TPG said on Tuesday its after-tax distributable earnings rose to $199 million in the first quarter, up from $65 million a year earlier, adding that its private equity and impact investing businesses had delivered strong growth in asset sales.
TPG’s result exceeded the average analyst estimate of $149 million calculated by financial data provider Refinitiv.
The performance was in line with Blackstone, KKR, and Carlyle, which all reported bumper profits despite soaring inflation, rising interest rates, and Russia’s invasion of Ukraine.
“We weighted our exits towards full company sales instead of initial public offerings. That’s because an IPO doesn’t lock in the equity value for our fund investors,” TPG Chief Financial Officer Jack Weingart said.
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