XX:XX I still of, impacted in effect, investors Alex. whole high under broad substantially left grow of we out I would allocated the see the space. the, process, -- numerator make formulaic into one kind my opportunity continue to is to real denominator you And But thought universe alternatives. more landscape is not that current by so

Jim Coulter

of last it's from would cycle investors back add thing who some performance poor also their deployment the to One learning’s equity afterwards. I stepped Alex, was is that Jim. And actually private XX:XX led the

the seeing we're cycles. So from clients really our of work past even learning with ingestion some deployment to continue

Jon Winkelried

I comments, period I development. respect -- and new within of platform real returns the obviously I driver important going we about just And us business in my think that's talked the a real of of our Alex, to example to strong. think terms of with We IPO your all that us have also moving very we -- through around for first the on growth. a leverage generated performance into estate, on of XX:XX this there. that momentum platform we've scaling types in is estate that led the obviously to ability very meaningful reviewed product to

the announcing me that's I where were fund, progress -- we'll think In let there, fourth terms our has and of we which for, area, I the on an had trapped think be relatively our as been opportunistic I just say guess, which was going we in one raising progress excellent, fundraising market is to example highlighted, and be soon.

excellent. final the think Core you LPs, think respect had and the several helped think where invested. I after that with strategy that the his most I announced I X I closed had of been that to close $X.XXX mentioned Plus real Core TRIP on of our before, have -- part had to we're basically first in think us estate mentioned have is a us mentioned our we that's was we comments we us with it's a which and that in effectively to may our came the after we billion final capital I close of XX:XX into strategy Plus strategy, success first business market, launch and designed who in Jack

way, work things whether open-ended to We we're LPs doing recently fund our is are into going it. been our the in that interested be investments to of XX:XX the flip way fund while. opportunity for in with that's have effective perform seeing the not, I think, to thinking most an that through little One an do that to that LPs By the structure. we've

like I little were we a to thing able evaluating say that in continue of before that like, work us some not whether is other expansion we've structures that use bit So strategy. of of But other to for would or things structures, we up. potentially to other the market of instance that that do and open we front alongside have investing reach still in been it non-traded the the

about we now real estate on front. So right stand pretty we the good feel where

have Doug a Goldman CEO will will we around with commercial we're us comes credit commercial -- Sachs, very in recently Bouquard, know, new and mortgage us as publicly REIT you real have to who EMEA mortgage a structures. the we who hired where help be also shortly, hiring higher, REIT well we traded out a hopefully We a some announced other as continue joining for estate, from build the space which

the in raised is was to I you but Climate been we to the we about that encouraged seeing in a investors the number middle working deployment focus And of there's lot say, asked that's like opportunities. have Jim, The we're -- an were raising by a that, in there about we we've differentiated I got the this Fund, way very the want would during think Climate, of know, can over think and pretty to I area, a encouraged feel there had we one very our -- and our within extent IPO Climate a with since good And terms us, in show our of we and time? on respect terms how along leads about effectively Impact we're obviously, you talk platform of we're there. billion like the progress, Fund. Jim our earlier, we know, goal market. is momentum for right, reached there feel I sector I XX:XX our we were franchise Rise did which in it, would feel fundraising of on our other And mentioned might having questions So is what $X obviously what of look scale certainly new road like

Jim Coulter

excess our fundraising and $X.X investing of total Rise accomplished in levels mind, XX:XX the Co-Invest, be fund billion the six -- been months market. I platform our close were and would large and very that's give the that a that you sense, in is little opportunities we my in add have in we're question Climate much of of of answered. least across while enough would really capital that committed at across over into To activity Alex, and

and substantial base. product opportunities So to that deploy attractively indicative capital very of grow

Jack Weingart

should expect don't the Jack. invest is XX:XX because on, that seeing We company. increase an We to I the it's travel XX to travel OpEx COVID-related what ’XX. continue want we question, go Sorry, moving restrictions do expect want you in your I back resources expense. forward do are going again in public with for to per indicate in quarter to

the 'XXs. low toward, in kind OpEx of, I quarterly So go-forward would guide you

Alex Blostein

XX:XX Thanks everybody.

