XML 37 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance Table (“PVP Table”) 
 
                           
Value of Initial Fixed $100
Investment Based On:
             
Year 
 
Summary
Compensation
Table Total
for PEO
($)
(2)
   
Compensation
Actually Paid
to PEO
($)
(3)
   
Average
Summary
Compensation
Table for
Non-PEO

Named
Executive
Officers
($)
(2)
   
Average
Compensation
Actually Paid
to Non-PEO

Named
Executive
Officers
($)
(3)
   
Total
Shareholder
Return
($)
   
Peer Group
Total
Shareholder
Return
($)
(4)
   
Net Income
($)
(in thousands)
   
FRE
($)
(in thousands)
(5)
 
2025
    29,897,761       47,634,118       29,979,362       35,608,626       251.57       138.03       184,588       952,572  
2024
    32,754,716       244,232,465       24,194,631       64,240,415       239.23       131.52       23,483       764,228  
2023
    198,685,926       298,209,756       17,841,590       55,813,461       158.86       95.30       80,090       606,331  
2022
(1)
    34,123,944       35,145,544       34,936,014       36,962,900       97.80       77.58       92,426       453,850  
 
(1)
TPG commenced trading in connection with the IPO on January 13, 2022. All changes in fair value as determined pursuant to ASC 718 during the 2022 year and the performance measures of Net Income and FRE are measured from December 31, 2021. The performance measures of total shareholder return and peer group total shareholder return are measured from the date of the IPO through December 31, 2022.
 
(2)
For each of 2022, 2023 and 2024, the CEO in the compensation columns is Mr. Winkelried, and NEOs in the compensation columns are Mr. Coulter, Mr. Weingart, Mr. Sisitsky and Ms. Vazquez-Ubarri. For 2025, the CEO in the compensation columns is Mr. Winkelried, and NEOs in the compensation columns are Mr. Coulter, Mr. Weingart, Mr. Sisitsky and Ms. Chu.
 
TPG | 2026 Proxy Statement |
(3)
“Compensation Actually Paid” to the CEO and the average “Compensation Actually Paid” to our other NEOs (excluding the CEO) reflect the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
   
2022
   
2023
   
2024
   
2025
 
Adjustments to Determine
“Compensation Actually Paid”
 
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
 
Total Reported in Summary Compensation Table
    34,123,944       34,936,014       198,685,926       17,841,590       32,754,716       24,194,631       29,897,761       29,979,362  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Less, for amounts reported under the “stock awards” column in the SCT
    1,444,436       9,922,582       184,999,271       4,384,680       17,052,695       14,139,274       13,607,777       21,142,601  
Plus, the fair value of awards granted during covered year that remain unvested as of
year-end
    1,262,816       9,518,617       251,065,762       5,723,910       22,963,765       19,233,386       14,262,204       23,908,186  
Plus, the change in fair value from the beginning to end of covered year of awards granted prior to covered year that were outstanding and unvested as of
year-end
    (2,376,329)       (2,315,637)       17,079,676       24,838,720       181,661,899       21,081,229       5,387,592       504,889  
Plus, the change in fair value from prior
year-end
to vesting date of awards granted prior to covered year that vested during covered year
    (1,825,108)       (1,176,438)       10,194,089       8,250,334       9,527,541       9,331,581       (1,109,477)       (211,890)  
Plus, the value of any dividends or other earnings paid on stock or option awards in the covered year prior to vesting
    5,404,657
(a)(b)
 
    5,922,926
(a)(b)
 
    6,183,574
(a)(b)
 
    3,543,587
(a)(b)
 
    14,377,238
(a)(b)
 
    4,538,862
(a)(b)
 
    12,803,815
(a)
 
    2,570,679
(a)
 
“Compensation Actually Paid”
    35,145,544       36,962,900       298,209,756       55,813,461       244,232,465       64,240,415       47,634,118       35,608,626  
 
  (a)
Amount includes the value of dividend equivalents paid on unvested RSUs and accrued on unvested PRSUs and the value of distributions on unvested TPG Partner Units and RemainCo interests, in accordance with SEC rules.
 
  (b)
These amounts have been adjusted from the numbers previously reported in the PVP Table to remove the value of dividend equivalents paid on unvested RSUs and distributions on unvested TPG Partner Units attributable to award grants after the applicable covered fiscal year, as well as the impact of vesting events that occurred after the applicable covered fiscal year.
 
(4)
We selected the Dow Jones U.S. Asset Managers Index (referred to herein as the “Index”) as our peer group for purposes of this disclosure. This Index is the same performance peer group used in the Company’s stock performance graph reported pursuant to Item 201(e) of Regulation
S-K.
 
(5)
We have selected
FRE
as the most important financial performance measure (that is not otherwise required to be disclosed in the table). We use FRE to link compensation paid to the Company’s NEOs for 2022, 2023, 2024 and 2025 to the Company’s performance. We believe that measuring FRE is a useful way to analyze Company performance year over year in future pay versus performance disclosure. FRE is not prepared in accordance with U.S. GAAP. For a reconciliation of this
non-GAAP
financial measure to the most directly comparable GAAP financial measure and insight into how this
non-GAAP
measure is considered by management, please see Appendix 1: Reconciliation of
Non-GAAP
Measures.
     
