[Form 4] TPG Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 08/08/2025 Sarvananthan Ganendran, a director of TPG Inc., was automatically allocated 14,388 additional units of TPG Partner Holdings, L.P. ("TPH Units") upon forfeiture by a former partner. The allocation is reported on a Form 4 and is described as an automatic allocation under the partnership agreement.

Under TPG's Amended and Restated Exchange Agreement, those TPH Units are exchangeable on a one-for-one basis for cash or, at the issuer's election, shares of Class A common stock subject to customary adjustments and transfer restrictions. The filing indicates the reporting person now directly beneficially owns 1,407,838 TPH Units (or the economic equivalent in Class A shares). The Form is signed by an attorney-in-fact under a previously filed power of attorney.

Insights

Financial Analyst

Director received additional partnership units that are exchangeable for Class A shares, modestly increasing direct economic exposure.

The Form 4 documents an automatic allocation of 14,388 TPH Units to Sarvananthan Ganendran, increasing his direct beneficial ownership to 1,407,838 units or equivalent Class A shares. These units convert one-for-one into cash or Class A common stock under the issuer's exchange agreement, so the allocation represents an increase in potential equity exposure rather than an open-market purchase. The disclosure is routine in form and does not, by itself, quantify economic impact beyond the stated unit totals.

Corporate Governance Expert

The exchange mechanics are noteworthy: exchanged units convert into Class A shares while corresponding Class B shares held by Group Holdings are cancelled.

The filing restates that upon exchange of TPH Units an equal number of Common Units held by Group Holdings are exchanged for the exchange consideration and an equal number of Class B shares held by Group Holdings are automatically cancelled for no additional consideration. The filing explicitly notes Class B shares carry ten votes each but no economic rights. These mechanics are disclosed facts that may affect the company's capital structure over time if exchanges occur, but this specific allocation is described as an automatic forfeiture allocation and appears routine.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sarvananthan Ganendran

(Last) (First) (Middle)

301 COMMERCE STREET, SUITE 3300

(Street)

FORT WORTH TX 76102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TPG Inc. [ TPG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
TPG Partner Holdings, L.P. Units	(2)	08/08/2025		A(1)		14,388		(2)	(2)	Class A Common Stock(2)	14,388	$0	1,407,838	D

Explanation of Responses:

1. On August 8, 2025, 14,388 additional units ("TPH Units") of TPG Partner Holdings, L.P. ("Partner Holdings") were allocated automatically to the Reporting Person in accordance with Partner Holdings' limited partnership agreement upon their forfeiture by a former partner of Partner Holdings.

2. Pursuant to the Amended and Restated Exchange Agreement filed by TPG Inc. (the "Issuer") with the Securities and Exchange Commission (the "Commission") on November 2, 2023, TPH Units are ultimately exchangeable for cash or, at the Issuer's election, shares of Class A common stock of the Issuer on a one-for-one basis, subject to customary conversion rate adjustments and transfer restrictions (the "exchange consideration"). Upon an exchange of TPH Units, an equal number of Common Units of TPG Operating Group II, L.P. held by TPG Group Holdings (SBS), L.P. ("Group Holdings"), of which Partner Holdings is an indirect limited partner, are exchanged on a one-for-one basis for the exchange consideration, and an equal number of shares of Class B common stock of the Issuer also held by Group Holdings will be automatically cancelled for no additional consideration. Each share of Class B common stock entitles the holder to ten votes per share but carries no economic rights.

Remarks:

(3) Joann Harris is signing on behalf of Mr. Sarvananthan pursuant to the power of attorney dated December 29, 2021, which was previously filed with the Commission.

	/s/ Joann Harris, as attorney-in-fact (3)	08/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction did Sarvananthan Ganendran report on the TPG (TPG) Form 4?

The Form 4 reports an automatic allocation of 14,388 TPH Units to Sarvananthan Ganendran on 08/08/2025 following forfeiture by a former partner.

How many TPH Units does the reporting person beneficially own after the allocation?

After the allocation the reporting person is shown as directly beneficially owning 1,407,838 TPH Units (or equivalent Class A common shares).

Can TPH Units be converted into TPG Class A common stock?

Yes. Per the Amended and Restated Exchange Agreement filed November 2, 2023, TPH Units are exchangeable one-for-one for cash or, at the issuerlecthoice, shares of Class A common stock, subject to customary adjustments and transfer restrictions.

What happens to Class B common stock upon exchange of TPH Units?

The filing states that upon an exchange an equal number of Class B shares held by Group Holdings will be automatically cancelled for no additional consideration; each Class B share carries ten votes but no economic rights.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 is signed by Joann Harris as attorney-in-fact for Mr. Ganendran pursuant to a power of attorney dated December 29, 2021.