Bending the Curve: Driving Transformative Growth
FRR and FRE Bridge
-
($M)
GAAP Revenue
- Capital-allocation income
- Deconsolidation of former affiliate
- Expense reimbursements
+ Investment income and other
Fee-Related Revenue
RemainCo Asset Mgmt Fee¹
- Assets to RemainCo - FRE¹
Pro Forma Fee-Related Revenue
Distributable Earnings
-
Realized performance allocations, net
- Realized investment income and other, net
+ Depreciation expense
+ Interest expense, net
Total Fee-Related Earnings
- RemainCo Asset Mgmt Fee¹
- Assets to RemainCo - FRE1
+ PB Paid from Carry Pool²
Pro Forma Fee-Related Earnings
Note: Figures above may not sum due to rounding.
1. The asset management fee and transfer of FRE assets to RemainCo in 2019 are considered to offset.
2. Reduction of cash partner bonus paid from FRE.
TPG
2019
2020
Sep'21 LTM
$1,988
$2,115
$5,447
(956)
(1,231)
(4,538)
(240)
(87)
(152)
(110)
(117)
51
30
$691
$716
35
$827
17
21
(6)
(11)
$691
$727
$837
$399
$451
$1,189
(286)
(313)
(946)
(54)
(57)
(83)
6
7
6
4
15
15
$69
$101
$182
17
21
(6)
(11)
113
114
119
$182
$227
$311
36View entire presentation