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Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
15. Subsequent Events
On May 3, 2025, the Company and certain of its affiliated entities entered into a definitive agreement (the “Transaction Agreement”) with Peppertree Capital Management, Inc. (“Peppertree”) and certain affiliated entities and equityholders thereof (together with Peppertree, the “Peppertree Parties”), pursuant to which the Company will acquire the Peppertree business for an estimated closing consideration to be delivered of (i) $242.0 million in cash (based on an assumed level of net cash and working capital of Peppertree), (ii) 5,873,939 Common Units of TPG Operating Group (including an equal number of shares of Class B common stock of the Company), and restricted stock units of the Company and (iii) 2,913,939 shares of nonvoting Class A common stock of the Company. In addition, upon the satisfaction of certain fee-related revenue and fundraising targets by Peppertree, certain Peppertree Parties will be entitled to an earnout payment of up to $300.0 million (the “Earnout Payment”) over the next few years. If achieved, the Earnout Payment is payable, at the Company’s election and subject to certain limitations set forth in the Transaction Agreement, in cash, Common Units (including an equal number of Class B common stock) or a combination thereof. The transaction is subject to required regulatory approvals and certain other customary closing conditions.
Other than the events noted above and in the footnotes to the Condensed Consolidated Financial Statements, there have been no additional events since March 31, 2025 that require recognition or disclosure in the Condensed Consolidated Financial Statements.