Earnings call transcript Q1 2023

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Operator

Good Morning, and welcome to the TPG Conference Call. Currently all callers have been placed in a listen-only mode and following management's prepared remarks, the call will be opened for your questions. [Operator Instructions] Please be advised that today's call is being recorded. Please go to TPG's IR website to obtain earning materials.

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

Gary Stein

to Great. Thanks, our to joining on transaction definitive all that will and be discussing Thank quarter conference you the agreement a first into excited in have for Angelo call. Gordon we we detail. us today entered Ashley. acquire We're announce also

investor Investor will the addition issued a we referring in morning, standard acquisition this this website, posted posting our call. we quarterly release Relations announcing presentation earnings to during Earlier to materials be and an to that our press

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

Our Executive of and Jim portion this be also President, Coulter and Chairman Sisitsky will Todd Q&A Co-Founder, for call. the available our

and Gordon. Additionally, Officers Co-Chief we are to joined pleased Baumgarten Schwartz, of Adam Executive be Angelo this Josh the by morning

results like for you, remind do TPG's guarantee future forward-looking call refer that or include factors SEC these could differ not may to to I'd Please actual materially performance. from to events statements. filings statements that this cause

TPG any XXXX reorganization to required forward-looking measures we're IPO. and the revise non-GAAP GAAP discussion completed our was measures, statements or prior earnings presenting and pro-forma update undertakes law. Within as non-GAAP by reflecting except and measures to immediately that during no obligation TPG's release,

We information. through TPG's believe earnings financial for understand the it's release structure pro-forma to helpful please results for to refer investors on lens historic go-forward the and analysts and of our details the

GAAP of that solicitation in constitutes offer is offer purchase of TPG's relevant are available to Funds. business. certain on measures sell non-GAAP interest note figures assessing nothing this These be on discussing call a this which nearest an performance that TPG an to believe We'll earnings on the an to the in reconciled in also call we or the financial any measures our are non-GAAP website. release Please

distributable first of results million earnings Looking million and for briefly GAAP of per tax Inc. share A TPG the after $XX income or Class attributable $X.XX stock. quarter, to reported our of we at common net $XX

per stock, a Class record dividend to be declared XXth. common holders of share paid of A May We of will also as $X.XX on June of Xth which

With call that Jon. I turn over to the will

Jon Winkelried

and and made morning, agreed approximately $XX earning billion TPG global announcement. a fee everyone. to a This at Earlier $XX acquire position diversified Gordon, Gary. as important XXXX. platform and with today, scaled AUM fully-integrated asset multi-strategy of AUM we Good alternative compelling real a Angelo in the very Thanks, has in credit estate advances alternatives in billion and transaction is end our highly manager.

focused been and our continue IPO We've on in a strong to growth strategic Angelo diversification and us puts scale. position since believe we Gordon, delivering

have morning. a lot We this to cover

will detail. I Angelo before briefly our discussing review transaction and Jack the quarterly So in Gordon results

impacted of fundraising the be to quarter, During deal timing market the activity volatility macro and by and increased continue uncertainty.

However, the similar we've and long-term continue to growth of dynamics particularly addition prior our in Angelo Gordon. good very with trajectory navigated about cycles through feel

The $X months the capital $XX ending in XX challenging XX% during the was last quarter XXXX, billion the $XX same a billion over industry environment. the the period. down raised a in of fundraising over in and fundraising quarter XX We increase while represents X% last first billion months

industry timelines in world. engage The robust, We commitments strong. continue capital remains elongated. with for have to high-quality been the around the conversations Interest clients across

around make last, We for of our other closes. from but campaigns the fundraising how the funds. current you've already decisions thoughtful near-term heard alternative for timing will managers, know remainder discuss what remain don't our believe this what we long asset flagship our means difficult and to really the Jack Similar final industry will will we'll of

and quarter over deployed We industry, broadly XX As months. first the the the $X deal quarter slow. in first was the billion across $XX billion last activity discussed in

However, our we've investment and are committees in deal very seen active. a recently significant our pipelines pickup

investing this sector for capitalize core approach powder, well $XX we billion us patient and unique themes, driven long-term, ecosystems on to around environment. along is of opportunities. intellectual We TPG's with built dry our well-suited capital positioned leave believe and to deployment the

agreed This Reuters carve-outs, provider increasing recently Elite, for solutions TPG law big proportion includes firms deals. a and signed privates, partnerships, Capital, a of number practice our an management and financial of from Corporations. Thomson corporate proprietary we At differentiated of carve-out leading we to

includes acquisition with example transaction We a AmerisourceBergen. in partnership This protection. franchise is unique leading and OneOncology creative of healthcare of the downside corporate structure from significant with our also an proprietary a the announced partnership

In years. the the investing value-creation, in TPG whom from the Company's Capital our VI alongside Founder Temasek, originally current hospitals, both the in services leg eager of given TPG done were of bring eight Asia, our next after and of healthcare pan-Indian out XXXX. for we driving significant announced Manipal Asia over was to last growth second-largest track-record investment fund This an platform Capital investment of in

Our Palmetto a invested Rise the Technology, impact Fund US. fast-growing platform capital at in Clean the recently to solar a rooftop continues pace. Rise and healthy deploy in Climate platform

technology. have lead the Rise we feel round about and development Across good our our conviction construction in latest thematic the investor the of strong deep in portfolio funding and the we of was where leader implementation a hydrogen very expertise. current sectors in for also Ohmium, solid electrolyzer funds,

portfolios over they growth company across LTM portfolio Our well months. to continue an aggregate our the XX appreciated and all On X% the first-quarter XX%. platforms last revenue basis, X% perform and aggregate, was in in

able over companies across remained more than and platforms costs. were inflationary the quarter and stable Realizations $XX low our have EBITDA the $X pricing first billion in margins A billion months. our XX pressures persist. manage have been to effectively last Aggregate and

around time prepared of will building portfolio type to very of We're this monetizing opportune an Given cycle. the value coverage. nature environment deliberate underwriting and long-dated in this investments our our growth capital, believe during and now continue our we is part in targeted the for and of be driving

a will results. financial minutes Now few spend our on Jack

Jack Weingart

Good XX% driven up partially XX last of billion, offset year-over-year. Thanks, we the value management the $XX and quarter, was billion Jon. the billion everyone. morning, under of of $XX by billion, end which capital during realizations creation months. of At $X This assets is first of had raised $XXX by

Fee earning $XX year-over-year to XX% AUM growth increased subject end billion the $XX AUM earning at fee to QX. billion. of totaled

that our our quarter-specific Before financials, through I impacted walk few want out quarter a call I to first results. factors

