"We recognize we're talking with you this morning about results that occurred several months ago. Since that time, the global geopolitical and economic landscape has changed dramatically," with widespread inflation, rising interest rates, global supply chain disruptions, a tight labor market and the war in Ukraine, Mr. Winkelried said.
He said TPG is donating to charities in Ukraine and asking its employees to do whatever they can to help. From a business standpoint, Mr. Winkelried said that none of TPG's funds have direct investments in any Russia- or Ukraine-based companies, or Russian institutional investors or sanctioned Russian nationals or limited partners.
TPG's capital business, which is its original buyout business, had $55 billion in AUM as of Dec. 31, up 10% from Dec. 31, 2020. Its growth business had $22 billion in assets under management as of Dec. 31, up 38% from $16 billion a year earlier. TPG's impact business had $14 billion in AUM as of Dec. 31, up 133% from Dec. 31, 2020. TPG had $13 billion in real estate assets under management as of Dec. 31, up 30% from a year earlier; and market solutions had $10 billion in AUM, a 43% increase from Dec. 31, 2020.
About 87% of TPG's total assets under management are in funds with a duration of 10 years or more, not including extensions.
TPG reported pro forma net income under GAAP of $231 million for the year ended Dec. 31, compared with $84.1 million in for the previous year. .
