Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-17

TPG Inc. (TPG)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$72,754,980
James Coulter total, FY2025
Founder and Executive Chairhighest-paid officer; CEO Jon Winkelried: $29,897,761
CEO (Jon Winkelried) pay percentile vs peers
98.9:1
CEO-to-median pay ratio
97.27%
Say-on-pay support, latest vote
Companies that benchmark against TPG
5 companies name TPG as a compensation peer

Each company listed discloses TPG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TPG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Coulter$500,000$500,000$62,436,698$0$0$0$9,318,283$72,754,980
Founder and Executive Chair
Jon Winkelried500,000013,607,77700015,789,98429,897,761
Chief Executive Officer
Jack Weingart500,00003,809,59100013,653,07117,962,662
Chief Financial Officer
Todd Sisitsky500,00006,785,4690007,513,29614,798,765
President
Jennifer Chu376,8942,475,00011,538,64700010,50014,401,041
Chief Legal Officer, General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
James Coulter$72,754,980$47,053,256$36,188,202+25,701,724
Jon Winkelried29,897,76132,754,716198,685,926−2,856,955
Jack Weingart17,962,66217,635,74213,400,853+326,920
Todd Sisitsky14,798,76521,481,49716,337,699−6,682,732
Jennifer Chu14,401,041

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
William McRavenDirector2026-05-12A7,434CommonForm 4 ↗
Kelvin DavisDirector2026-06-16A41,661421,769,759Derivative, Class A CommonForm 4 ↗
Deborah M. MessemerDirector2026-07-15A4,181RSUForm 4 ↗
Kathy ElsesserDirector2026-07-15A4,181RSUForm 4 ↗
Mary CranstonDirector2026-07-15A4,181RSUForm 4 ↗
James G. CoulterDirector2026-07-15D40,950431,766,993CommonForm 4 ↗
Gunther BrightDirector2026-07-15A4,181RSUForm 4 ↗
William McRavenDirector2026-07-15A4,181RSUForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Todd SisitskyPSU2024-11-1254,4082$3,468,252
Todd SisitskyPSU2024-04-1024,82321,022,769
Anilu Vazquez-UbarriPSU2024-01-1328,36631,107,125
Jack WeingartRSU2025-02-141,3521,35278,281
Todd SisitskyPSU2024-04-015,4412225,169
Todd SisitskyPSU2024-10-3114,7132946,046
Jon WinkelriedPSU2024-10-3122,83121,468,033
Anilu Vazquez-UbarriPSU2024-10-312,1032135,223
Jon WinkelriedPSU2024-11-1284,45225,383,416
James CoulterPSU2024-04-0117,9692743,628
James CoulterPSU2024-01-15158,93625,702,680
James CoulterPSU2024-04-1081,99023,378,190
Anilu Vazquez-UbarriPSU2024-04-01778232,196
Jon WinkelriedPSU2024-04-018,4392349,245
Todd SisitskyPSU2024-01-1387,08743,399,006
Todd SisitskyPSU2024-01-1329,85931,165,397
James CoulterPSU2024-10-3148,59523,124,659
James CoulterPSU2025-08-19482,083482,08318,448,119
Anilu Vazquez-UbarriPSU2024-01-156,8802246,856
Jennifer ChuPSU2025-04-14137,742137,7424,384,328
Anilu Vazquez-UbarriPSU2024-01-1387,08743,399,006
James CoulterPSU2024-11-12179,714211,455,921
Todd SisitskyPSU2024-01-1548,11921,726,526
Anilu Vazquez-UbarriPSU2024-11-127,7802495,939
Jack WeingartRSU2025-08-0825,70025,7001,498,627
Jack WeingartRSU2025-11-041,9501,950101,537
Jack WeingartRSU2025-01-1334,4402,131,147
Jon WinkelriedPSU2024-01-1574,68122,679,588
Jon WinkelriedRSU2024-01-13143,1045,585,349
Jon WinkelriedPSU2024-04-1038,51921,587,064
James CoulterRSU2024-01-13201,7787,875,395
Anilu Vazquez-UbarriPSU2024-04-103,5482146,186
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Todd Sisitsky$0$11,953,165$0100.0%
Anilu Vazquez-Ubarri05,562,5310100.0%
Jack Weingart3,809,592000.0%
Jon Winkelried5,585,34911,467,346067.2%
James Coulter7,875,39542,853,197084.5%
Jennifer Chu04,384,3280100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jennifer ChuPSU91,828$5,862,300
Jon WinkelriedRSU1,946,066124,236,853
Todd SisitskyRSU251,07815,568,919
Jack WeingartRSU127,1178,115,149
Jennifer ChuRSU68,8714,396,725
James CoulterRSU72,5114,629,102
Jon WinkelriedRSU95,4026,090,464
James CoulterRSU829,31851,421,094
James CoulterRSU188,79312,052,545
Jon WinkelriedRSU98,2516,272,344
Todd SisitskyRSU12,899823,472
Todd SisitskyRSU398,15724,717,888
James CoulterPSU482,08330,776,179
Jon WinkelriedRSU389,68524,168,609
James CoulterRSU321,38920,517,474
Jon WinkelriedRSU2,335,282149,084,403
Todd SisitskyRSU2,357150,471
Jack WeingartRSU524,59132,538,883
Jon WinkelriedRSU266,66716,597,354
Todd SisitskyRSU169,49110,820,305
James CoulterRSU134,5188,587,629
Jack WeingartRSU127,1188,115,213
Jon WinkelriedRSU122,5957,826,465
Todd SisitskyRSU65,3154,169,710
Jack WeingartRSU108,6266,730,408
Jennifer ChuRSU91,8285,862,300
Todd SisitskyRSU46,9642,998,182
Jack WeingartRSU46,6532,978,328
Jack WeingartRSU34,4402,198,650
Jack WeingartRSU12,899823,472
Jennifer ChuRSU45,9142,931,150
Jack WeingartRSU19,4081,239,007
Jack WeingartRSU3,429218,907
Todd SisitskyRSU19,9061,270,799
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is based on the following principles: Economic Alignment and Risk Mitigation; Remaining Competitive; Pay-for-Performance; Culture Alignment

