TPG INC TPG
COM CL A · Common Stock · CUSIP 872657101 · ISIN US8726571016
American investment company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($9.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $63.48. Options: 11 managers hold calls ($24.9m notional), 8 hold puts ($16.2m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 94 |
| Q4 2022 | 109 |
| Q1 2023 | 112 |
| Q2 2023 | 125 |
| Q3 2023 | 121 |
| Q4 2023 | 168 |
| Q1 2024 | 194 |
| Q2 2024 | 203 |
| Q3 2024 | 221 |
| Q4 2024 | 273 |
| Q1 2025 | 253 |
| Q2 2025 | 275 |
| Q3 2025 | 319 |
| Q4 2025 | 342 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 133 | 59 |
| Q2 2024 | 121 | 92 |
| Q3 2024 | 133 | 94 |
| Q4 2024 | 163 | 100 |
| Q1 2025 | 150 | 127 |
| Q2 2025 | 182 | 109 |
| Q3 2025 | 194 | 102 |
| Q4 2025 | 191 | 133 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $7.0m | $51.5m | 7.39 |
| Q2 2025 | $68.5m | $149.7m | 2.18 |
| Q3 2025 | $79.0m | $45.6m | 0.58 |
| Q4 2025 | $24.9m | $16.2m | 0.65 |
Biggest buyers
| BANK OF AMERICA CORP /DE/ | Added | +8.6m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.8m |
| T. Rowe Price Investment Management, Inc. | Added | +1.5m |
| CITADEL ADVISORS LLC | Added | +504.7k |
| Zurich Insurance Group Ltd/FI | New | +445.7k |
| MORGAN STANLEY | Added | +442.1k |
| VANGUARD GROUP INC | Added | +314.3k |
| Legal & General Group Plc | Added | +278.5k |
| Interval Partners, LP | New | +251.7k |
| Qube Research & Technologies Ltd | New | +224.8k |
Biggest sellers
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -2.9m |
| BlackRock, Inc. | Reduced | -1.4m |
| JPMORGAN CHASE & CO | Reduced | -1.3m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -1.1m |
| Balyasny Asset Management L.P. | Reduced | -1.1m |
| Point72 Asset Management, L.P. | Reduced | -753.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -605.2k |
| Azora Capital LP | Sold out | -435.1k |
| Freestone Grove Partners LP | Sold out | -401.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Sold out | -321.2k |
Biggest calls
| Walleye Trading LLC | Reduced | $5.4m85.0k shares |
| CITADEL ADVISORS LLC | Reduced | $5.3m82.9k shares |
| Twin Tree Management, LP | Reduced | $4.9m77.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.6m40.9k shares |
| PEAK6 LLC | New | $2.0m30.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.8m28.5k shares |
| JANE STREET GROUP, LLC | Reduced | $1.2m18.7k shares |
| IMC-Chicago, LLC | New | $849.1k13.3k shares |
| UBS Group AG | Unchanged | $673.0k10.5k shares |
| GROUP ONE TRADING LLC | Reduced | $127.7k2.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $10.7m167.9k shares |
| JANE STREET GROUP, LLC | Added | $2.5m39.8k shares |
| IMC-Chicago, LLC | New | $1.2m19.4k shares |
| Walleye Trading LLC | Reduced | $906.5k14.2k shares |
| CITADEL ADVISORS LLC | Reduced | $523.5k8.2k shares |
| Walleye Capital LLC | Reduced | $140.4k2.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $63.8k1.0k shares |
| GROUP ONE TRADING LLC | Added | $57.5k900 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
TPG GP A, LLC
13D · may seek influence
-1.9 pts · filed 2026-08-18
Stated purposeThis Amendment amends and supplements Item 4 of the Original Schedule 13D by inserting the following before the penultimate paragraph: "Q3 2026 Exchange Pursuant to the Exchange Agreement, on August 14, 2026, 6,960,798 Common Units were ultimately distributed to certain partners of TPG Partner Holdings, L.P. and the API Entities in connection with the exchange by such partners of those Common Units for an equal number of shares of Class A Common Stock and the cancellation of an equal number of shares of Class B Common Stock (the "Q3 2026 Exchange")." Full filing |
56.4% |
| WELLINGTON MANAGEMENT GROUP LLP 13G · institution +4.0 pts · filed 2026-09-08 | 11.2% |
| Temasek Holdings (Private) Ltd 13G · passive investor -0.7 pts · filed 2026-04-17 | 6.5% |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 13G · institution new · filed 2026-03-20 | 5.9% |
| INTEGRATED CORE STRATEGIES (US) LLC 13G · passive investor +0.9 pts · filed 2026-06-17 | 5.2% |
