TPG Inc. Schedule 13G filing reports that Darlington-affiliated filers collectively hold 9,000,000 shares of Class A Common Stock, representing 5.9% of the class. The percentage uses a base of 153,715,203 shares outstanding as of February 12, 2026. The filing discloses shared voting and dispositive power over the 9,000,000 shares and includes a joint filing agreement and customary disclaimers about beneficial ownership.
Positive
None.
Negative
None.
Insights
Darlington reports a passive, shared stake with standard disclaimers.
The filing lists 9,000,000 shares with shared voting and dispositive power; no sole voting or dispositive power is claimed. The signatories include DPCM LP, DP GP, Darlington, and two managers who executed joint filings.
Signatures state the holdings "were not acquired...for the purpose of changing or influencing control," which frames the position as passive under the filing's terms. Subsequent filings would show any change in intent or ownership.
Stake equals 5.9% of Class A based on issuer figures.
The ownership percentage is calculated using 153,715,203 shares outstanding as of February 12, 2026, per the filing. Shared power is stated for all reporting persons, indicating collective control through the fund structure rather than individual sole control.
Cash-flow treatment and any disposition plans are not described in this excerpt; future filings may disclose changes to the position or voting intentions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
TPG Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
872657101
(CUSIP Number)
03/13/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
872657101
1
Names of Reporting Persons
Darlington Partners Capital Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: The percentage reported herein is calculated based on 153,715,203 shares of Class A Common Stock outstanding as of February 12, 2026, as reported in the Form 10-K filed by the issuer for the fiscal year ended December 31, 2025.
SCHEDULE 13G
CUSIP Number(s):
872657101
1
Names of Reporting Persons
Darlington Partners GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
HC, OO
Comment for Type of Reporting Person: The percentage reported herein is calculated based on 153,715,203 shares of Class A Common Stock outstanding as of February 12, 2026, as reported in the Form 10-K filed by the issuer for the fiscal year ended December 31, 2025.
SCHEDULE 13G
CUSIP Number(s):
872657101
1
Names of Reporting Persons
Darlington Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The percentage reported herein is calculated based on 153,715,203 shares of Class A Common Stock outstanding as of February 12, 2026, as reported in the Form 10-K filed by the issuer for the fiscal year ended December 31, 2025.
SCHEDULE 13G
CUSIP Number(s):
872657101
1
Names of Reporting Persons
Scott W. Clark
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The percentage reported herein is calculated based on 153,715,203 shares of Class A Common Stock outstanding as of February 12, 2026, as reported in the Form 10-K filed by the issuer for the fiscal year ended December 31, 2025.
SCHEDULE 13G
CUSIP Number(s):
872657101
1
Names of Reporting Persons
Ramsey B. Jishi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The percentage reported herein is calculated based on 153,715,203 shares of Class A Common Stock outstanding as of February 12, 2026, as reported in the Form 10-K filed by the issuer for the fiscal year ended December 31, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TPG Inc.
(b)
Address of issuer's principal executive offices:
301 Commerce Street, Suite 3300, Fort Worth, TX 76102
Item 2.
(a)
Name of person filing:
Darlington Partners Capital Management, LP, a Delaware limited partnership ("DPCM LP")
Darlington Partners GP, LLC, a Delaware limited liability company ("DP GP")
Darlington Partners, L.P., a Delaware limited Darlington ("Darlington")
Scott W. Clark
Ramsey B. Jishi
DPCM LP is the investment adviser of private investment funds, including Darlington (together, the "Funds"). DP GP is the general partner of DPCM LP and the Funds. Mr. Clark and Mr. Jishi are the managers of DP GP. The Filers are filing this Schedule 13G jointly but not as members of a group, and each disclaims membership in a group. Each reporting person disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of Darlington should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
300 Drakes Landing Road, Suite 290, Greenbrae, CA 94904
(c)
Citizenship:
See Item 4 of the cover sheet for each reporting person.
(d)
Title of class of securities:
Class A Common Stock
(e)
CUSIP Number(s):
872657101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
DPCM LP: 9,000,000
DP GP: 9,000,000
Darlington: 9,000,000
Scott W. Clark: 9,000,000
Ramsey B. Jishi: 9,000,000
(b)
Percent of class:
DPCM LP: 5.9%
DP GP: 5.9%
Darlington: 5.9%
Scott W. Clark: 5.9%
Ramsey B. Jishi: 5.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
DPCM LP: 0
DP GP: 0
Darlington: 0
Scott W. Clark: 0
Ramsey B. Jishi: 0
(ii) Shared power to vote or to direct the vote:
DPCM LP: 9,000,000
DP GP: 9,000,000
Darlington: 9,000,000
Scott W. Clark: 9,000,000
Ramsey B. Jishi: 9,000,000
(iii) Sole power to dispose or to direct the disposition of:
DPCM LP: 0
DP GP: 0
Darlington: 0
Scott W. Clark: 0
Ramsey B. Jishi: 0
(iv) Shared power to dispose or to direct the disposition of:
DPCM LP: 9,000,000
DP GP: 9,000,000
Darlington: 9,000,000
Scott W. Clark: 9,000,000
Ramsey B. Jishi: 9,000,000
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
DPCM LP's clients, including Darlington, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Stock. No individual client's holdings of the Stock, other than those of Darlington, are more than five percent of the outstanding Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Darlington Partners Capital Management, LP
Signature:
/s/ Scott W. Clark
Name/Title:
Manager of Darlington Partners GP, LLC, General Partner of Darlington Partners Capital Management, LP
Date:
03/20/2026
Darlington Partners GP, LLC
Signature:
/s/ Scott W. Clark
Name/Title:
Manager
Date:
03/20/2026
Darlington Partners, L.P.
Signature:
/s/ Scott W. Clark
Name/Title:
Manager of Darlington Partners GP, LLC, General Partner of Darlington Partners, L.P.
Date:
03/20/2026
Scott W. Clark
Signature:
/s/ Scott W. Clark
Name/Title:
Reporting person
Date:
03/20/2026
Ramsey B. Jishi
Signature:
/s/ Ramsey B. Jishi
Name/Title:
Reporting person
Date:
03/20/2026
Exhibit Information
Exhibit 99.1 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
Darlington reports ownership of 9,000,000 shares of Class A Common Stock, equal to 5.9% of the class based on 153,715,203 shares outstanding as of February 12, 2026. The filing lists shared voting and dispositive power.
Who filed the Schedule 13G for TPG and who signed it?
The filing was made by Darlington Partners Capital Management, Darlington Partners GP, Darlington Partners, L.P., and two managers, Scott W. Clark and Ramsey B. Jishi. Signatures are dated March 20, 2026 and include joint filing agreement Exhibit 99.1.
Does the filing indicate Darlington intends to change control of TPG?
The filing includes a certification that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer, indicating the position is presented as passive under the stated terms.
How is voting and dispositive power reported for the 9,000,000 shares?
Each reporting person discloses 0 sole voting and dispositive power and 9,000,000 in shared voting and shared dispositive power, indicating collective authority across the fund and affiliated entities rather than individual sole control.
What outstanding share count is used to calculate the 5.9% stake?
The percentage is calculated using 153,715,203 shares outstanding of Class A Common Stock as of February 12, 2026, cited from the issuer's Form 10-K for the fiscal year ended December 31, 2025.