Company Selected Measure Name FRE      
Named Executive Officers, Footnote For each of 2022, 2023 and 2024, the CEO in the compensation columns is Mr. Winkelried, and NEOs in the compensation columns are Mr. Coulter, Mr. Weingart, Mr. Sisitsky and Ms. Vazquez-Ubarri. For 2025, the CEO in the compensation columns is Mr. Winkelried, and NEOs in the compensation columns are Mr. Coulter, Mr. Weingart, Mr. Sisitsky and Ms. Chu.      
Peer Group Issuers, Footnote We selected the Dow Jones U.S. Asset Managers Index (referred to herein as the “Index”) as our peer group for purposes of this disclosure. This Index is the same performance peer group used in the Company’s stock performance graph reported pursuant to Item 201(e) of Regulation
S-K.
     
PEO Total Compensation Amount $ 29,897,761 $ 32,754,716 $ 198,685,926 $ 34,123,944
PEO Actually Paid Compensation Amount $ 47,634,118 244,232,465 298,209,756 35,145,544
Adjustment To PEO Compensation, Footnote
(3)
“Compensation Actually Paid” to the CEO and the average “Compensation Actually Paid” to our other NEOs (excluding the CEO) reflect the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
   
2022
   
2023
   
2024
   
2025
 
Adjustments to Determine
“Compensation Actually Paid”
 
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
 
Total Reported in Summary Compensation Table
    34,123,944       34,936,014       198,685,926       17,841,590       32,754,716       24,194,631       29,897,761       29,979,362  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Less, for amounts reported under the “stock awards” column in the SCT
    1,444,436       9,922,582       184,999,271       4,384,680       17,052,695       14,139,274       13,607,777       21,142,601  
Plus, the fair value of awards granted during covered year that remain unvested as of
year-end
    1,262,816       9,518,617       251,065,762       5,723,910       22,963,765       19,233,386       14,262,204       23,908,186  
Plus, the change in fair value from the beginning to end of covered year of awards granted prior to covered year that were outstanding and unvested as of
year-end
    (2,376,329)       (2,315,637)       17,079,676       24,838,720       181,661,899       21,081,229       5,387,592       504,889  
Plus, the change in fair value from prior
year-end
to vesting date of awards granted prior to covered year that vested during covered year
    (1,825,108)       (1,176,438)       10,194,089       8,250,334       9,527,541       9,331,581       (1,109,477)       (211,890)  
Plus, the value of any dividends or other earnings paid on stock or option awards in the covered year prior to vesting
    5,404,657
(a)(b)
 
    5,922,926
(a)(b)
 
    6,183,574
(a)(b)
 
    3,543,587
(a)(b)
 
    14,377,238
(a)(b)
 
    4,538,862
(a)(b)
 
    12,803,815
(a)
 
    2,570,679
(a)
 
“Compensation Actually Paid”
    35,145,544       36,962,900       298,209,756       55,813,461       244,232,465       64,240,415       47,634,118       35,608,626  
 
  (a)
Amount includes the value of dividend equivalents paid on unvested RSUs and accrued on unvested PRSUs and the value of distributions on unvested TPG Partner Units and RemainCo interests, in accordance with SEC rules.
 
  (b)
These amounts have been adjusted from the numbers previously reported in the PVP Table to remove the value of dividend equivalents paid on unvested RSUs and distributions on unvested TPG Partner Units attributable to award grants after the applicable covered fiscal year, as well as the impact of vesting events that occurred after the applicable covered fiscal year.
     
Non-PEO NEO Average Total Compensation Amount $ 29,979,362 24,194,631 17,841,590 34,936,014
Non-PEO NEO Average Compensation Actually Paid Amount $ 35,608,626 64,240,415 55,813,461 36,962,900
Adjustment to Non-PEO NEO Compensation Footnote
(3)
“Compensation Actually Paid” to the CEO and the average “Compensation Actually Paid” to our other NEOs (excluding the CEO) reflect the following adjustments from Total Compensation reported in the Summary Compensation Table:
 
   
2022
   
2023
   
2024
   
2025
 
Adjustments to Determine
“Compensation Actually Paid”
 
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
   
PEO
($)
   
All NEOs
(Other
than
PEO)
($)
 
