TPG Results Presentation Deck
Fund Performance Metrics Notes (Cont'd)
13) As of June 30, 2022, TPEP Long/Short had estimated inception-to-date gross returns of 140% and net returns of 102%. These performance estimates represent the composite
performance of TPG Public Equity Partners, LP and TPG Public Equity Partners Master Fund, L.P., adjusted as described below. The performance estimates are based on an investment
in TPG Public Equity Partners, LP made on September 1, 2013, the date of TPEP's inception, with the performance estimates for the period from January 1, 2016 to present being based
on an investment in TPG Public Equity Partners Master Fund, L.P. made through TPG Public Equity Partners-A, L.P., the "onshore feeder." Gross performance figures (i) are presented
after any investment-related expenses, net interest, other expenses and the reinvestment of dividends; (ii) include any gains or losses from "new issue" securities; and (iii) are adjusted for
illustration purposes to reflect the reduction of a hypothetical 1.5% annual management fee. Net performance assumes a 20% performance allocation. Performance results for a particular
investor may vary from the performance stated as a result of, among other things, the timing of its investment(s) in TPEP, different performance allocation terms, different management
fees, the feeder through which the investor invests and the investor's eligibility to participate in gains and losses from "new issue" securities. Unrealized Value represents net asset value
before redemptions.
As of June 30, 2022, TPEP Long Only had estimated inception-to-date gross returns of 13% and net returns of 12%. These performance estimates represent performance for TPEP Long
Only and are based on an investment in TPEP Long Only made on May 1, 2019, the date of TPEP Long Only's inception, through TPG Public Equity Partners Long Opportunities-A, L.P.,
the "onshore feeder." Gross performance figures are presented after any investment-related expenses, a 1% annual management fee, net interest, other expenses and the reinvestment of
dividends, and include any gains or losses from "new issue" securities. Net performance assumes a 20% performance allocation, with the performance allocation only received upon
outperforming the relevant benchmark. Performance results for a particular investor may vary from the performance stated as a result of, among other things, the timing of its investment(s)
in TPEP Long Only, different performance allocation terms, different management fees, the feeder through which the investor invests and the investor's eligibility to participate in gains and
losses from "new issue" securities. Unrealized Value represents net asset value before redemptions.
14) Capital Committed for TRTX includes $1,201 million of private capital raised prior to TRTX's initial public offering and $716 million issued during and subsequent to TRTX's initial public
offering.
15) Legacy funds represent funds whose strategies are not expected to have successor funds but that have not yet been substantially wound down.
16) Discontinued funds represent legacy funds that have substantially been wound down or are fully liquidated. The following TPG funds are considered discontinued: Latin America, Aqua I,
Aqua II, Ventures, Biotech I, Biotech II, TPG TFP, TAC 2007 and DASA PE.
17) Total TPG track record amounts do not include results from RMB - Shanghai and RMB - Chongqing or China Ventures, a joint venture partnership.
18) Unless otherwise specified, the fund performance information presented above for NewQuest I, NewQuest II, NewQuest III and NewQuest IV is, due to the nature of NewQuest's strategy,
as of and for the quarter ended March 31, 2022. Accordingly, the fund performance information presented above for the NewQuest funds does not reflect any fund activity for the quarter
ended June 30, 2022 and therefore does not cover the same period presented for other funds. Any activity occurring during the quarter ended June 30, 2022 will be reflected in the
performance information presented in future reporting.
19) Certain funds recorded initial capital commitments during the quarter ended June 30, 2022 but were not activated. Therefore the only activity reflected in the track record with respect to
these funds was the initial capital commitments.
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