Bending the Curve: Driving Transformative Growth
3 Operating Leverage
FRE Margin¹ Expanding as Newer Products Scale
37%
31%
26%
2019
2020
Sep-2021 LTM
>45%
Target²
TPG
1. Figures for 2020 presented on a pro forma basis and give effect to the reorganization as if it occurred as of January 1, 2020. Figures for September 2021 LTM and 2019 are presented on an adjusted basis, consistent with the calculation for 2020. See appendix for a
reconciliation to net income and, for September 2021 LTM and 2019, a description of the adjustments. These non-GAAP metrics should be viewed in conjunction with the GAAP metrics that are included in the appendix herein. No offering related adjustments have been
included in these metrics because they are not currently estimable.
2. There is no guarantee that we will be able to achieve the illustrative target FRE margin indicated, or, if the target percentage is achieved that the increase will be based off our historical results. See Forward-Looking Statements.
30View entire presentation