[Form 4] TPG Inc. Insider Trading Activity

Rhea-AI Filing Summary

James G. Coulter was allocated 196,189 additional units of TPG Partner Holdings, L.P. on 08/08/2025 after those units were forfeited by a former partner. Those units ("TPH Units") are exchangeable under TPG Inc.'s amended exchange agreement for cash or, at the issuer's election, one share of Class A common stock per unit, subject to customary adjustments and transfer restrictions. The filing shows 35,415,703 shares of Class A common stock as the number of shares underlying derivative holdings following the transaction, held indirectly through personal investment vehicles.

The report explains that upon an exchange of TPH Units, corresponding common units held by Group Holdings are exchanged for the exchange consideration and an equal number of Class B common shares held by Group Holdings will be cancelled for no additional consideration. The reporting person disclaims beneficial ownership except to the extent of any pecuniary interest and files this disclosure under Rule 16 reporting requirements.

Positive

• 196,189 TPH Units were allocated automatically to the reporting person, increasing potential economic exposure.
• TPH Units are exchangeable one-for-one for cash or Class A common stock under the issuer's exchange agreement, preserving convertibility value.
• The filing discloses indirect ownership through personal investment vehicles and includes standard disclaimers, providing transparency under Section 16 reporting.

Negative

• Upon exchange, an equal number of Class B common shares held by Group Holdings will be cancelled for no additional consideration, which affects voting rights tied to those shares.
• The reporting person disclaims beneficial ownership

Insights

Financial Analyst

Routine insider allocation increases convertible economic exposure but appears non-cash and administrative in nature.

The automatic allocation of 196,189 TPH Units increases the reporting person's potential economic exposure because those units are exchangeable one-for-one for cash or Class A shares under the issuer's exchange agreement. The transaction was effectuated by forfeiture from a former partner and not by an open-market purchase or sale, suggesting a non-cash, internal reallocation. Reporting describes indirect ownership through personal investment vehicles and includes a disclaimer limiting asserted beneficial ownership to pecuniary interest, which constrains interpretation of control changes. Overall this is a routine internal allocation with limited immediate market impact.

Corporate Governance Expert

Allocation affects potential governance structure because Class B shares are cancelled on exchange, though economic rights shift to Class A equivalents.

The filing notes that on exchange an equal number of Class B common shares held by Group Holdings will be cancelled for no additional consideration; Class B shares carry ten votes each but no economic rights. That mechanism can alter the balance between economic exposure and voting power if TPH Units are exchanged, with economic value moving to Class A while corresponding high-vote Class B shares are removed. The reporting person's disclaimer and indirect ownership via investment vehicles complicate a clear assessment of control, making this disclosure important for governance monitoring but not necessarily immediately material to valuation.

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

OMB APPROVAL

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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^*

COULTER JAMES G

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

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)		196,189		(2)	(2)	Class A Common Stock(2)	196,189	$0	35,415,703	I	By Personal Investment Vehicles(3)(4)

Explanation of Responses:

1. On August 8, 2025, 196,189 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.

3. Because of the relationship between the Reporting Person and the entities holding these securities, the Reporting Person may be deemed to beneficially own these securities to the extent of the greater of the Reporting Person's direct or indirect pecuniary interest in the profits, capital accounts or distributions of the holder. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of the Reporting Person's pecuniary interest therein, if any.

4. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities in excess of the Reporting Person's pecuniary interest.

Remarks:

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

	/s/ Joann Harris, as attorney-in-fact (5)	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did James Coulter acquire according to the TPG (TPG) Form 4?

196,189 additional units of TPG Partner Holdings, L.P. ("TPH Units") were allocated to the reporting person on 08/08/2025.

How can TPH Units be converted under TPG's exchange agreement?

TPH Units are ultimately exchangeable for cash or, at the issuer's election, one share of Class A common stock per unit, subject to customary adjustments and transfer restrictions.

What is the reported beneficial ownership following the transaction?

The filing shows 35,415,703 shares of Class A common stock as the number of shares underlying derivative holdings following the reported transaction(s), held indirectly.

Do Class B shares play a role in this exchange process?

Yes. Upon exchange of TPH Units, an equal number of Class B common shares held by Group Holdings will be automatically cancelled for no additional consideration; Class B shares carry ten votes each but no economic rights.

Did James Coulter buy these units on the open market?

No. The units were allocated automatically upon forfeiture by a former partner of Partner Holdings, not purchased on the open market.

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

Joann Harris signed as attorney-in-fact for Mr. Coulter pursuant to a power of attorney, as indicated in the filing.