Asia management $X one-time million predecessor the which step-down resulted quarter. of the our First, step-down approximately fees of in Funds, a in during

in resulting Second, business Capital an our our timing the Markets from light of quarter investment unusually activity.

represents of highlighted normalized We high. transaction average to or last were fees two of that unusually quarter that a quarters our approximately $XX we fees. our million transaction QX in reminder, $XX a As believe the for million these year, $XX million of

in Non-core Angelo expenses our resulted million, Gordon. in with realized This is connection in earnings acquisition through related item. one-time other $XX which our totaled to approximately line reflected legal primarily of quarter, income for distributable investment in reduction work diligence, accounting a our and the

during earnings that XX% relatively low This QX unusually increased million expenses one-time the compared just unchanged of of they to the 'XX. due fees than M&A $XXX said first management Asia The be I is million otherwise distributable markets from to described. prior step-down quarter have year-ago and fees Fund quarter being capital would the were lower plus quarter. to That the been one-time caused $XX approximately the our Capital

related in XX% fee Total year-over-year. increase $XXX was revenue million a QX,

to the and normalized deployment pick of markets quarter fees the our levels transaction to While pipeline on referenced, revenue in earnings we first in as more pace late year-over-year. quarter, Fee capital the up that back $XX monitoring were based the robust Jon of over X% related totaled balance million increases. transaction up the expect year

pro-forma XX notably, months ended LTM to compared the FRE of QX last XX% $XXX million, grew 'XX.

FRE step-down. as was as capital of Our by impacted margin quarter markets lower first Asia well the XX% revenue

quarter-to-quarter from step-down, believe is point months, results This Given last and capital full-year better that one-time line QX FRE represented XX pro-forma our margin months and fluctuations last ended our our the a the improvement in was over of nature inherent the XXXX in 'XX. is basis the which XXX the we XX%. activity XX with margin run-rate by markets

cost believe target, FRE TPG our Angelo continue for year I'll management a a Gordon to more in on FRE of by to hit be basis. minutes. and our the XX% end disciplined on are we on-track standalone margin very We remain touch around integration the to margin of which we working toward impact few

with 'XX. After tax per ended Class $XXX announced Class a fourth quarter in months. distributable stock of a We share which common first XX last million were the of of A our XX% the earnings XX% $X.XX of distributable million $XX after $X.XX earnings. stock, $XXX quarterly allocations, over quarter per performance representing first-quarter the from for accrued and increase We cash is common or tax million dividend of A the share net

in $X first adjacency we onto size for II, Moving our more as the in an aggregate TTAD fund. our We II, months. technology an billion final billion Notably, fund. close completed of the Jon $X.X successful mentioned the highly from doubling raised campaign Inaugural the of XX TTAD over raised and $XX of on the last billion quarter, first update fundraising. We quarter, than the

investment We among stand-out brand, strength returns asset believe the style managers. client and relationships, of TPG's to alternative continue

As existing ongoing new both engagement Jon with we and strong have mentioned, LPs.

predecessor. expect been from each targets fundraising in quarter. can aggregate, the in already see grow business fund our we they But not as We this as in discipline However, to under we the first mind to grow conditions. original much managing compared cost We've flagship expected. its previously set as our with market you still may different

$XX.X original To Partners X, X funds following. our dimensionalize market, currently Healthcare X, this totaled billion. our note TPG Across I Rise in targets and would Asia for you, flagship the X,

aggregate $XX predecessor still to greater outcome managing fundraise too we'll assuming than of over aggregate growth which billion, would approximately XX% represent it's we're each $XX to funds. the be, While tell raise what -- of will the an the currently too business, early billion

Based This of implies LP engagement, strong we would four raise approximately an confidence our achieve our this to we outcome. these need across funds. on ability $X incremental billion in have pipeline to

including to estate infrastructure capitalizing our first continue funding, launch our new credit as strategies good to preparing our and Next, climate TPG Life fund. we as real TRECO, Finally, make Sciences progress well

a coming to in these on quarters. We further update expect initiatives organic have the

campaigns our the we've in to our Given acknowledge the fee AUM. in significant want fundraising progress growth I earning considerable and strong the made headwinds,

increasingly opportunities powder We have across in a pipelines to platforms. invest dry our of growing level available near-record and interesting

to to. a there's look So lot forward

back the transaction over Now I'll to call the detail. about talk in to greater turn Jon Angelo Gordon

Jon Winkelried

year, continued Since early transactions. growth signaled consistently and Jack. desire and IPO through initiatives last both diversification our we've strategic our organic to Thanks, drive

focused to of been clients. always and high-quality scaling there our broader We solutions a have on existing array value seek and platforms to build investment long-term shareholder providing our

been growth. We've and our has we objectives. a significant these on proven investment generate limited strong Angelo by delivers partners. platform will transaction to as returns that evidenced continue And their Gordon historically, recent record risk-adjusted seeking AUM that forward. track for believe Angelo the going are we they well-positioned attractive returns believe We believe their Gordon delivering done

been the XX Assuming XXXX. approximately at have end $XXX of in have TPG with total combined world. X,XXX would AUM of had the $XXX AUM and of fee-earning billion located Angelo cities billion around Gordon We approximately employees and

any We tax mid single-digit cost DE XXXX to synergies. an before basis after to per expect revenue this transaction share FRE on be accretive high in and or

new with its innovation unlock on-target avenues our and asset with and estate complementary is classes. strategic and Angelo credit attractive objectives directly of of businesses Gordon in real growth for to diversify acquisition further The and scale

XX% First, to significant to grown credit as momentum in This credit XXXX widely a TPG AUM dollar from platform business in what recognized XXXX. Gordon's investing. CAGR $XX has is opportunity a market Angelo brings at billion multi-trillion

structured along Importantly, their credit spectrum, credit major is offers a compelling Gordon's scale single we platform not product, Twin corporate and across four credit. paths special direct this lending business concentrated growth and Brook multiple rather ahead. look growth within diversified including is for situations, but strategies the Angelo credit through as

years our strong The with real and $XX is platform. will estate Angelo estate a combination demonstrated to growing very expand also presence Gordon's has momentum will complementary Combined, last AUM existing real sourcing Europe, fast-growing over at billion AUM meaningful new product in five collected broaden as CAGR our the Gordon open with in our we real end $XX and include enhance of set net strategies such global geographies of as their to scale have the capabilities. Asia, with estate lease billion our Angelo current XX% with platform Second, XXXX. business

clear We multiple believe and to transaction accelerate this core There knowledge. sector our investment offers ways deep growth. combined synergies are processes with

a to our expand product opportunities new larger has much minimal joint to offering numerous set see also by overlap. client We strategies that base

TPG. to In addition transaction attractive this diversifies opportunities, significantly growth

