filecrux
Oct 29, 4:23 PM
$TPG Is TPG's 43% fee-earnings jump as strong as it looks with
$62M of catch-up fees inside it?
🏢 TPG, a private equity and credit firm with
$346B of assets under management and a
$7.34B market value at the
$44.59 close at 16:00 ET on October 28, 2026, reported 3Q'26 fee-related earnings (FRE) up 43% to
$321M
⚠️ Catch-up management fees were
$62M in 3Q'26 against
$4M in 3Q'25, so that one line supplied about
$58M of the
$129M rise in fee-related revenues
🏆 The case for the fee base is that FAUM rose 16% to
$189.5B, dry powder hit a record
$86B, and the CEO now expects to beat the
$50B fundraising target for the year with nearly
$42B raised so far
📅 Next: The
$0.55 dividend, down from
$0.59 last quarter, is payable on November 23, 2026 to holders of record on November 9, 2026
Source: SEC 8-K and earnings presentation, Oct 29
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