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  2. ALTERNATIVES
August 09, 2023 08:00 AM

TPG cites Angelo Gordon acquisition for growth potential

Firm also reports AUM increase of 1.4% for quarter, 9% for year

Arleen Jacobius
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    TPG logo over screen with graph lines on it.
    SOPA Images/LightRocket via Gett

    TPG executives have high hopes for the firm's future growth after it closes its acquisition of $73 billion credit and real estate manager Angelo Gordon, which is expected in the fourth quarter.

    "While we are still in early innings, we believe the opportunity set is even larger than we anticipated," said Jon Winkelried, chief executive officer, on TPG's second-quarter earnings call Tuesday.

    Also Tuesday, TPG reported $139 billion in total assets under management as of June 30, up 1.4% from three months earlier and an increase of 9% from a year earlier.

    Compare fund flows and AUM of publicly traded money managers with P&I's Earnings Tracker

    TPG attributed the year-over-year AUM increase to $15 billion in capital raised and $7 billion in value creation, which was partially offset by $10 billion in realizations.

    TPG raised $1.5 billion in the second quarter, down from $2 billion in the first quarter and a drop from $12.7 billion in the second quarter of 2022.

    When asked by an analyst whether TPG is offering investors incentives to commit capital to its funds, Jack Weingart, chief financial officer and director, speaking on the same earnings call, said TPG could offer big limited partners incentives to seed new investment strategies.

    "Around incentives, look, I think everyone in the industry is getting, is finding the largest LPs in the market to be good partners in helping build new businesses and that comes in lots of different forms," Mr. Weingart said.

    TPG invested more than it took in during the second quarter, $2.8 billion in the second quarter, down from $2.3 billion in the first quarter and down from $3.8 billion in the year-earlier quarter.

    Realizations also trended down compared with prior quarters at $1.3 billion in the second quarter, down from $2.3 billion in the prior quarter and down from $4.4 billion in the quarter ended June 30, 2022.

    However, TPG executives said the firm is not under pressure by investors that want more money back. Mr. Weingart said TPG was more aggressive than its peers in selling assets in 2021.

    "There's definitely a lot of pressure on GPs (general partners) in the market who have not returned a lot of capital and have a lot of unrealized investments in their fund," Mr. Weingart said.

    TPG has a younger portfolio than average in the industry, and TPG executives are now more focused on building value in that portfolio more than selling assets, he said.

    Related Articles
    TPG to cut size of flagship funds amid tough fundraising environment
    TPG regains credit capability with Angelo Gordon acquisition
    TPG's AUM up 19% in first year after IPO; firm extends flagship fundraising
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    October 23, 2023 page one

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