AUM from XX% as our to XX a With of outside total points half our AUM. total increased private-equity percentage by our percentage of Angelo strategies Gordon, approximately

XX% approximately across Our range total them institutional than relationships have more offer client to we'll to XXX will ability from XX increase XXX of the strategies. broad and products

our deliberate From and spent getting since to building culture team a focused very of first ago, and cultural to stood ours. about business to the a similar then, was Angelo approach standpoint, and identifying year firms. considerable and amount another. out doing two unique Gordon a has and with know we've time one the from a relationships been alignment the firm of met We What over beginning close

ethical really is the Gordon enjoyed last and culture entrepreneurial, was Gordon's meetings nimble came accountability. The first through reinforced and culture we ownership and to our them at over to highly and They that with regular respectful. complementary it's high in commitment collaborative, strong culture Gordon's We our know Angelo at clear XXXX, Angelo business interactions year. approach and TPG. consistently is a Since everything in getting and standards sustained to early Angelo strong do

transitioning years. also by were on next-generation innovation, has years XX Angelo building the ways, Both and of strong than share both more emphasis from place business We recent significant ago evolved firms in which and in leading founded histories. a each evidenced into TPG is have firms. founder-led growth Gordon and us experienced businesses similar similar

of already and launched five had and partners admire conversations together. businesses us we XX create the and strategies many been last outstanding products years at Between the an over the firm the about we've build. The average joining our of two XX extensive we can types Angelo we business firms, Gordon years had they've new for

of transaction our Non-founding will to ensures well consideration and LPs with that our the as alignment in with long-term. Angelo create teams receive their between together Gordon Gordon. public provisions. is Importantly, This XX% multi-year as at vesting alignment firm over structured coming are long-term between and Angelo TPG partners lockup shareholders one equity this approximately respective as and

opportunities we Finally, extremely we both exciting going-forward. with deep and bench employees combined dedicated new for the will create talented believe combination a have our that team

of of the lenders seven been you'll dynamics investor see overview favorable long-term credit traditional slide markets have growth into the void experiencing On of stepping driving The multi-decade their presentation, an in of trend the sources. investing. by retrenchment non-bank fill lending created

drove time, the continued of allocations. same the of for for alternative rates, has prolonged component to yield, become financing search private-equity a demand increased period scaling institutional of and core At investors alternative flexible which has a solutions and following institutional portfolio low-interest credit

pace, credit a into growing this well continue the has is to and at As a steady result, been future. projected

alternatives in employees XX with Slide credit business firm eight located offices XX has provides scaled Angelo overview high-level Gordon professionals The the Angelo a innovation the $XX a and significant on a has AUM they Based strong nearly over currently generated Gordon. broad-spectrum founded their record of than and around five was years $XX more doubling focus real-estate. investment XXX AUM, of billion built fee on XXX ago, world. have respectively. investment including and billion, years, strategies investment track last and across growth both

highlights Gordon. TPG provide our solutions following we'll of nine and the to to clients alternative of the Slide be broad Angelo spectrum combination able

the broader entity the on of across suite chart in combined see As number can strategies have asset a a will classes. much you the investment left, of

will range and a addition, shows wider expand In of to risk slide right return our offerings substantially the transaction profiles. target

of solution of for broader provider we ten, compelling With benefits strategic clients spectrum even transaction. this we'll and more rationale strategies, investment slide partner globally. be a highlight the On and

be that customized estate and we class offer private-equity. to real credit, multi-asset able Additionally, will include solutions

the client complementary. provides substantial our and Looking of at expand TPG bases they respective to Gordon, a broader are highly across relationships with This of platforms a and opportunity Angelo strategies. range us

combined benefit bases. XXX support to of robust minimal be and including On that and shared channel and combined currently by overlap will two more are sector geography expertise, the sourcing our intellectual around have we broader of from of expect the The XX% both transaction, investing and than LP relationships the shared. this between deal company institutional relationships well-diversified client Only closing there's will capital infrastructure.

for enhanced this product expect development. growth, We business will drive and opportunities expansion

businesses investment we We're clients our be to bring broader-based the incredibly and Through as distribution high-growth together. and strategies, high-net channels company the believe worth our will combined to retail. expand excited capabilities well-positioned in such insurance,

to thank year countless and the in who I and this and to want Josh over happen. the TPG at Gordon put last make teams hours Adam broader have Angelo both

work there I the to team effort. what This I course, execute and all leadership of and focus. has for is still both today. of outlined continued team us Of execution on partnership, extraordinary here you amount speak of we've an front a for entire organizations tremendous in taking been know of your

call I'll over and to comments. a few make Adam turn the to Josh

Josh Baumgarten

with get long discuss It's It's to a It's milestone year. very Gordon. major testament have Angelo this is speaking you nearly excited year the we our all to for why a TPG of you a morning. a Jon. the time I'm opportunity to the combination briefly the business excited for all marks this finally truly I'm team opportune today. is ideal the transaction been I'm and very to to going and for discuss the be XX partner why built TPG us. history. with with Today

we're our shift a industry. seeing in steady As across dynamics people know, the many

that competitive and today to scale LPs in no who today diversification. larger, set than is managers more there clear is diverse of with strategic LP process. capital ever is more established Assets advantage relationships offer best-in-class many competitive There doubt build a and before want

the managers inflection routinely in reached basis. on a largest of an daily alt we're the a with competing point, where we've world As some now firm,

as and have professionals We big firm's who are smart delivering focused imperative. absolute our strategic LP, growth ambitions the on talented an is for

the strategic our the eye people, an we've grow for had our expand set capabilities We the to to always solution continue clients. towards same and have offerings. drive time, product performance would brand, that But at opportunities and and the

Importantly, our firm is not for sale.

and opportunity research made, on and And many investment our to on deep fundamental new power our we and recognize of this philosophy firm we we with protection, had TPG, commitment our what want clients. our uncompromising to given unique culture remain at the of unwavering built decisions combination. meetings we'd downside we've focus However, partners accomplish after a and and collaboration on an