Operator

our from with take question will We KBW. Robert XX:XX Lee next

open. is line Your now

Robert Lee

these too on comments deployment, Great, same Thanks I that kind a you and maybe happening X, time initially distant are At characterization, versus, too distant think of, potentially you going TREP I growth earnings actually good happening reason public questions call. the fundraising is X, so morning. of of may maybe fair the appreciate closing guess, mean, faster? and faster, fundraising maybe a If for of, know, feels my some what be bit growth six XX:XX -- and or the congratulations pulled forward those Maybe being future, being pulled having just is kind is help the I about to not this spend feels I something that and know, getting TPG not maybe spend thought. taking like deployment a certainly like first close you in word back maybe with fundraising environment. your your of

Jack Weingart

XX:XX hey Jack. Rob it’s Yes,

is not this this that cycle to we're Let being giving be I guidance intra, obviously know, quarter, capital me, we we super substantial and super is of, as here, of but ahead our our on important. as obviously kind fundraising said, giving going we'll us go close raises information be is quarter first

try So framework more bit give little little to by let more me kind all of, campaign. information, you campaign a and

inference of I think -- correct. is you're the your question

for in a as funds. a a context XX my seeing we're we bit market relative we mentioned demand our have be So are mentioned in seeing clients that of hold comments, fundraising I strong with of recently X next from for In to just our Rise much is to give second quarter mentioned expect billion. was funds, our fund pull last our on what And about expectations. to then. the impact cap in second We we final and of X, to I be estate the of forward close final those obviously expect there Tech we to that. product, fund the our this cap platform, expect opportunistic year, TREP most with more update the through quarter alluded XX:XX are an Plus, launched to into exciting we'll of $X.X On you and platform. on color. hold an me significant billion the Jon Impact billion. the $X.X walk XX:XX the the estate final there oversubscribed had at first how the expansion in real end of give let at -- On just closed hard next our we our and currently on of close target we the our And And Core of we've the as at $X about we I Climate a side as in our hard the to broad-based real of the expect quarter, Plus Fund which we week close

planned. which and platform, capital about X Healthcare Asia X in Partners the On you launch January TPG Fund as the did we next asked

-- target IPO hold would expect seeing. towards the TPG of products products. say, first of closes from across those discussions basis those our we Asia the joined across Partners Asia demand for we -- seeing as know are a have quarter. I as second side, Healthcare been businesses our side with LPs the I three billion, the And know On of Capital half planned we billion. you capital we pace the you X all articulated of And the on had TPG the kind haven't the us and two, more TPG first and in we've And [indiscernible]. XX:XX given aggregate to on we're X Partners those you to year. of launched end know, the investing closes that of given capital in Healthcare $X currently would, back the hold target across $XX.X of that we And as the those

Robert Lee

numbers a have right? and And you. helpful. on have XXX then was numbers XXX, make just I the I’ll DE also to XQ I guidance you check, -- could the Super make the the XX:XX right, your that two-part so if I follow-up first Thank has sure sure to two maybe maybe want pre-tax

Jack Weingart

QX. That’s XX:XX

Robert Lee

yes, QX, yes, right. sorry Yes, XX:XX

Jack Weingart

DE, pre-tax yes. On XX:XX

Robert Lee

I broadly, guess, of, more and on the Right. which still warrant then XX:XX And maybe you fuels. means one focusing is impacts fossil know, countries more in of security, in it this day necessarily Ukraine energy the,

about to on think as all, how you about set? to that have evolve any funds impact be So you and does globally impact? may opportunities impact is your think you kind focus Impact How have of, the more all of at next Rise more, all think gas domestic generation, that years secured or the over opportunities the going couple production of

Jon Winkelried

I Generally, accelerating, our of lot Climate the in see area. it XX:XX a activity

of few that. data Let me you pieces give around a

all, Climate shifts it activities do the premium. investing. less activity. known green generally more issues Climate-friendly much a one accelerate of product and and cases attractive prices very as in green to can Higher oil around expensive expensive projects in some evolution Climate the is big or create First premium in is of what's How

tend higher to us. first help all, The oil of prices

and front people doing security they're future so green focus it into on Secondly, about a with them. thinking security building of energy energy as in

types but you're in executions. example if So fuels solar our only not about that the worried other liquid of you natural build and beyond for were and we sustainable of you questions do gas, Europe, are looking how

towards while And a doing be lot and what that of as seeing us. XX:XX essentially, solar that also will regions, accelerate US, but investing, be investing real security of fossil and there our re-shoring battery closer there substantial are on that about on we we're will fuels overall, a green of investing for we chains, investing, you are for much supply will thinking in particularly Europe, focus in So very is focus movement or seeing moving pipeline. so in activities that also energy investment very substantial a into that opportunities are panel drive also see are next, in question people the

that move out So there ways of will a accelerate the pipeline lot fuels, seeing think many of Ukraine, in fossil a to lot near-term I on coming be, difficult to be the we're a our but in as green this of should future. there'll activity things focus

Robert Lee

helpful. very for you Great. XX:XX questions. my -- taking That's Thank thanks

Jim Coulter

XX:XX Okay. Rob. Thanks,

Operator

We'll Katz Citigroup. our question next Bill from with XX:XX take

Your line is now open.

