TPG Inc. operates as an alternative asset manager in the United States and internationally. The company provides investment management services to TPG Funds, limited partners, separately managed accounts and clients, and other vehicles; advisory, debt and equity arrangement, and underwriting and placement services; and capital structuring and other advice services. In addition, it invests in private equity funds, real estate funds, hedge funds, and credit funds. TPG Inc. was founded in 1992 and is based in Fort Worth, Texas.
Asset management stocks delivered a very strong second quarter, with the five companies tracked by this analysis beating revenue consensus estimates by 8.4% on average. Ares reported revenues of $1.28 billion, up 25.6% year on year, in line with analyst expectations but with a narrow beat on AUM estimates, and its stock is up 15.6% since reporting to $143.45. Carlyle posted revenues of $1.11 billion, up 13% year on year, beating analyst expectations by 20.7%, though its stock is down 2.6% since reporting to $49.35. Artisan Partners reported revenues of $307.9 million, up 8.9% year on year, exceeding expectations by 2.3%, with the stock up 3.6% to $42.35. Blackstone reported revenues of $3.83 billion, up 23.8% year on year, beating expectations by 10.9%, and its stock is up 17.5% to $144.36. TPG reported revenues of $610.4 million, up 24.7% year on year, topping expectations by 7.8%, with the stock up 9.3% to $53.54.
Hackers Create 72 Fake Websites Targeting Blackstone, KKR, and CME Employee Data
A ransomware group attempted to attack dozens of major US financial and business firms by creating at least 72 fake websites to steal passwords and authentication data from employees at targeted companies such as Blackstone, Apollo Global Management, KKR, Bain Capital, Bridgewater Associates, TPG, CME Group, and Moody’s. The hackers called employees’ personal mobile phones, posing as IT support, and tricked them into updating passkeys or multi-factor authentication, then directed them to fake websites with credible-sounding names like “passkeyhelpdesk” or “secure-passkey.” Google said that over five weeks, the cybercriminal group set up digital traps for more than 200 companies, including non-financial firms like Uber, Zillow, Levi Strauss, and law firms Paul Hastings and Greenberg Traurig. In some cases, companies paid ransoms, but it has not been confirmed whether the attempted attacks on the named firms were successful.
TPG second-quarter GAAP EPS misses estimates by $0.18
TPG reported second-quarter GAAP earnings per share of $0.39, missing analyst estimates by $0.18. Revenue came in at $1.84 billion, a 99.9% increase year-over-year, beating expectations by $1.27 billion.
TPG in talks to acquire Netrality Data Centers for up to $3 billion
TPG is in discussions to acquire Netrality Data Centers, a data center operator backed by Macquarie Group, in a deal valued at $2 billion to $3 billion, people familiar with the matter told Bloomberg News. The deal could be reached as soon as this fall, according to one of the sources. Macquarie's asset management division acquired a majority stake in the company in 2019 from Abrams Capital Management.
Blackstone Posts Broad Earnings Beat but Shares Struggle as Investors Await Sustained Growth
Blackstone reported second-quarter distributable earnings of $1.52 per share, up 26% and above the $1.35 LSEG estimate, yet shares failed to hold gains as investors questioned when earnings normalization will translate into sustained growth. Total assets under management climbed to $1.35 trillion on strong inflows, and the firm monetized $31.8 billion in investments during the quarter, including the sale of its majority stake in power infrastructure company Sabre Industries to TPG. Chief Financial Officer Michael Chae said income from exiting investments should slow over the next three months before turning robust again, while President Jon Gray noted that redemption requests at retail credit fund BCRED have slowed materially in July. CEO Stephen Schwarzman highlighted that nine of the firm's ten best-appreciating investments are tied to artificial intelligence, though community pushback recently forced Blackstone-owned QTS to scrap a Virginia data center project. Analysts raised price targets, with RBC moving to $169 from $161 and TD Cowen to $145 from $133, but the stock swung between gains and losses amid broader market declines.