We commitments believe TPG opportunities combination all our employees. with these the of reflects all significant for also and deliver of

now I'm the Schwartz. going to to turn my call Adam partner,

Adam Schwartz

Thanks, morning, Josh. everyone. Good

Gordon. Angelo all of that help trajectory accelerate expanded strategic So, a transaction and we significant for Jon's investment deep and comments, bring and the a strongly LPs, firms. the we and believe of with believe that a expertise industry fit. want I diversification deliver broad Consistent this TPG we confident are cultural that strong scale, which to benefits domain and expand will of opportunity reiterate base represents will that is will both of and capabilities, combination

closes, firms on TPG and from firm Angelo philosophy our excellence and culture, leading clients. of performance. transaction are Gordon shared And through entirely with the growth aligned importantly, When investment delivering will for a platform achieving join to a investment

platform consumer our healthcare, driving teams investment services. leverage And opportunities to LPs. pipelines sector media, will our have digital and capital, access technology, industry for unlocking and areas scale combined Our opportunity expertise of such and business expand the TPG's as performance enhance in the the our deep deal will to new to Internet and

of our individual power new by we spectrum investment our the our pursue capabilities platform, and return approaches. clients for risk will and solutions able combined across to and be collective With the leveraging

do is together. momentum and to our Ultimately, about more this on capitalizing in transaction collective growth order

which priority exist, our and is to on we opportunities the realize Our that clients. ultimately be positive, focusing will our execution a for are Josh said, confident as people

Jack, lot great team over TPG Jim, others spent a to Todd, this and Anilu I've It's many of been at result with effort time and Jon, the Josh year. last getting a today.

joining businesses growth fit together partnership excited this value. couldn't more how and them create very together. are drive be and We long-term to our significant We enthusiastic with about about

Jack the will now walk the details financial through and transaction benefits.

Jack Weingart

Thanks, Adam.

you I'll TPG to working as all As at acquiring Gordon Angelo billion, our as partners. based of this by impact out $X.X remarks transaction We're cash can approximately close price tell, prepared in of a reviewing valued on and financial Friday. together transaction. share the looking-forward equity we're

represents the clear million RSUs a of the alignment $XXX approximately in approximately $XX.X company. million of structured units been of and common We up cash includes of which to This well interests. believe and has to transaction ensure the combined XX% TPG, equity

founders period, active units a the in equity. ratably will will post-closing. in and Gordon consideration their of consideration Angelo will partners The Angelo over the receiving and Angelo generally partners receive unvested of Gordon's the with XX% generally Gordon of while that a XX% receive year XX% full non-Founder first are their common during RSUs vest five-year equity cash in lock-up

the of distributed equity we employee IPO shareholder of directly employees TPG to to broad-based consideration the Importantly, a went is and growth who Gordon's given will Angelo employees, everyone public, a benefits business. when is ensuring similar be the award ownership. from to This portion its creating

certain earn-out, have and based out also includes valued cash due. In to receive XX% per post-closing XXX% to and in up FRR annum XXXX, fund it TPG need $XXX earn-out determine is This milestones to This used XXXX order contingent fee-related Angelo any annual will equity Gordon the earn-out pay if its flexibility through will Angelo achieving grow which payment revenue to consideration, of Gordon in on will to mix by the at million. and XXXX. is transaction earned,

will to customary operating their funds with XX% allocations Consistent by receiving with group public Angelo structures flow-through TPG shareholders proportion. transaction model, performance our business the then the generated of Gordon

within Gordon new platform become a Upon TPG. closing, Angelo will investing significant

current the of and Jon. Angelo closing Josh the become transaction. the Gordon's of will to senior co-managing It's in Co-CEOs, roles and In reporting other continue partners directly executives that Gordon's expected upon management terms platform, Adam their of management, will Angelo

Directors. TPG's will Gordon senior a join Angelo also of Finally, Board partner

cost transaction be of realize. per at pro-forma the this to of before synergies after-tax couple impact, in mentioned, meantime, share disclosure that's the financial to and around But to accretive expect TPG's We'll briefly framework. as we more any DE the single-digit Looking mid-to-high FRE that Jon and specific close. the following we provide or I revenue XXXX financial wanted may time in provide

the of fee XXXX, over At has was billion. end at Angelo years a CAGR. $XX Gordon's AUM doubled past XX% the than more earning growing five FAUM This

points was The average for rate fee approximately points to XX basis funds. all across XX XXXX basis real estate credit and

I XXXX. pay fundraising at Additionally, Angelo note on their end that Due of only. $XX fees of would strong billion several their capital fees credit approximately drawn Gordon not core of products yet AUM to the momentum, recent had earning

As capital, flow FAUM they paying will invest management into fees. this and begin it

Next, margin Angelo of TPG. much expansion FRE pursuing their Gordon an has been like

in Given in and their leverage expansion. their and they're business, firm's the recent of margin earlier investment realizing growth execution in the process operating

FRE to leverage XXXX we in businesses. FRE standalone to-high be expansion, in basis a XXs, down much integrate revenue fee-related Post-closing, a we margins opportunity our the mid resume operating the from combined expect margin XXs. high scale an benefiting larger base for of creating Gordon's blend Angelo on to margin across us expect our to and We as the to

Angelo Gordon had Gordon interest carried go across TPG unrealized as to interest carried I XX% approximately accrued mentioned, expect of Angelo $XXX PRE, on through Finally and and forward of this to XXXX flow acquiring million. shareholders. of historical At the funds end we're

will to of additive allocable million. TPG $XXX This was shareholders $XXX XX% million. be to approximately the balance TPG the So current

ample of financial flexibility. of conservative significant use terms the cash transaction, acquisition In the the to and to have Upon current will we expect and balance our funding our completion leverage close, of undrawn and remain cash revolver. we'll liquidity portion

Lastly, approvals the Board and is was to of Directors year. Hart-Scott-Rodino, transaction quarter subject unanimously to clients closing close this The the international in regulatory consents. TPG's fourth approved is of conditions and by including transaction expected customary other and third-party

like the Jon, take the Adam's coming us and everyone I'd Josh so look for in this building I Before this thank Angelo call for can great at to together your and back helping questions, over enthusiasm business milestone. operator the Gordon a echo transaction, and TPG combined we forward turn We years. reach to to

Ashely, to questions. we're take ready

Operator

Thank will first ahead. [Operator Please go Glenn Evercore our question with We you. Instructions] from Schorr ISI. take

Glenn Schorr

Hi, thanks very much.

Jon Winkelried

Glenn. Hi

Glenn Schorr

Hello.

