TPG Financial Performance and Growth Strategies
3
Operating Leverage
FRE Margin¹ Expanding as Newer Products Scale
38%
37%
31%
2020
2021
Mar-2022 LTM
>45%
Target2
▼TPG
1. FRE Margin is calculated as Fee Related Earnings divided by Fee Related Revenues. All periods shown are on a pro forma basis adjusted for the Reorganization as if it occurred January 1, 2020. See appendix for a reconciliation to GAAP revenue and net income, as
applicable. 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.
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