Total Reported in Summary Compensation Table
    34,123,944       34,936,014       198,685,926       17,841,590       32,754,716       24,194,631       29,897,761       29,979,362  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Less, for amounts reported under the “stock awards” column in the SCT
    1,444,436       9,922,582       184,999,271       4,384,680       17,052,695       14,139,274       13,607,777       21,142,601  
Plus, the fair value of awards granted during covered year that remain unvested as of
year-end
    1,262,816       9,518,617       251,065,762       5,723,910       22,963,765       19,233,386       14,262,204       23,908,186  
Plus, the change in fair value from the beginning to end of covered year of awards granted prior to covered year that were outstanding and unvested as of
year-end
    (2,376,329)       (2,315,637)       17,079,676       24,838,720       181,661,899       21,081,229       5,387,592       504,889  
Plus, the change in fair value from prior
year-end
to vesting date of awards granted prior to covered year that vested during covered year
    (1,825,108)       (1,176,438)       10,194,089       8,250,334       9,527,541       9,331,581       (1,109,477)       (211,890)  
Plus, the value of any dividends or other earnings paid on stock or option awards in the covered year prior to vesting
    5,404,657
(a)(b)
 
    5,922,926
(a)(b)
 
    6,183,574
(a)(b)
 
    3,543,587
(a)(b)
 
    14,377,238
(a)(b)
 
    4,538,862
(a)(b)
 
    12,803,815
(a)
 
    2,570,679
(a)
 
“Compensation Actually Paid”
    35,145,544       36,962,900       298,209,756       55,813,461       244,232,465       64,240,415       47,634,118       35,608,626  
 
  (a)
Amount includes the value of dividend equivalents paid on unvested RSUs and accrued on unvested PRSUs and the value of distributions on unvested TPG Partner Units and RemainCo interests, in accordance with SEC rules.
 
  (b)
These amounts have been adjusted from the numbers previously reported in the PVP Table to remove the value of dividend equivalents paid on unvested RSUs and distributions on unvested TPG Partner Units attributable to award grants after the applicable covered fiscal year, as well as the impact of vesting events that occurred after the applicable covered fiscal year.
     
Tabular List, Table
List of Most Important Financial Performance Measures for Fiscal Year 2025
As described in greater detail in “—Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a commitment to
pay-for-performance.
Listed below are the financial performance measures which in our assessment represent the most important performance measures we used to link compensation actually paid to our NEOs, for the 2025 year, to Company performance.
 
 
Fee-Related
Earnings
(Company Selected Measure)*
 
  Assets Under Management  
            
After-Tax
Distributable Earnings per share*
            
 
Fee-Related
Earnings Margin*
 
  Fund Performance  
 
*
FRE, FRE Margin and
After-Tax
Distributable Earnings per share are not prepared in accordance with GAAP. Please see Appendix 1: Reconciliation of
Non-GAAP
Measures for more information about these metrics.
     
Total Shareholder Return Amount $ 251.57 239.23 158.86 97.8
Peer Group Total Shareholder Return Amount 138.03 131.52 95.3 77.58
Net Income (Loss) $ 184,588,000 $ 23,483,000 $ 80,090,000 $ 92,426,000
Company Selected Measure Amount 952,572,000 764,228,000 606,331,000 453,850,000
PEO Name Mr. Winkelried      
Additional 402(v) Disclosure TPG commenced trading in connection with the IPO on January 13, 2022. All changes in fair value as determined pursuant to ASC 718 during the 2022 year and the performance measures of Net Income and FRE are measured from December 31, 2021. The performance measures of total shareholder return and peer group total shareholder return are measured from the date of the IPO through December 31, 2022.      
Measure:: 1        
Pay vs Performance Disclosure        
Name Fee-Related Earnings      
Non-GAAP Measure Description We have selected
FRE
as the most important financial performance measure (that is not otherwise required to be disclosed in the table). We use FRE to link compensation paid to the Company’s NEOs for 2022, 2023, 2024 and 2025 to the Company’s performance. We believe that measuring FRE is a useful way to analyze Company performance year over year in future pay versus performance disclosure. FRE is not prepared in accordance with U.S. GAAP. For a reconciliation of this
non-GAAP
financial measure to the most directly comparable GAAP financial measure and insight into how this
non-GAAP
measure is considered by management, please see Appendix 1: Reconciliation of
Non-GAAP
Measures.
     
Measure:: 2        
Pay vs Performance Disclosure        
Name Assets Under Management      
Measure:: 3        
Pay vs Performance Disclosure        
Name After-Tax Distributable Earnings per share      
Measure:: 4        
Pay vs Performance Disclosure        
Name Fee-Related Earnings Margin      
Measure:: 5        
Pay vs Performance Disclosure        
Name Fund Performance      
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (13,607,777) $ (17,052,695) $ (184,999,271) $ (1,444,436)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 14,262,204 22,963,765 251,065,762 1,262,816
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,387,592 181,661,899 17,079,676 (2,376,329)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,109,477) 9,527,541 10,194,089 (1,825,108)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 12,803,815 14,377,238 6,183,574 5,404,657
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (21,142,601) (14,139,274) (4,384,680) (9,922,582)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 23,908,186 19,233,386 5,723,910 9,518,617
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 504,889 21,081,229 24,838,720 (2,315,637)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (211,890) 9,331,581 8,250,334 (1,176,438)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 2,570,679 $ 4,538,862 $ 3,543,587 $ 5,922,926