What synergies. So, I for by the you're multiple And FRE? with a it what was about Street founders, DE? bought? feel business understand margin, maybe paying transaction up but this how FRE maybe payout talk with, guess much. you the I'll and go do people then, learned you cash Sixth I'm you thank for the from you engaged? for so both and with to some lessons hit all about What asking went XX% was I structuring this experience getting the past any keep sides Thanks

Jack Weingart

what the multiple, for we give helped. feel I intent not paid Yeah, kind and add think, the the business framework like We're data is about FRE the disclosing we feel fair to was a information hopefully would roadmap for And Glenn, value buy-in price. but the we I calculate an acquisition that believe good in of to providing they the people enough I did on business. financial

Jon Winkelried

I of it relates guess lessons Well, things of as to learned. transaction the there's a the structure couple I think and

when Street the as the Gordon run and same, joining of recall, as platform, know the is really part significant in Importantly, the you you structure large, into Angelo sort consistently the the platform umbrella. underneath was platform's structured with structure the kind might firm the Sixth same of was of operating entity to is coming managed Angelo platforms of firm another another firm various control as of the governance and and the rest firm how independent as the at Gordon an with we're respect platform

about from in Angelo And collectively, that. so doing really ourselves a the we're Gordon, start, all very are and really, different enthusiastic way being it's it's structured and

XX% where on-board, also in that's speak but with we work of think in equity the the that team their can of coming structured think the own partners the rest rest they desire of Angelo Gordon, approximately my Michael -- two the and is I team about stock. consideration a coming I stock and the won't that about I other here the as to way I on-board than and new of and heard can founders, talk here, XX%, you the I think John of consideration the for the two desire own the estate their

Josh Baumgarten

want Yeah, of growth but also alongside equity we non-founding that consideration as reasons, the receive as offer could, the combined expect to it thank all for the critical partners, terms obviously, for they was TPG very much Yeah, participate to in mix we possibly you. contribute the platform. to alignment and

part So, us. to all was equity critical as of absolutely consideration of

Adam Schwartz

the I majority that is just And would the non-founder consideration of to partners. the going add

So founders interest -- portion the a the or consideration. minority redeeming minority a were of

Glenn Schorr

all I appreciate Thanks. that.

Operator

take will question go we Kenneth ahead. Please our next JPMorgan. with Worthington from And

Alexander Bernstein

this congrats is on Worthington. Ken taking for the and question for Alex Bernstein the Thanks Hi, on transaction.

AUM opportunity $XX rough much. structured Angelo of and you in businesses. you given specifically, market credit business, the driven? around sort can and credit Thanks is what more about talk proportion the and any non-sponsor the break-out lending mentioned so just that And can the expected billion indirectly set in there maybe direct sponsor big give Gordon's then of us broadly, of for You perhaps size CLO this

Josh Baumgarten

Sure, that. to I'm happy grab

be broadly, the sectors. I about business. components about significant Solutions our billion and The $XX Credit to $X multi-strategy. is broken in be would billion in that about three corporate business, $XX.X credit biggest think down loan of $XX going our performing CLO billion credit of we that's two So, in guess million as or About

then terms AUM And in you XXX% question from your of and the sponsor-backed. credit that, Brook business, lending actually structured billion Twin about in second To about $XX.X its our And Brook it's of our on $XX.X billion. a Twin business lending as lastly AUM. all mentioned,

the So $XX we are generally, sub serving all sponsor-backed borrowers But in opportunities. million market lower-middle EBITDA. be will

Jack Weingart

I would real we Jack, direct say, with in opportunity your lending there's significant it's comment agree that area.

lending. the Josh brand, into and larger the EBITDA to lending an excellent see sharply who with you of below lower-middle it's those mentioned, business the on real market business, a $XX For very as focused excellent, we of opportunity to million company Twin companies know Brook scale space

Alexander Bernstein

lot. a Thanks helpful. Super

Jon Winkelried

Thanks.

Operator

take from with Craig will next question Please go our of Bank ahead. we Siegenthaler And America.

Craig Siegenthaler

and credit Jon, Siegenthaler. congrats Jack. everyone's on well Hey, finding Good Craig Hope morning, it's manager. your doing

Jon Winkelried

Thank you.

Craig Siegenthaler

for one my business. starting capital surprising backdrop defaults the see the to we construct defaults funds investments. number see your is to see common challenged. if stronger two for you to of offset economic in your you It's the the XX a as getting it and by a little or half? larger We also about on a do or know, across especially companies multiple we're that emerge economy expecting all private you markets. portfolios, is Are performing I have one existing into be portfolio in And not portfolios, which XX How of fund. deteriorates some So, more first plan have you second to how defaults course is fund, it? in wonder think

Jon Winkelried

that. I think Todd is on going some to color you give

Todd Sisitsky

Thanks, Craig.

lot a taken, about is not I point are with the say private that looking and we a good portfolio we're feel leading spending very the quite the but signs of US, economy equity think lot indicators in far, so there at conflicting that our I sort specifically performance your would well side. results, of of for only companies. time certainly of in

And if on growth impact. focus platforms look private that. I'll of across our Asia, you and capital, So

forward-looking We're right to focused. way mid-XX% a the companies figure have. is out really very We probably and companies. we're how average side focus of fact Our in on and time lot speaks in high it we our most make that LTM for that strategy are I try think growth of neighborhoods. that's sort sure to the But a scaled sector just to of the the

develop And went interesting that to proprietary the opportunities in spend through of time the call. trying Jon of lot earlier some then we a

in overall studying environment So virtue most back. cautious cases, like sit building the years are we by we space which build served the the and feel the in well spaces in operating, level we're where are relatively in at and about the CEO been we pretty we've of these just with we condition is companies over of many but relationships up

investment large-scale certainly end vast the shot do areas majority private think areas really we not really companies on taking in question, we portfolio, we do on, of is view And not it we focus have in we we a second defaulting. concentrating on conviction as equity, as, we your which up of To might focus that about. do that the long -- in the but are and focus idea what of

or But companies want for in always case to that's portfolio that all are to because our in three that retrospect of say any offset home looking not really We they succeed. runs two not That's we laggards. some to some will. underperform that the won't

across have strong where trying in Our generate in really focus to companies we returns is the spaces conviction. portfolio deep and risk-adjusted

And Jon up we market, times. earlier, -- underlying even portfolio really reflects the a said, that, strong nice quarter. the bumpy despite in very had I that fact growth the as And in far, so we have as valuation said volatile through this tick

Jon Winkelried

cycle the very rates going next higher, just why or were this through the is reset or term very not to whether would obviously sitting that in meaningfully near-zero were back that's have recession refinancing new is are I when into rates different in thing that than not, that our different we different. partners that we of that your is and essentially GFC, interest had kind us different add interest than the because reason stresses here meaningfully and are we're of now two it very was to one the realities question last cycle structure we went

triggered we're re-balancing amount just by and by manage our opportunity. -- seeing we capital see a to a that's to core do now we environment of interesting foresee of that whether environment kind a our creates structure described across also tremendous business, or on structures. we we right Todd opportunities I opportunity, capital different of a number but think in refinancing, that's portfolios expect of number or I interesting lot private-equity we're default the that's triggered side to So and of mean and whether that a like have

Gordon relates fit it really as strategic obviously So, nice is a going create to team the Angelo opportunities. to capitalizing those on

