TPG (NASDAQ:TPG) reported a landmark conclusion to fiscal 2025 on Thursday, as the private equity pioneer officially crossed the $300 billion assets under management (AUM) threshold behind its strongest annual fundraising and deployment cycle to date.
The San Francisco and Fort Worth-based firm reached $303 billion in total AUM as of December 31, 2025, representing a significant climb from the $222 billion reported just two years ago.
The growth was fueled by a record-breaking $51 billion in capital raised during the year, alongside $52 billion in deployments as TPG capitalized on a rebounding M&A environment.
This expansion was spearheaded by the continued scaling of its TPG Rise impact platform and a powerhouse year for its credit business, which benefited from the first full year of integration with Angelo Gordon.
Operationally, TPG's high-margin Fee-Related Earnings (FRE) continued to provide a stable floor for the business, even as realization timing fluctuated.
For the fourth quarter, the board declared a quarterly dividend of $0.61 per share of Class A common stock—a significant 35% increase from the prior year’s $0.45 payout—reflecting management's confidence in the firm’s enhanced scale and diversification.