TPG Q3: FRE Up 43% to $321M, AUM $346B, Fundraising Target to Be Exceeded
TPG sits 21% above its 52-week low of $36.95.
Summary
TPG reported Q3 2026 Fee-Related Earnings of $321 million (up 43%) on a 50% FRE margin, with AUM of $345.7 billion and $41.6 billion raised year-to-date. Management said it expects to exceed its $50 billion fundraising target for the year.
Key Events · Earnings and Guidance · TPG
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Q3 Earnings: FRE Up 43%
Fee-Related Earnings rose to $321 million from $225 million a year ago, lifting the FRE margin to 50% from 44%.
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AUM Reaches $346 Billion
Total AUM grew 21% year-over-year to $345.7 billion and fee-earning AUM rose 16% to $189.5 billion.
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Fundraising Target to Be Exceeded
TPG raised $15.2 billion in the quarter and $41.6 billion year-to-date, and expects to top its $50 billion full-year target, with $85.6 billion of available capital.
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Dividend Cut to $0.55
The quarterly dividend was declared at $0.55 per Class A share, down from $0.59 last quarter, payable November 23, 2026 to holders of record November 9, 2026.
Analysis · TPG · Finance
TPG's fee engine accelerated: Fee-Related Earnings rose 43% to $321 million and the FRE margin expanded to 50% from 44%, while After-tax Distributable Earnings climbed 24% to $265 million. AUM reached $345.7 billion, up 21% year-over-year, and management now expects to beat its $50 billion full-year fundraising target after raising $15.2 billion in the quarter and $41.6 billion year-to-date. The offset is that capital allocation-based income fell to $508 million from $627 million, so total GAAP revenue was roughly flat at $1.22 billion even as net income rose to $264 million from $199 million. The $0.55 quarterly dividend is a modest step down from $0.59 last quarter, tracking the lower per-share distributable earnings of $0.65 versus $0.69.
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In the 30 days to Oct 29, 2026, 30.9% of the 1649 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.02%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TPG was trading at $44.59 on NASDAQ in the Finance sector, with a market capitalization of approximately $17.1B. The 52-week trading range was $36.95 to $70.38. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.