TPG, Inc. shares surged 5.48% in pre-market trading on Tuesday, as investors reacted to the alternative asset manager's second-quarter results that significantly exceeded analyst expectations.
The company reported adjusted earnings per share of $0.69, topping the consensus estimate of $0.60 by 15%. Total revenue for the quarter reached $1.84 billion, doubling from $920.5 million a year earlier, while fee-related revenues climbed 27% year-over-year to $628.2 million. TPG also declared a quarterly dividend of $0.59 per share, consistent with its prior payout.
Additionally, assets under management rose 25% over the past twelve months to $326.8 billion, and the firm raised $16.1 billion in new capital during the quarter. Chief Executive Officer Jon Winkelried highlighted the strength of TPG's diversified platform and client relationships as key drivers of the record first-half performance.
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