TPG Inc. Class A Common Stock Barclays 24th Annual Global Financial Services Conference

Yeah, sure. Thanks. First, it is great to be here. It is fantastic to have joined TPG. I have been with the firm for now about six weeks. As you can imagine, my initial focus is really to conduct a listen and learn phase. I am really digging into the various platforms and strategies of the firm, really spending time with our people and understanding what are the strategic and operational drivers of growth in the various businesses. It is important for me to get to know the people that are making a difference in this firm. To that extent, I have engaged on a mini world tour over the past few weeks. I have spent some time in Asia, spent some time in Europe, and in the U.S., meeting the investment teams. I have started to attend some of our investment committees.

It has been great to see it come to life, to see the culture of TPG come to life during those investment committee meetings. TPG is known for its distinct collaborative culture, its thematic approach to investing. It is great to see it come to life in the meetings, to see the investment teams, investment professionals come together with specialized operations professionals in evaluating the investment theses around various investments, and then articulate the drivers of value creation for LPs. In terms of my priority as CFO, my focus is really on understanding how the finance organization can support the firm in its long-term growth strategy. How can we support the scaling of our platforms? How can we support continuing to make the right investments in our people, in our capabilities, while maintaining expense discipline and driving, ultimately, operational leverage?

I am spending a lot of time with Jack and the rest of the team to ensure a seamless transition of the CFO functions and continuing to execute on our strategy.

Sure. Well, the dirty little secret is I've been doing this for a while now. I've had two jobs. We didn't announce me as CEO of our private wealth business until we found a great new CFO to step into that role in Axel. As you know, we launched T-POP. As of a year and a half ago, we had some very distinctive private equity-focused evergreen vehicles. Mostly, we inherited those through Angelo Gordon. We had TCAP, that feeds into our direct lending business, Twin Brook. We had MBP, that's a very high-performing asset-backed finance vehicle that feeds into that asset-backed finance business.

But in private equity, for the 30-year history of the firm, we had placed one closed-end fund at a time in a world where the convenience of evergreen vehicles was becoming the predominant way that financial advisors and their clients wanted to invest in private markets. We had an excellent 30-some-odd-year track record of private equity investing, but we hadn't put the effort in to repackaging what we do into that evergreen format. The first step for us was to create what everyone now knows as T-POP. To your point on differentiation, since we launched T-POP a year and a quarter ago, on the platforms that we have been distributing through, we have been one of the most popular, and in some months, the most popular private equity evergreen vehicle on their shelf, sometimes outselling even our big peers who have much bigger brands.

The first step, to your point, was establishing TPG as a chosen partner by financial advisors. I think in the first year and change with our biggest partners that we had worked with in closed-end fund world for a long time, we've probably done business with four or five times as many financial advisors in that one-year period as we had in the 25-year history of working with them in closed-end fund world because we've created a much more user-friendly, accessible product in T-POP. So we're off to a good start. We've started building our brand. The next steps from here are, number one, expand our distribution and our brand recognition across more than just the handful of initial partners we have with T-POP. We've talked publicly about the fact that we have two new international partners launching right now.

We have a series of additional partners that we're launching with on the back of that in multiple jurisdictions around the world: Japan, Australia, Canada. We're building teams to support that distribution and build our brand. The second piece is expanding products beyond private equity. So think about the T-POP of credit. Take the asset-backed finance access point, the direct lending access point. We have no access point yet on our higher octane credit solutions business, but a multi-strategy credit interval fund. We're one of the best-positioned credit managers to offer that, and we're actively working on that. Then think about the same kind of tent pole, T-POP of real estate in a new non-traded REIT seeded in today's valuation environment with no legacy exposure to assets purchased back in a zero rate environment. We have good demand from our partners to launch those products.

But between expanding our brand with additional partners and layering on additional products, then the third piece, I would say, is part of our strategic roadmap is once we have those building blocks to find the right partners to create the right bundled solutions, model portfolios, target date funds, et cetera. All that is kind of in the works.

Yeah. We're very pleased with the fundraising progress we've made this year. For over the first half, we raised $26 billion. Very pleased with that progress, and we continue to be confident in our ability to raise over $50 billion this year.