Craig Siegenthaler

Thank Todd. you. Jon,

Jon Winkelried

you. Thank

Operator

And Deutsche question we Bedell Please ahead. with next Bank. from will take our Brian go

Brian Bedell

to two as FRE morning. that ask international, a then if closing about if profile, And are would thanks, partner on is we you can there again for you about this up could or excludes to which the and project? on how be. TPG margin I FRE think synergies, thinking like versus just But Great, could I markets just said. approvals easy the you aligning quickly the structural congrats here, Hello. also the margin squeeze If that on the margin acquisition. AG there the bring maybe the two. know regulators platform it -- those I a of guess And between and good eliminate things which more is are touch you longer-term

Jon Winkelried

margin. me start Yeah, the Brian FRE on the let with --

the and basis, earlier continued On talked expanding scale FRE their Gordon would have operating businesses as the leverage each Angelo a I seen as been mentioned, journey. They're that in has margin, they FRE about. standalone we on of

margin around combined over-time. are as by a is today. with target. FRE discipline basis, together reason have XX% get they So a you've our larger and opportunity we coming the we in a a than We XXs platform the ourselves, high shouldn't believe there number scaling see that to higher no our over On years, seen to we real expanding it in would

find you but takeout. opportunity. certainly not providing premised see faster not I see a we This little on cost get it's you the regulatory costs, our to businesses but We'll a We're together. further target a FRE bit more an the of can until real do is immediate growth on into margin a really question? and faster are integration for specific real think opportunity -- premised operating respond we We date leverage. that's from some transaction growing the businesses, Brad,

Bradford Berenson

to There UK, longest, are nature expect problems transactions world approval. of business. the We're are need will several on foreign take we difficulties to that whom the of and how business Angelo from just Gordon's or regulators one number based in a being with is are we happy seek the any any I'm the Yeah, of unusual our right The now processed the there them. others given global anticipating FCA around but not Jon. will

Brian Bedell

That's helpful. That's it's great. Okay, helpful.

Jon Winkelried

was Counsel Berenson, That General our Brad

Brian Bedell

Thank Sure. you.

Jon Winkelried

Thanks Brian.

Operator

And Please Stanley. take next we go Cyprys with ahead. will question our Morgan Michael from

Michael Cyprys

Hey, the good morning. for deal and taking Congratulations the on question. thanks

elaborate they and take on marketplace Josh the sourcing mind the approach could that as just they on they the perspective if differentiated with Adam side? if others, you. to Just also line. and in on curious what was most versus with wouldn't Gordon of credit the see sharing Thank their I on they Angelo investments maybe

Josh Baumgarten

taken of a particularly a the on start a as the from people the credit From then question. us years. investor. pivot [indiscernible] we've perspective, distressed couple knew Traditionally and over I'll last deliberate side brand sharp very past sourcing our

as approach, since in asset are past but of to of best doing their we've a years a in We actively of alongside two seen what explosion owners sponsors over pivoted that more is terms particular needs the origination partnership our and solve of capital an three private-equity result. the we companies work to to

People want an earlier, not the our seeing lines. across much way them say, set different as would to come I with Jon stress all from portfolio. we And we're to us our perspective, work because opportunity in the of they to mentioned business trying are know in while

new we're working massive terms is all seeing would their working clients of of are I TPG this that's with them create we yielded in is to partnering one significant partnership that significantly opportunity what sourcing. improvements the opportunity we're than capital terms origination say increase greater things seeing. massive, markets excited and for our base our But approach so in Frankly the with with in are of solutions a has today about

Jon Winkelried

business. it's Gordon, markets credit grown they've lending have They attacking have business. of they're terms approach have multiple business, angles attacking at engaged we things Josh structured before the one credit of you with describe credit the disciplines. just When clear Angelo were listen first across add Angelo multiple, partners if on on the that think I me where the we side to that. the in opportunity. strategies Gordon, that They our to Yeah, through an multiple the focused of let that They is distribution themselves opportunistic direct new into

a the of with for in fund the kind our never of side, number we've grown fund. us some size necessarily familiar one bit little the particular one or approach where it out platform, We a of more on got particular maxed we reminded strategies. respects, different of As in private-equity

If are opportunity. so, flows where to able the pools market grown going to we rather where be with trying had you to creates IPO, are our capital multiple the remember, exactly to go it ability of strategies, obviously, attack take and capital when know people opportunities also advantage terms over-time to a vehicles and laterally through raise us at step-out none the of or we real through going but our in because took grow being that of of the nimbleness

right And in we're environment in now. the that

different cross met it's think -- number I because it what the platforms was, monoline aspect opportunities and out of actually business, talent. of people platform the new lending and I section Josh is they was with the new think It in market, it let's just business, about opportunity. they that, their as it with heavily one they went platform invested wasn't a and we wasn't to attracted focused was as Gordon direct we the met like is a say other pivoted, on did just the Angelo focusing across relative of what overtime, range described, a

platform Josh did. Blackstone, a number originally people the on came other from of

credit that so, kind credit, focusing distressed was differentiated. of sort a on just world the was multi-strategy Josh the this just And to something that of attractive credit side, role from the us -- -- from mentioned that it's from very on the and into pivot a within

scale who what minimal market the the the the has size a platform. of approached kind you and doing who and of multi-disciplined If has in credit terms kind this of in some who -- as that, of say, along are balanced market result has look -- scale and approach and level you different throughout in and and managers

reinvested that done many successfully in their like managers did actually our just we They're in had IPO. that and actually that not they business, heavily approaching

accelerate of on that to hit that to combined lot growth. able But confidence before. do you consequences scale once being point we'll able think to really a platform, the a which able obviously of so we'll point And Jack's we has have that to margin be we be basis,

Michael Cyprys

you. Great. Thank

Jon Winkelried

you. Thank

Operator

And O'Shea question next we with Fargo our Finian Securities. will Wells Please go ahead. from take

Finian O'Shea

Thank Good channel of Can large How then retail immediate also as touch journey? fundraising? Jack a grow market of terms quickly for morning can work to what the from brings multi-year Angelo And in sort you. well. would to mentioned Brook orientation you everyone. market. you that you on and or Twin congratulations Hey, happen? Gordon lower-middle that its that Is

Jack Weingart

Hey, Finian, thanks. Look, do you talk retail first? want to the about

Josh Baumgarten

Yeah. Sure, just briefly.

