Expanding Reach and Growth Opportunities
FRE-Centric Public Company Model with Attractive Yield
TPG
FRE Centricity
Prioritization of FRE, allowing
stable growth through cycles
100% of Fee-Related Earnings;
20% of Performance Allocations¹
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Profitable
Growth
Balance Sheet
Light
Attractive
Yield
Targeting 45%+ FRE margin²
by the end of 2023 driven
by benefits of scale and
operating leverage
Capital-light business model,
limiting exposure and risk
Intend to pay out at least 85% of
After-Tax Distributable Earnings as
dividend each quarter
1. Primarily current and future generation funds, excluding legacy and former affiliate funds.
2. There is no guarantee that we will be able to achieve the 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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