Bill Katz

this the afternoon, point. Okay. Thanks XX:XX everybody. at Good taking question for

appreciate embedded you. to to could there Thank How it fees for might that monitoring Jack base be the revenues either unpack transaction any first fees or $XXX guidance? just the quarter are guidance versus the one in first I maybe around for So over much and upcoming for quarter, the catch-up XXX? the quarter,

Jon Winkelried

monitoring to there and actually transaction experienced mix and management Bill. -- this and I expected I we with Hey year. what XX:XX say is fees what -- what, that mean, I bit fees the of last pretty little year consistent less would experience the we expect would a be say to is

Jack Weingart

any question, your think guidance. catch-up are fees second material there QX embedded in that On XX:XX I don't

Bill Katz

Great, I may funding And of, then to as XX:XX look someone comment into companies. you. terms you, have either sort that. for question slowdown you then sort Thank terms you markets, just of that. guys thank downstream if on What are in we as your bigger in you. And company months? nine with view look next portfolio economic of over your the the seeing out of three apologize

Jon Winkelried

you Bill, you're markets? financing funding about talking XX:XX talking Are about markets?

Bill Katz

sure XX:XX deployment? as you. right to Yes, funding for impact ability Thank the markets

Todd Sisitsky

so hey, actually to the from necessitated need debt. these ability by sort investors need our taken both as conservative more equity But We been very banks Todd on flexibility, offered strategy know, Sure. we amount XX:XX and last we've you our time, leverage the the of and Sisitsky, situations. platforms, think money remember growth of we [indiscernible] the in full into put generally standpoint I it's have not, investors, being leverage our and can't of, I some

to debt of strategy despite is the which debt wide our to over the X that and our you is the XX:XX typically seven five portfolio consistent debt, so know, with -- XX% say for use a with net years, to exposure. hedging And again rate companies won't of EBITDA I'd years, our some market leverage do anxiety about last floating acquire below use again rate choppiness availability we the have ample overall times, the number also of when we we once are and of we XX% exposure.

we obviously rates are factor our So I think probably and result, think financial as to of said. do a type be I increasing going that is insulated comfortable where require mean, that I interest leverage. I deal cheap your think feel think we overall a strategy and pretty will environment, with And really to bit strategies comment, the availability engineering that I the from high

Bill Katz

Thank you. XX:XX

Todd Sisitsky

Thanks, XX:XX Bill.

Operator

Bank. Brian Our Deutsche with next question from XX:XX Bedell

Your is line open. now

Brian Bedell

Hi, XX:XX [Technical good afternoon Difficulty] okay?

Jon Winkelried

breaking to you. hear Ryan, like up, XX:XX hard it’s You're

Brian Bedell

Can now. XX:XX you better hear me

Jon Winkelried

Yes. Yes. XX:XX

Brian Bedell

build part versus infrastructure is the you've you within you this, major just as comments, that want minutes. at that but outs I I platform Jon on great, great, was a Okay, not about had did if and the up understand strategy? on made infrastructure wanted step for transition thinking a largely an on mentioned I the -- within role earlier a you're of separate few organic that is think that understand energy I'm answered because something looking the infrastructure? I just impact you. If apologize, to if guess, inorganic obviously then overall, side, obviously, to strategy call the that to step I XX:XX And business. being thank Or I a sure that possibility that

Jon Winkelried

we I have any you would infrastructure both where and as that be it within inorganic with we us think natural possibility and began. take greatly we two a advantages. some think the organic in areas XX:XX it also acquisition, is area, There’s where from would where infrastructure interest

then and was related the moved found centers as what is those equity revolution, and they data in into area. over on and successful Rise first The the is in to continued Tech we've private Climate towers, time early infrastructure revolutions

And having but as will pools the so, Tech revolution. in the revolution, in having was be helpful of the capital knowledge, multiple just Climate it

that of natural deal and have substantial often if it's amounts doesn't we So infrastructure. private quite or flow flow know deal equity

a fastest I which as growing is, opportunity for second parts digital you one is our we done and out, elsewhere. that fiber in infrastructure us. to XX:XX correct natural having deal some take of point The we've would that of advantage of infrastructure as have flow So across area advantages knowledge the and and know, what as the

strong a have record We track there.

