By Connor Hart
TPG said profit and revenue rose in the first quarter, while highlighting the likelihood of new investment opportunities due to recent macroeconomic uncertainty.
The Fort Worth, Texas, alternative-asset management firm on Wednesday reported net income of $87.8 million, or breakeven, compared with a loss of $9 million, or 11 cents a share, a year earlier.
Net income attributable to TPG rose to $25.4 million from $15.5 million.
After-tax distributable earnings, a key metric for the private-equity industry, rose to $186.7 million from $180.6 million last year. On a per-share basis, quarterly distributable earnings of 48 cents came in ahead of the 47 cents that analysts polled by FactSet expected.
The company attributed the increase to higher net realized performance allocations.
Total revenue increased 26%, to $1.03 billion, while total assets under management increased 12%, to $250.6 billion.
Chief Executive Jon Winkelried said the latest quarter's results demonstrate the strength and durability of the business.
"As we look ahead, our experience has been that periods of dislocation often create some of the most interesting investment opportunities, and with $57 billion of dry powder across the firm, we are in a strong position to take advantage of this environment," he said.
TPG's first-quarter results came after the company, in partnership with Corpay, on Tuesday said it would acquire AvidXchange Holdings in a $2.2 billion deal.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 07, 2025 08:00 ET (12:00 GMT)
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