Bending the Curve: Driving Transformative Growth
DE Bridge
TPG
($M)
2019
2020
Sep'21 LTM
GAAP Net Income
$1,180
$1,439
+ Net loss attributable to redeemable interests in Public SPACS
10
196
$4,966
63
+/- Net (income) loss attributable to non-controlling interests inconsolidated TPG Funds
+/- Net (income) loss attributable to other non-controlling interests
(58)
12
(10)
(561)
(549)
(2,284)
- Gain on deconsolidation
+/- Unrealized performance allocations
+ Unrealized investment income
+ Unrealized loss on derivatives
+ Proceeds from sale of non-controlling interests
+ Non-recurring items
After-tax Distributable Earnings
-
- RemainCo Asset Mgmt Fee¹
- Assets to RemainCo - FRE¹
- Assets to RemainCo - RII²
+ PB Paid from Carry Pool³
(402)
(153)
(267)
(1,190)
(37)
(20)
(370)
2
21
4
11
11
$393
$441
$1,179
17
21
(6)
(11)
(57)
(33)
(26)
113
114
119
- Interest from Debt Pushdown
(4)
(4)
(4)
-
- New Promote Splits 5
(261)
(273)
(754)
+ Non-Recurring Transaction and Reorganization Costs
(19)
- Income Taxes
After-tax Pro Forma Distributable Earnings
+ Income Taxes
Pre-tax Pro Forma Distributable Earnings
Note: Figures above may not sum due to rounding.
1. The asset management fee and transfer of FRE assets to RemainCo in 2019 is considered to offset.
2. Investment income related to strategics investments + investment income from non-securitized funds.
3. Reduction of cash partner bonus paid from FRE.
4. Additional interest incurred as a result of the debt pushdown, assumed to be equal across all years.
5. Reduction of promote public company would receive based on new promote splits across funds.
(6)
(5)
(20)
$179
$233
$505
11
14
30
$190
$247
$534
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