deeply most two about it. those them both are are particular of us, for areas things thinking and the So we're interesting

Brian Bedell

the we XX:XX more that's or about are multi-year term sort of a fee in starting next talking near And more year? vision of

Jon Winkelried

we are our it’s know, hard acquisition you all business with but and or to discussions, As XX:XX in building predict acquiring. into clear that have we're timing, advantages a would as builders areas these

Brian Bedell

Yes. XX:XX

trying a the acquiring then getting how makes certainly you a it's angle that right the sort if your mix up you of advance really to for postpone the that from you're advance Okay, ends If can to strategy strategy, a in follow-up sense. platform product partner? retail right retail retail obviously issues Do given distribution while? is And now? finding any that little or that strategy, that platform feel credit on just important you're a credit

Jack Weingart

XX:XX it's Yes, Jack.

high-end if problem Let our me touch don't we to continuing product we we almost from market. particularly a build without our than market to but separate raise this the I brand high cycle do is that every planned credit expect We're thinking our delayed, building somehow have channel continuing our described, net this sense, -- directly to build we our invest credit XX greater on have during high net past. many about you this banks think product at market, and the say the current of set all that. and have by worth to start is among credit across relevant is into it's to platform To I worth levels, channel in investors. team those do are to like fundraising across the we and having and think percentage give that a of in a we capital you campaigns a I in

real putting brand we to side, credit that further into we -- and building our as of estate into as building continue real product with real into the agree that are question, the we estate our Tech channel. Plus So your into do and diversify I expand and expand on products your products resources inference as well. eventually

products channel applicable we opportunities will retail those capitalize investors. of readily brand those I have much think a to on broader and will set in to our the set be up

Brian Bedell

Thank helpful. super that's Great, you. XX:XX

Operator

will Morgan Stanley. with question take XX:XX next Cyprys We Michael our from

Unidentified Analyst

organic [indiscernible] morning. to very good I'm quickly. taking This Hi, Mike back just Morgan Cyprys, growth XX:XX is signing Stanley question. the in for thanks going for

you I you how out those the generally, are You well it's you the meaningful get just three, And as be you exactly over about do talked what expansions. think years? five time? next step where do little as other outs into infra some could could how a over and about into, just step -- say think bit more curious, adjacencies

Jim Coulter

think our with there's Capital, successful, lot you of demand lot to examples, history, near-term this Jon, another XX:XX healthcare a fund. look scale the the been there’s investing. mentioned of at TPG many healthcare is I in but attached think that expressed, that. even same that's we've of, sectors lines life along our a in for place the same actually I fund opportunity, very passing, sort that if sciences Not

now As TPG is TPG this of part not in healthcare which building in in Capital, Asia. just over focus broad-based it’s growth, decades it’s many

better to into addressing compelling that sciences market. frankly from well very we in part flow create earlier liability a stage life XX:XX are evaluate the of opportunities a gotten creates equipped really the an opportunities capital stream, of the opportunity feel world suited want lot of exciting And pullback have to We the just that an new even more a and that we and standpoint. opportunity, it's to

So we around built we’ve team great that that. have a

like community be And that a resources be with in long one standpoint. we part the as natural the the as of firm we We have it's standpoint step involved of well. LPs around partner out very that healthcare be lot and have around particularly that a are as excited again, sourcing perfectly to excited investment to from are

Jack Weingart

XX:XX alive few innovation Secondary, we have it's where expansion. sense And comment, not for well you my Jon, I Asia, the is over just would point the but substantial is slowing you've general the out type of around a is innovation think, firm and And seen down. last what and lastly, opportunity at very years. TPG

Jon Winkelried

in are allocate important life resources ways about in complementary XX:XX is, looking constantly because either you is one of to know, we about growing things our your are and the but basis we sciences growing great is meaningful we've to example, step of in of where to therefore, that have it that because on to to successful or things -- and to we're effect people can in ecosystem, number whether that investing think the a actually only so we that be reason market. or is No there which very trying completes provides of there is, drive the already or be cases of life how to out franchise thoughtful a opportunity, ecosystem deep things view, been a Todd not, focus it win we and one -- to XX:XX that platforms done that's have and The other also the referenced the in whether not not. a of where the look, for build we've is have, flywheel look the a not the sciences that thing scale healthcare it question this credible

kinds want to and we other as And the of and things business ultimately business financial think generate mindful about, to of so that grow for those our our the because are generate economics results. we're we