ICICI Bank Joins TPG to Acquire Aseem Infrastructure Finance
ICICI Bank has teamed up with TPG and others to acquire Aseem Infrastructure Finance, a provider of loans for sustainable infrastructure projects in India. ICICI Bank will hold up to a 5% stake in Aseem, which has disbursed roughly $4.2 billion in loans to finance projects including 27 gigawatts of renewable energy and about 2,000 kilometers of power transmission. India is targeting 500 gigawatts of renewable energy capacity by 2030, and the partners see Aseem as well-positioned to address climate financing needs. ICICI Bank also aims to raise at least $500 million in fresh capital, with Bloomberg reporting on July 3 that the bank was in talks to issue offshore dollar bonds.
Blackstone and TPG seek over $4 billion for Hologic surgical unit
Blackstone and TPG are aiming to raise more than $4 billion from a sale of Hologic's surgical unit to pay down debt and return cash from one of last year's biggest leveraged buyouts. The two private equity firms are working with advisers to market the division that makes surgical equipment used by gynecologists, the Financial Times reported, citing people familiar with the matter. The process is still in its early stages and might not result in a deal. The business is likely to attract interest from strategic buyers and private equity. Blackstone and TPG, in partnership with Mubadala of Abu Dhabi and GIC of Singapore, acquired Hologic in an $18.3 billion deal, the second biggest public-to-private transaction in 2025.
Asset Management Stocks Q1 Results: Artisan Partners Revenue Up 9.3%, TPG Leads with 20.7% Growth
Artisan Partners reported first-quarter revenues of $303 million, a 9.3% year-on-year increase that met analyst expectations, though earnings per share significantly missed estimates. Among the five asset management stocks tracked, TPG was the best performer with revenues of $570 million, up 20.7% and beating estimates by 5.2%, while Carlyle was the weakest with revenues of $750.9 million, down 28% and missing estimates by 13%. Ares posted the fastest revenue growth at 26.2% to $1.27 billion, and Blackstone reported revenues of $3.46 billion, up 24.2% and beating estimates by 1.4%. As a group, revenues missed consensus estimates by 1.8%, and share prices have fallen an average of 8.9% since the earnings releases.
TPG Shares Fell 36% in Q1 Amid Sector Rotation, TimesSquare Capital Says
TimesSquare Capital Management's U.S. Mid Cap Growth Strategy fell 7.72% net in the first quarter of 2026, underperforming the Russell Midcap Growth Index's decline of 6.35%. The strategy highlighted that alternative asset manager TPG Inc. retreated 36% during the quarter, driven by a sharp sector-wide rotation out of alternative asset managers due to investor fears over software exposure and AI disruption. TPG announced a long-term strategic partnership with Jackson Financial, which significantly bolsters its insurance-linked fee income and credit scale, though management indicated fundraising may slow and monetization could be delayed. TimesSquare Capital has scaled back its position in TPG.
Danone to acquire Made Group from TPG in deal reported near A$2 billion
Danone has agreed to buy Australian health and wellness beverage company Made Group from TPG, with the Australian Financial Review reporting a price near A$2 billion, or $1.4 billion, against more than €300 million of fiscal 2026 sales. The acquisition strengthens Danone's presence in Australia, New Zealand, and Southeast Asia, adding high-protein and gut-health brands like Cocobella coconut water and Rokeby protein shakes that align with GLP-1 and better-for-you demand trends. Danone also announced it is buying out the remaining 49% of its Saputo Dairy Australia joint venture, giving it full control of regional manufacturing. Both deals are expected to close in the second half of the year.
TPG has appointed Axel André as its new Partner and Chief Financial Officer, effective July 27, 2026. André succeeds Jack Weingart, who will now focus full-time on leading TPG's Global Wealth Solutions business as its CEO. André joins from Reinsurance Group of America, where he served as Executive Vice President and CFO, and previously held CFO roles at American Equity Life, Jackson National, and AIG's retirement services division. TPG manages $306 billion in assets and has been expanding its wealth platform, with Weingart set to build on the early success of the firm's private equity evergreen business, T-POP.