Fell to 5% or below in the last year: MANAGED ACCOUNT ADVISORS LLC (0.0%, 2026-05-14), Capital International Investors (3.3%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-27)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 17 | $303.2m | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 1 | $190.3k | $190.3k |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 2 | $361.2k | $256.3k |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 1 | $101.2k | $101.2k |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 12.7m $810.8m | Added +314.3k |
| BANK OF AMERICA CORP /DE/ 0.06% of their portfolio | 12.2m $778.0m | Added +8.6m |
| Capital International Investors 0.12% of their portfolio | 11.7m $749.1m | Added +52.2k |
| WELLINGTON MANAGEMENT GROUP LLP 0.10% of their portfolio | 9.3m $591.6m | Reduced -1.1m |
| Temasek Holdings (Private) Ltd 1.81% of their portfolio | 8.8m $561.3m | Reduced -11.1k |
| BlackRock, Inc. 0.01% of their portfolio | 8.3m $530.5m | Reduced -1.4m |
| T. Rowe Price Investment Management, Inc. 0.13% of their portfolio | 5.3m $338.2m | Added +1.5m |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 12.59% of their portfolio | 4.9m $314.7m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.21% of their portfolio | 4.6m $292.7m | Added +1.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 4.1m $259.1m | Added +216.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 3.6m $227.2m | Reduced -605.2k |
| CITADEL ADVISORS LLC 0.13% of their portfolio | 3.1m $197.7m | Added +504.7k |
| Capital World Investors 0.02% of their portfolio | 2.9m $182.5m | Added +13.1k |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 2.7m $170.3m | Reduced -5.3k |
| MORGAN STANLEY 0.01% of their portfolio | 2.4m $152.2m | Added +442.1k |
| STATE STREET CORP 0.00% of their portfolio | 2.3m $148.4m | Added +92.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio | 2.3m $145.8m | Reduced -2.9m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.7m $111.2m | Reduced -1.3m |
| Vulcan Value Partners, LLC 1.98% of their portfolio | 1.7m $110.0m | Reduced -236.5k |
| TimesSquare Capital Management, LLC 1.62% of their portfolio | 1.7m $107.5m | Reduced -22.4k |
| NORGES BANK 0.01% of their portfolio | 1.7m $106.8m | Not comparable |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.26% of their portfolio | 1.4m $91.7m | Reduced -190.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.3m $86.0m | Added +53.7k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 1.1m $69.3m | Reduced -140.7k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 1.0m $65.8m | Reduced -21.8k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 838.0k $53.5m | Added +90.1k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 779.5k $1.0m | Added +1.0k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 759.0k $48.5m | Reduced -27.5k |
| Point72 Asset Management, L.P. 0.08% of their portfolio | 749.6k $47.9m | Reduced -753.9k |
| Gillson Capital LP 3.12% of their portfolio | 747.4k $47.7m | Added +25.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 735.4k $47.0m | Added +204.1k |
| LORD, ABBETT & CO. LLC 0.13% of their portfolio | 653.7k $41.7m | Reduced -223.2k |
| UBS Group AG 0.01% of their portfolio | 597.0k $38.1m | Reduced -181.3k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 572.1k $36.5m | Reduced -306.3k |
| Holocene Advisors, LP 0.07% of their portfolio | 528.3k $33.7m | Added +43.0k |
| Legal & General Group Plc 0.01% of their portfolio | 474.5k $30.3m | Added +278.5k |
| Zurich Insurance Group Ltd/FI 0.20% of their portfolio | 445.7k $28.5m | New |
| PICTON MAHONEY ASSET MANAGEMENT 0.31% of their portfolio | 440.5k $28.1m | Added +16.9k |
| Grafton Street Partners Management Company, LLC 13.28% of their portfolio | 424.9k $27.1m | First filing |
| Partners Group Holding AG 1.94% of their portfolio | 423.2k $27.0m | Reduced -57.6k |
| Invesco Ltd. 0.00% of their portfolio | 411.8k $26.3m | Reduced -5.7k |
| Longaeva Partners L.P. 2.85% of their portfolio | 374.8k $23.9m | Reduced -10.6k |
| Schonfeld Strategic Advisors LLC 0.11% of their portfolio | 357.9k $22.8m | Added +93.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 348.5k $22.2m | Added +81.6k |
| FMR LLC 0.00% of their portfolio | 328.1k $20.9m | Reduced -56.1k |
| South Street Advisors LLC 2.90% of their portfolio | 323.8k $20.7m | Reduced -27.5k |
| National Philanthropic Trust 0.19% of their portfolio | 309.1k $19.7m | Added +136.0k |
