TPG Inc.: Model Update

Research evidence excerpt

TPG Inc.: Model Update

Kenneth B. Worthington, CFA AC North America Equity Research

(1-212) 622-6613 24 July 2026 J P M O R G A N

kenneth.b.worthington@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We see TPG as well-sized for growth with a number of large fund

series and tangential products that can capitalize on TPG’s brand

and distribution channels. We also note TPG has executed

inorganically, as evidenced by the Angelo Gordon acquisition in

2023, the Peppertree acquisition in 2025, and the Jackson

partnership in 2026. Management has been able to point to a

number of examples around the ongoing success of the

acquisition, including both revenue (new products blending

legacy and AG, LP cross-sell, establishing a broker license for

YTD 1m 3m 12m AG to generate cap markets fees) and cost synergies (redundant

Abs -34.2% 6.2% -3.4% -25.3% technology and office space). After completing more of a self-

Rel -42.4% 5.6% -7.6% -41.8%

described “building” year in 2024, TPG struck a constructive

Company Data tone on the year-end call, outlining a number of building blocks

Shares O/S (mn) 377 to double AUM over the next handful of years (<5 years realistic

52-week range ($) 70.38-36.95 per management on the call). We continue to see TPG as having

Market cap ($ mn) 15,864.05

Exchange rate 1.00 ample white space to tackle on the distribution side, particularly

Free float (%) 92.3% in private wealth and insurance, with progress made on both

3M ADV (mn) 2.30 (though we note broader market sentiment on wealth has been

3M ADV ($ mn) 97.7

Volatility (90 Day) 37 tempered lately), and capabilities and investments have been

Index S&P 500 made into both channels. We have an Overweight rating on TPG.

BBG ANR (Buy | Hold | Sell) 12|4|0

Valuation