TPG - TPG: Push Into Private Credit Creates New Risks

2024-03-11 23:06:38 ET

Summary

• TPG's Q4 earnings were highlighted by a major growth contribution from the group's 2023 Angelo Gordon acquisition.
• The expansion into private credit and real estate adds diversification but also new risks compared to the traditional focus on private equity.
• We expect the stock to consolidate around the current level following what has been a large rally over the past several months.

TPG Inc. ( TPG ) has emerged as an outperformer among publicly-listed private equity firms, with shares up nearly 60% in the last 6 months. The alternative asset manager has benefited through its unique exposure and focus on growth-oriented strategies amid the tech-led market rally this year....

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