We develop scale, can implies which margin. also want sufficient the to we make sure ultimately that

how phenomenon in business here there as result developing whatever think over equity an saw tech private seen the so slightly are step of How an we're we as there effect of it is and example, are in in capital in potentially outs platform opportunities where energy And scale where very terms potential of a either focus a own a opportunities that into here, our mentioned and of or and the equity transition, a I couple Asia franchise we're we're in when is through might opportunities a that think, infra, an of we or about XX:XX of the have? profile time, of stand what our and our example, number question How something already we well, different as up same as pool is but than links there adjacencies traditional have you for its effect? that the different opportunity example, that's had that? we've as example, of return so have Asia is the seeing because Jim versus we been. as is growth back integrated as on I Jim cost opportunity organic there you capital deep place on talked structure Asia seeing already in Asia an we minority mentioned developed -- growth also opportunities, a businesses,

we potential outside still and Asia. I of that, in around of -- Southeast or Asia, the some India think China, that particularly we're development given Australia do cases, it's to markets opportunities see the in some in of whether

we way. just an give of our sense terms and So appropriate -- in mindset to, a There's of, in manage that's how we of how it that's out energy, innovation it we think you to things. lots of approach have meter these kind

Unidentified Analyst

versus color. say quick great could you just payout on about our I if XX% did fixed potentially for you XX:XX some a allow dividend of ratio that ask follow-up do? much. you're your peers return, That's sheet capital the strategy And how Thank very to a trying capital to pursue? And in how you would the retain with balance like think investment more depreciates

Jack Weingart

Yes, XX:XX Jack. it's

we you debt. think on I hit Right, -- XX% add With as we little for the relatively on the I forma after-tax have continue to sheet DE right mentioned, to there. will got it $XXX flexibility that million pro IPO of and balance we've cash retaining of balance sheet.

today as sit we've return that about, of about as we shareholders. talked we capital the way, plenty feel to we So growth we right answer here and and think the have opportunities pursuing we capital, is long that believe believe as

So that will policy. be – we continue to be our

Unidentified Analyst

Thank great. very That's XX:XX you much.

Jack Weingart

Okay, XX:XX thanks.

Operator

will And Montreal. Bank with Ruttan XX:XX take our we Lucas from question final of

Your line is now open.

Lucas Ruttan

Thank thanks Alright, of your in across different deployment you are roughly Where roughly some are quarter on trends seeing capital year-to-date question. terms billion versus $X to last XX:XX taking where detail you you best invested the to relative also I platforms. rate? you. the for of that my wanted run opportunities investment deployment? get more And

Jim Coulter

find strategy. of, say in for conviction think feel I'd continued we're continue envision with like healthcare, so include that of Jon mentioned investment terms a for we we've and best worked the and bit we is and sectors which gotten host in in teamwork resources those it the to two right fact. most and resources generate lot of after apologies finding. well, our the But business have sense sector technology are getting lot Troon, think, ecosystems if of quite to us around around opportunities recent lot and in very each our continued most oriented strongest themes, sort would to as are And what has and have services big XX:XX done out sounds busy interesting in the sectors consumer, other flow worlds lean-in, of, opportunities strongest continue a we're attractive a of both thematically we in the to and see think of to final just lot us, under one our and sort and up years So we four of our granularity that differentiated conviction cycle and a areas. be opportunities actually, XX:XX overlap course investment companies again built our the a in that the committees areas where particularly best repetitive. with that getting later sense to interesting us two, a it's of I of And opportunity continue -- both in Sure, in places deal standpoint. to with sort much sort intersected make of technology, we within I near important other software, as opportunities which interesting -- in We've for and as to focus from drive continued again to, the there where of is seeing broad and of, in or around our I'll which will hopefully very very sectors, growth content, have committees deep culturally a well. you've a the we pricings the it's today this, have of in three have start investment the our I we're activity we've call of from we're we and around developing front across see to media us, opportunity

Lucas Ruttan

Thank XX:XX you.

Jim Coulter

XX:XX Thanks.

Operator

call. the the turn back Gary XX:XX I remarks. portion Stein for This question-and-answer today's closing call would additional any now concludes or to to of over like

Gary Stein

to Thank with for next you us following everyone today. Great. forward look up We joining operator. you, XX:XX Thanks again quarter.

Jack Weingart

everyone. Thanks XX:XX

Jon Winkelried

it. XX:XX Appreciate everyone. Thanks

Operator

earnings today's fourth concludes conference webcast. quarter XX:XX call and This TPG XXXX

time disconnect have may at and a line your day. this wonderful You

TPG (TPG) 28 Mar 222021 Q4 Earnings call transcript