Jack Weingart

I are you now? mean where

Josh Baumgarten

Yeah.

side, or On key it's us. retail intermediary distribution side and been for the retail area a of focus

our TPG number one actually We exposure real get in closed-end have a need more retail that ourselves our exposure structures. lean there open-end in highlighted and recently, areas and to side It's to of of both I client a a from fund significant channel. perspective increasing that more fund the and that think,

on. I think our very working when math together early we're

Adam Schwartz

our brand mean obviously distributing through I combined the two equity and I -- partners our transaction. know ability that you mean, I by we're greatly private are topic, this firms channel as to think retail product the deliver on products consistently. we between to is channel our already the enhanced

been the is, do, we et every currently, us of a in obviously we we we don't channel the we market to interest-rate floating-rate market interesting through products cetera. what's the have taking loan in exposure raise don't that. have capital Essentially have know business What our partner to that's more yield-oriented

this like give greater feel us partner. will we a importance channel us for -- frankly So as

of so that the And platform. excited part expand to we're

Jack Weingart

I now, we've and to new other trying Well, about a to for each already working together partnership, this structures be to to year to talking been been we've since say, create create would new channel. attractive the products Yeah.

So to work quickly. relatively that expect we begin

mix alluded been the almost current little side, say their the you to, XX% a think mix, is I'd on XX% fundraising across about broadly businesses more this has and but international. Americas over Angelo institutional when Gordon's

built the our faster side. very the side LTE the LPs real internationally together in AUM areas growing from all time well some bigger with lack know, of think opportunity as with of a we expand significant the we've overlap together, presence institutional spent retail on the there's you given As as to and we

like On is I Brook in that lending very market, they've on differentiated your focused real direct as become mentioned area. question, Twin lower-middle

got a believe focused be of market, going Gordon's to to strongly that that accomplish -- it's it's support have build-out. but business, a raise going that segments think to take going I of on scaling we pools Angelo to infrastructure to time. other the credit to We're little of additional capital

Jon Winkelried

I the the continuing. business this lower-middle regional crisis, the don't mid-market the of on going credit, unfortunately, sort provision credit credit tell into to traditional what's way, world from the look you be market. banking on in about by I contraction if year shifted the result bank of for gear the basis accentuated channels, of banking Even has that's mean a it's in of contraction really as that's and mean that's another at and the going regional anybody I it terms obviously to of of have of going the be accentuated the to now,

an So, there's Twin Brook just lending large period for markets. established the very a brand in opportunity like

be the that. intend we beneficiaries So to of

Josh Baumgarten

Twin highlight specifically, business. base Brook we've diversify terms to more to in to that, investor of the that structure retail look actually capital just in our And that responses of

permanent specifically Cs and for we success B, also there series vehicles to in as next market while far. capital investor with so -- traditional pools market, met we're ongoing the evergreen that in be raising we've So we're is access our demanding of capital, actually been because significant channel the might fund

Operator

ahead. Katz question Credit take Bill And we from our Suisse. will with next Please go

William Katz

Thank transaction. you and the much for question congrats the taking very on Okay. as well

opportunity Just to the to the coming franchise. back grow

about And retail net can where one transaction, about the you. issuance? kind about side just as in might high are for stock franchise think of would think then worth the comfortable you at of from you the insurance. how leverage your the running growth you other of on some the Thank dilution what I the maybe see you talked first? maybe Jack prioritize was you think supplement, wondering if I you and and share negating

Jon Winkelried

new on let that particular capabilities sourcing. everyone We've additional one of of product our been insurance in with with respect in and of before reasons about our franchise a to and on opportunity build is think diversification I that clearly insurance and think the we that this of to our talked the series order touch focused in products capabilities. Well, the we've growth to ability needed to and I and retail capital penetrate just out new service market terms me adding

having In helping structural terms some more market, of and returning return profiles of debt products. mean traditional higher an liabilities, profile to happening fixed-income private mix products opportunities. a of from and in some you across private-equity the of it's fixed-income array players the at these I the fund insurers what's insurance structured if look obviously to

we're insurance players this by approach -- stronger of ability structured and those of to position number our offer much been a an our that as section of reputation a products because the history our is So cross transaction, a partners -- view do. this customize something global insurance our even for solutions we've that prior that TPG to attractive we're and post brand. to And transaction, view in partner

perspectives, of like ability this our So do from a really number unlocks of to that. kind

as mean, look, channel. for retail of would mass-affluent the think but mix high-net not a that's the On we've been quite and I have probably TPG worth, at appropriate side, product -- we what had retail you

to with so relates ability different is as our to simply service is of type transformative channel array. this And -- it a that this product

other is to our excited the some we're instance, of origination some to that about the bring us debt side with, along business. the for does the ability also, thing this And for as capabilities of that well, which do

As and amount interest of things as from and lending and climate impact impact products an channels demand there's a example, like something this retail like reasonable example. where an of

a as differentiated leader we again, with several We grow relates to that think other the and this should have market across our mean market as we product. and into impact leading and tools, so gives ourselves I capabilities that of us it

Jack Weingart

normalized at balance up the and with accomplish quarter we on Bill, on ourselves $XXX question, and XXX over about had, cash IPO, will like of million using on This -- something as your result mentioned end little in flexibility. to significant a flexibility of sheet. transaction first-quarter We as your this. the for set end-of-the to cash I at cash -- you six $XXX about of million $XXX between level us sheet know, the And $XXX million bring to that down balance million us

dipping be million. revolver, our also $XXX We'll into

transaction a we and existing creates this, this creates we And really still So sheet X.X at believe of created the do capacity kind a sheet we'll leverage. our more that IPO. efficient modest, have leverage. revolver, leverage, pretty thinking be it efficient step it times a plus will use After balance of modest the about call toward relatively balance

base. offset in intent So, dilution, our to have increase flexibility. significant float to to near-term float, our to There transaction buy-back we is not continue, post want this we no reduce as stock the the pro-forma growth. create mentioned, continue And balance we near-term. to over the we'll about our how XX% only sheet use think share we're to to of And time, about issuing

William Katz

you. Thank

Operator

from will next we And Beatty go ahead. question Please take UBS. with Adam our

Adam Beatty

and you Thank congratulations.

share and particular Gordon's in Appreciate wallet LPs you're areas ask the in small that maybe any with expecting in And you participate wanted year? the to approach wondering -- this how your around that, would still you. given of thoughts about to if very get about fundraising Just some TPG to there. some how synergies strong that maybe the market, the are in Angelo LPs opportunity. just some taking you Thank thinking Gordon out of private-equity historically and incremental the revenue for Angelo you have overlap What wanted growth-oriented investing. flagships also existing

Jon Winkelried

Well, yes, thanks I the mean. question. yes yes. guess, and for I

new of partners, one overlap almost that that basis. of was LP together some have terms interesting, was surprising, the our we when that our think extent, modest in we I got and things with to really

