tpg: TPG income drop in first quarterly earnings report since IPO

TPG’s earnings for the quarter-end was $41.2 million, or 52 cents per share, contrasted to $45 million, or 56 cents per share, a 12 months earlier, as the worth of its property declined.

Whereas the information are from earlier than TPG‘s IPO, they’ve been adjusted to replicate the corporate’s current system and anticipated income reporting.

The price of the corporate’s property elevated by 7% within the quarter, in comparison with 17% a 12 months in the past. In the course of the month, the S&P 500 elevated by 11%. For the general 12 months, TPG’s expenditures elevated by 38 p.c, in comparison with 18 p.c the 12 months earlier than.

TPG, which has workplaces in Fort Value and San Francisco, was one of many final of the unique private-equity behemoths to remain as a tightly guarded affiliation earlier than deciding to go public final 12 months. The shares ended at $29.99 on Friday, simply over the $29.50 IPO value, giving the corporate a market capitalization of $9.3 billion.

TPG took benefit of a powerful market in 2021, promoting off $25.4 billion in money, notably $7 billion within the fourth quarter, like a lot of its rivals.

TPG’s interim dividend, or money the corporate could distribute to stakeholders, elevated to $137 million within the quarter, up from $102 million the earlier quarter.

In the course of the first quarter, it stored promoting holdings. On March 1, a gaggle of funding corporations agreed to buy McAfee Corp., a cybersecurity agency that TPG had taken public in 2020. The company made roughly seven occasions its cash on the sale, regardless of nonetheless proudly owning a big share within the firm.

Aptiv PLC, a software program enterprise, agreed to buy Wind River Programs Inc., a TPG portfolio agency, for $4.3 billion in January.

On the conclusion of the fourth quarter, money holdings had been $113.6 billion, up from $109.1 billion within the third quarter and $89.5 billion a 12 months in the past. TPG raised $20.5 billion in 2021, together with $2.8 billion within the fourth quarter, and is within the midst of an enormous fundraising spherical throughout its largest portfolio corporations.

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