Bending the Curve: Driving Transformative Growth
Strong Financial Profile of Consistent,
Profitable Growth
Assets Under Management ($B)
$109
$90
$80
$85
$691
$67
$60
2016
2017
2018
2019
2020
Sep-2021
2019
Pre-Tax Distributable Earnings (DE)1 ($M)
$247
$190
2019
2020
$534
Sep-2021 LTM
Post IPO will contribute 20% carry²
Fee-Related Revenue¹1 ($M)
$727
2020
$837
TPG
Sep-2021 LTM
Fee-Related Earnings (FRE)1 ($M)
$182
$227
$311
2019
2020
FRE Margin
Sep-2021 LTM
26%
31%
37%
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.
2. Based primarily on current and future generation funds, excluding legacy and former affiliate funds.
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