TPG reported a lower quarterly profit but collected more in investment management fees and saw the value of investments rise 2% in the September quarter.
The third quarter has proven a punishing one for publicly traded private fund managers as many were forced to write down the value of their holdings, hit hard by the market slump.
The S&P 500 index declined by about 5% during the quarter.
TPG reported a third-quarter profit of $37.4m, compared with a profit of about $58.2m for the year-earlier period.
After-tax distributable earnings, or money that could be returned to shareholders, fell to $113m, from $283m a year earlier.
TPG saw a roughly 23% increase in management fees, though fee-related earnings declined from a year earlier as the firm incurred higher operating costs as a public company as well as higher expenses related to the return to office.
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The value of the firm’s investments rose by 2.4% during the quarter.
TPG went public in January, so the year-earlier results are given on a pro-forma, or “as if” it were public, basis.
The firm, which is based in San Francisco and Fort Worth, Texas, said it raised some $8.2bn in the quarter. It ended the quarter with a record $46.4bn in dry powder, or money available to be invested.
Investments that TPG announced during the third quarter include music-data company Musixmatch and India’s largest consumer lending app, EarlySalary, now called Fibe.
The firm said it sees significant opportunities to deploy additional money from a technology-focused fund that provides capital to privately held technology companies that want to remain private longer.
Assets under management rose by 24% compared with a year earlier to $135bn.
Write to Maria Armental at email@example.com
This article was published by The Wall Street Journal, a fellow Dow Jones Group title
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