-- that and real I on many one last, important And don't did now, probably before both the six. we that -- or we've both introduce transaction, had announced to about us we've a to relationships I presents you're before for earnings I know that opportunity calls we to this have think aware well interesting we how think, another this

strategy about LPs, product we were public, offerings the that, on product most by calls, the mix about earnings all thinking last six consistent doing in terms part and been our market. and this asked, what expand of this we how expand On we were our went of been asked six we've of our with we've since to probably

incredibly And multiple providing we LP partner that possibly as means multiple be take of kind with we strategic have we streams core of holistically that to partnerships LP be our seriously our one return a partners LPs. things as can to and as objective our and products, the is

in If partnerships been generally, there's capital developing engaged concentration from LTEs. the market the we're larger of formation management a you're on obviously, what's alternative with LPs where with in market, providing across strategic watching -- going firms our we're our asset relationships, multiple strategies,

great that. ability estate the a are think credit, Angelo capabilities really And Gordon our I benefit across do the to to so, real -- of inclusion

been once meeting already partnership, of partners sort we've And and LP your partners, new this we're asked to, many solidify to exploring forward of our opportunities. guys by you we're looking-forward looking

that's been tell We there. an Formation capabilities, for powers combined can that's Capital So of I groups, and know, basis, on in a our you big that opportunity fundraising capital focus clearly investing combined as already, us. our our our for really formation which a us. area capability up you we're

that than core team. didn't more disciplines size within of -- our that didn't product we and knowledge we have the team. our our -- our other within This other have necessarily brings doubles It

form in a expands to it capital way. capability So meaningful our

accelerate on both a meaningful of and impact between to think have back of will respective franchises So kind our opportunity that lots we our forth of growth. ability our

Jim Coulter

introducing Coulter. Jim way say, already, this very group of been received. morning that is them accretive. in partner of history well credit with highly I note I'd and about platforms base contact we've has successfully a in know of been this our that have to And dollars to let we our LP capital This trillions in would a was

Adam Beatty

thanks Jim, it. and very Appreciate Jon much.

Jon Winkelried

Thanks

Operator

McKenna will from Brian go next JMP Securities. we our take from question And Please ahead.

Brian McKenna

the Thanks. Good all on congrats and morning deal.

So, a at given Angelo I'm capital this the business been past on equity. private could backdrop Gordon it's about But fundraising, recurring basis trends talk for of AUM. clearly raise tough of more then over a And assuming fundraising specifically you in year parts more mix so. or the

So how should we raising fund a think longer-term? about at the cadence and TPG consistency pro-forma on of basis

Josh Baumgarten

five Sure. of the I'll had start over There X,XXX really couple LPs were about We've years. past new firm credit solid past the on actually over momentum side. of really, the years. the

will which above of corporate expectations. two throughout relates of but it We credit As raised amount credit, closed be dry vehicles our to to and on largest in both our invest target be opportunity going-forward. in careers in probably market have think next successfully prepared specifically, set to probably what a good the powder XXXX, we there return the capital, the we significant credit deployed we

right more now in of as as that Permanent capital the lending, that investors we're mentioned the changing demanding. earlier, is And It's now. capital. market as middle Brook business obviously also our announced, market of series been raising at funds. have capital $X.X traditional Angelo Gordon something Twin for billion, to structure mentioned, billion our permanent $X we're I

We our very proportion we base lending going as right capital now across a our to middle-market greater of have momentum solid forward. be significantly expect franchise. it But

more the going corporate you're talk lot structured It's private middle-market credit interesting, structured world different lending, but all pass you're talking people is I about then credit. about forms consumer when And to everything would and a touches credit, that market XX now, to the in the our five, next it's over at market, as be over it big a most well for will right least been what we've credit that in stage nascent years, at as current as people refer the decade. private it in

the expect think that and happened expect and day, market are and we continue faster we we to are So in the that going to by this significant changing in market we this scratching or there. surface leader beneficiary exiting just what be in Banks cost March. particular, a their we're

few surface there has credit one opportunity specialty of a the a well been dollar finance. scratching terms we're over of It's and again So decade. multi-trillion who just we're the structured and in for

Adam Schwartz

the so specifically side seeing we're in real the on are real-estate of the seeing we day actually the day excited estate as in without very Real and response. funds we comment news echo estate good are seeing market about the on able or our vintage I'll sentiment this all products, from market, all for opportunity strong being because that to we're are in support investors to

Jack Weingart

there Yeah, lot Brian, have of if the the across credit is Jon -- as we those have I'd Gordon things one say, is we had Jack. There Angelo they that risk products under generally, blown direction concentrated More estate. much come number up cycle. structurally found fundraising real really about mentioned, more and just it's different attractive of of credit would out gone with monoline category single more that firms one

diversify basis, single cycles. In exposure cycle. upon they've lot reliant on most Angelo Gordon's fundraising that And less across own does credit fundraising therefore case, of one well-positioned our and to segments got combined obviously, single are a to strategies multiple a

And kind referred fundraising. continuous of the more of then to you nature on on the always kind of

has to relatively us the think, the the that's establishment constant enable together. early of but fundraising, opportunities of that is structures one to, Josh Angelo kind growth real I for of in Gordon As alluded

Brian McKenna

Got Thank Super it. helpful. you.

Jack Weingart

Thanks.

Operator

Mason will Luke Paribas. to ahead. Please with go we next And go BNP

Luke Mason

around good Yeah, I you funds more for wondering thanks question. I'm my it targets and flagships. had the to then, the It's as challenged the much just the within platform. fundraising on environment. and and more And specifically appreciate morning, impact relates any taking challenging just if

Jon Winkelried

we sorry, we you. hear can't can't, Luke,

You're coming through.

in flagships he get know asking among quite to think harder what's muffled differentiated was or of easier the you raised. I terms about

was think that I the question.

Luke Mason

question. the was that Yeah, Thanks.

Jon Winkelried

towards I backdrop, difficult raising flagships of to targets. performance backing see them the all among investment continuing the them, and fund good all progress to all of relative say, campaigns the are of them let's we're making similar Luke, have across talked about, progress

as prior growth in sizes think fund across for they're backdrop. base still say one all we the struggling, We going out prudent the But tough about and think on all versus -- I that our see just wouldn't one fund each as I relative think doing smaller blowing to plan in business. we're to and we cases slightly cost a it's we mentioned well so to expect call,

Luke Mason

you. Thank

Jon Winkelried

Thanks.

Operator

would And the remarks. this for concludes Gary the additional or Q&A closing portion back I over of today's Stein call. to now turn like call to

Gary Stein

Thanks, joining feel or operator. with Abenie morning. any this free to Please Thanks, have everyone, if us follow-up Great. you me for questions.

Operator

Thank conference today's call TPG concludes And and this webcast. you.

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

TPG (TPG) 15 May 232023 Q1 Earnings call transcript