| Border to Coast Pensions Partnership Ltd 0.33% of their portfolio | 300.0k $19.2m | Unchanged |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 297.4k $19.0m | Added +9.2k |
| Swiss National Bank 0.01% of their portfolio | 273.7k $17.5m | Added +19.6k |
| Nuveen, LLC 0.00% of their portfolio | 271.7k $17.3m | Added +11.9k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 258.3k $16.5m | Added +10.2k |
| Interval Partners, LP 0.38% of their portfolio | 251.7k $16.1m | New |
| WESTWOOD HOLDINGS GROUP INC 0.12% of their portfolio | 238.7k $15.2m | Added +4.7k |
| TD Asset Management Inc 0.01% of their portfolio | 234.5k $15.0m | Reduced -25.3k |
| River Road Asset Management, LLC 0.16% of their portfolio | 234.3k $15.0m | Reduced -5.5k |
| Susquehanna Portfolio Strategies, LLC 0.23% of their portfolio | 233.1k $14.9m | Unchanged |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 224.8k $14.4m | New |
| Private Wealth Partners, LLC 1.01% of their portfolio | 222.9k $14.2m | Added +109.0k |
| Cerity Partners LLC 0.02% of their portfolio | 220.2k $14.1m | Added +14.0k |
| JENNISON ASSOCIATES LLC 0.01% of their portfolio | 213.5k $13.6m | New |
| Skandinaviska Enskilda Banken AB (publ) 0.05% of their portfolio | 187.5k $12.0m | Added +27.0k |
| Balyasny Asset Management L.P. 0.02% of their portfolio | 183.0k $11.7m | Reduced -1.1m |
| CANADA LIFE ASSURANCE Co 0.02% of their portfolio | 180.4k $11.5m | Added +12.8k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 170.4k $10.9m | Added +31.4k |
| California Public Employees Retirement System 0.01% of their portfolio | 169.8k $10.8m | Added +14.3k |
| MSA Advisors, LLC 2.71% of their portfolio | 169.5k $10.8m | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 159.3k $10.2m | Reduced -4.6k |
| CITIGROUP INC 0.01% of their portfolio | 158.2k $10.1m | Reduced -44.3k |
| Philadelphia Financial Management of San Francisco, LLC 2.05% of their portfolio | 155.7k $9.9m | Reduced -3.3k |
| Clear Harbor Asset Management, LLC 0.62% of their portfolio | 141.0k $9.0m | Reduced -1.3k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 137.0k $8.7m | Reduced -3.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 134.0k $8.6m | Reduced -274.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 131.3k $8.4m | Added +6.1k |
| NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio | 101.9k $6.5m | Added +8.0k |
| Cinctive Capital Management LP 0.36% of their portfolio | 97.8k $6.2m | Added +43.3k |
| Trexquant Investment LP 0.05% of their portfolio | 86.2k $5.5m | New |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 85.1k $5.5m | Added +7.0k |
| LPL Financial LLC 0.00% of their portfolio | 84.8k $5.4m | Reduced -4.0k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 80.3k $5.1m | Added +2.8k |
| HIGHLAND CAPITAL MANAGEMENT, LLC 0.23% of their portfolio | 73.2k $4.7m | Reduced -3.8k |
| Dockside LLC 1.16% of their portfolio | 70.7k $4.5m | First filing |
| Y-Intercept (Hong Kong) Ltd 0.10% of their portfolio | 69.2k $4.4m | New |
| MOORE CAPITAL MANAGEMENT, LP 0.09% of their portfolio | 68.0k $4.3m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 66.0k $4.2m | Unchanged |
| Verition Fund Management LLC 0.02% of their portfolio | 65.5k $4.2m | Added +55.1k |
| ExodusPoint Capital Management, LP 0.05% of their portfolio | 65.1k $4.2m | Added +33.0k |
| TRUST CO OF VERMONT 0.16% of their portfolio | 61.6k $3.9m | Added +4.0k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 59.7k $3.8m | Added +3.5k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 58.8k $3.8m | Added +25.3k |
| Walleye Capital LLC 0.02% of their portfolio | 58.7k $3.7m | Reduced -277.6k |
| Police & Firemen's Retirement System of New Jersey 0.03% of their portfolio | 57.2k $3.6m | Reduced -1.1k |
| Slagle Financial, LLC 1.27% of their portfolio | 56.9k $3.6m | Added +1.2k |
| Treasurer of the State of North Carolina 0.01% of their portfolio | 55.4k $3.5m | Reduced -4.0k |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 54.8k $3.5m | Added +22.2k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 52.3k $3.3m | Added +13.1k |
| Squarepoint Ops LLC 0.01% of their portfolio | 50.4k $3.2m | New |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio | 48.7k $3.1m | Added +6.2k |
| Prana Capital Management, LP 0.11% of their portfolio | 47.3k $3.0m | Reduced -51.1k |
| Amundi 0.00% of their portfolio | 45.6k $2.9m | New |