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TPG(TPG) - 2024 Q4 - Annual Results
TPGTPG(TPG)2025-02-11 13:00

Financial Performance - TPG reported total revenues of 1,076.4millionforQ42024,anincreasefrom1,076.4 million for Q4 2024, an increase from 983.1 million in Q4 2023, representing a growth of 9.5%[11] - Net income for Q4 2024 was 11.1million,adecreasefrom11.1 million, a decrease from 42.4 million in Q4 2023, reflecting a decline of 73.9%[12] - Fee-Related Revenues (FRR) for Q4 2024 were 461million,down1461 million, down 1% from 465 million in Q4 2023[13] - Fee-Related Earnings (FRE) decreased by 16% from 226millioninQ42023to226 million in Q4 2023 to 190 million in Q4 2024, with a FRE margin of 41%[16] - After-tax Distributable Earnings (DE) increased from 206millioninQ42023to206 million in Q4 2023 to 261 million in Q4 2024, a growth of 26.7%[20] - TPG's operating profit margin was 1.0% for Q4 2024, down from 4.3% in Q4 2023[11] - Total revenues for Q1 2024 were 824,071,adecreaseof16.2824,071, a decrease of 16.2% compared to Q4 2023's 983,137[80] - Net income attributable to TPG Inc. for Q1 2024 was 15,519,comparedtoanetlossof15,519, compared to a net loss of 13,977 in Q2 2024[80] - After-tax Distributable Earnings for Q1 2024 were 180,625,comparedto180,625, compared to 205,647 in Q4 2023, reflecting a decrease of 12.2%[81] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached 246billion,up11246 billion, up 11% year-over-year[13] - Assets Under Management (AUM) rose 11% year-over-year to 245.9 billion in 4Q'24, driven by capital raised of 4.7billioninRiseClimateII[41]−PerformanceEligibleAUMtotaled4.7 billion in Rise Climate II[41] - Performance Eligible AUM totaled 209.3 billion, representing 85% of total AUM at the end of 4Q'24[50] - Performance Generating AUM was 163.4billion,accountingfor66163.4 billion, accounting for 66% of total AUM at the end of 4Q'24[50] - AUM Subject to Fee Earning Growth was 28 billion, estimated to generate approximately 167millioninannualrevenue[47]−FAUM(FundsUnderManagement)decreasedto167 million in annual revenue[47] - FAUM (Funds Under Management) decreased to 37,075 million as of December 31, 2024, down from 37,941millionatthebeginningoftheperiod,representingadeclineofapproximately2.337,941 million at the beginning of the period, representing a decline of approximately 2.3%[53] Capital and Investments - Capital raised remained stable at 8.8 billion for both Q4 2023 and Q4 2024[13] - Approximately 32.9billionwasinvestedduringthelasttwelvemonths,with32.9 billion was invested during the last twelve months, with 57.6 billion available for deployment at the end of Q4 2024[55] - Total capital invested for fiscal year 2024 was 32,944million,downfrom32,944 million, down from 22,217 million in fiscal year 2023, indicating a significant increase of 48%[57] - The company raised 5,513millioninfee−earningcapitalforthefiscalyear2024,adecreaseof39.55,513 million in fee-earning capital for the fiscal year 2024, a decrease of 39.5% compared to 9,047 million in fiscal year 2023[56] Dividends and Shareholder Returns - The company declared a quarterly dividend of 0.53pershare,payableonMarch7,2025[3]−FREattributabletoTPGInc.was0.53 per share, payable on March 7, 2025[3] - FRE attributable to TPG Inc. was 0.51 per share for 4Q'24 and 2.09pershareforFY′24[68]−Declareddividendof2.09 per share for FY'24[68] - Declared dividend of 0.53 per share for 4Q'24, totaling 1.74pershareforFY′24[68]−Thecompanyplanstomaintainadividendpolicyofatleast851.74 per share for FY'24[68] - The company plans to maintain a dividend policy of at least 85% of earnings attributable to the TPG Operating Group, subject to board discretion[85] Performance Metrics - Realized performance allocations, net were 105 million in 4Q'24, primarily driven by the TF platform and Growth IV in the Growth platform[25] - For FY'24, realized performance allocations, net totaled 195million,mainlyfromTIintheCapitalplatformandRiseClimateIintheImpactplatform[25]−4Q′24netaccruedperformancefortheCapitalplatformwas3.6195 million, mainly from TI in the Capital platform and Rise Climate I in the Impact platform[25] - 4Q'24 net accrued performance for the Capital platform was 3.6%, while the Growth platform achieved 3.9%[26] - Total equity-based compensation related to TPG Inc. Ordinary Service Awards was 28 million, with an unrecognized compensation expense of 238.4millionattheendof4Q′24[69]AcquisitionsandStrategicInitiatives−TheacquisitionofAngeloGordonisexpectedtoenhanceTPG′sgrowthandoperationalcapabilitiesmovingforward[7]−TheacquisitionofAngeloGordonisexpectedtoenhancethecompany′sassetmanagementcapabilitiesandexpanditsmarketpresence[87]FinancialStructureandMetrics−TotalGAAPAssetsasofQ42023were238.4 million at the end of 4Q'24[69] Acquisitions and Strategic Initiatives - The acquisition of Angelo Gordon is expected to enhance TPG's growth and operational capabilities moving forward[7] - The acquisition of Angelo Gordon is expected to enhance the company's asset management capabilities and expand its market presence[87] Financial Structure and Metrics - Total GAAP Assets as of Q4 2023 were 9,369,672, with a projected increase to 10,535,109byQ42024[84]−TotalparticipatingsharesoutstandingincludeClassAsharesandTPGOperatingGroupCommonUnits,reflectingtheequitystructureofthecompany[109]−Cashandcashequivalentsreached10,535,109 by Q4 2024[84] - Total participating shares outstanding include Class A shares and TPG Operating Group Common Units, reflecting the equity structure of the company[109] - Cash and cash equivalents reached 0.8 billion at the end of 4Q'24, following net proceeds from subordinated notes offerings[34]