Q2 2024 TPG Inc Earnings Call Transcript
Key Points
- TPG Inc (TPG) raised $6.3 billion in the second quarter, with $4.5 billion allocated to credit strategies.
- The company declared a dividend of $0.42 per share of Class A common stock.
- TPG Inc (TPG) ended the quarter with $229 billion in total assets under management (AUM), a 65% year-over-year increase.
- The firm has $53 billion of dry powder available for investment across private equity, credit, and real estate platforms.
- TPG Inc (TPG) reported fee-related earnings of $201 million for the second quarter, up 60% year-over-year.
- TPG Inc (TPG) reported a GAAP net loss attributable to the company of $14 million for the second quarter.
- Fee-paying AUM was relatively flat sequentially, despite significant capital raises and deployments.
- The company anticipates more muted capital markets revenue in the third quarter due to deal-specific factors.
- Exit activity remains muted for the industry and TPG Inc (TPG), with slower recovery compared to deployment.
- Integration expenses related to the Angelo Gordon acquisition are expected to persist through the balance of the year.
Good morning. And welcome to the TPG second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded. Please go to TPG's IR website to obtain the earnings materials.
I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. Thank you. You may now begin.
Thanks, operator. And welcome, everyone. Joining me this morning are Jon Winkelried, Chief Executive Officer; and Jack Weingart, Chief Financial Officer. In addition, our Executive Chairman and Co-Founder, Jim Coulter; and our President, Todd Sisitsky, are also here and will be available for the Q&A portion of this morning's call.
I'd like to remind you this call may include forward-looking statements that do not guarantee future events or performance. Please refer to TPG's earnings release and SEC filings for factors that could cause actual results to differ materially from these statements. TPG undertakes no obligation to revise or update any forward-looking
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