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantSemler Brossy
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-032,278,059,39662,254,0691,739,63797.27%Passed
20232023-06-08712,370,11316,797,4209,13697.7%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0397.27%a
20232023-06-0897.7%b

a. Approved under the standard stated in the filing — “On Item 3, abstentions have the same effect as an "AGAINST" vote, and broker non-votes will not be included in vote totals and will not affect the outcome of the vote on Item 3.”.

b. Approved under the standard stated in the filing — “Abstentions will not be treated as votes cast in favor of or against the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)98.9 : 1
CEO total compensation$29,897,761
Median employee compensation$302,400
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Deborah M. MessemerIndependent · Audit Committee (Chair) · Compensation Committee$210,000$165,950$0$0$0$375,950
Mary CranstonIndependent · Compensation Committee (Chair) · Conflicts Committee205,000165,950000370,950
Gunther BrightIndependent · Audit Committee · Compensation Committee · Conflicts Committee (Chair)200,000169,075000369,075
James G. CoulterEmployee director · Board Chair · Executive Committee00000
Ganendran SarvananthanNot independent · Executive Committee000000
Kelvin DavisNot independent · Executive Committee000000
William McRavenIndependent · Compensation Committee · Conflicts Committee · Partial-year service · Newly elected000000
David TrujilloNot independent · Executive Committee000000
Jon WinkelriedEmployee director · Executive Committee (Chair)00000
Kathy ElsesserIndependent · Audit Committee · Compensation Committee · Newly elected000000
Anilu Vazquez-UbarriEmployee director · Executive Committee00000
Todd SisitskyEmployee director · Executive Committee00000
Jeffrey RhodesNot independent · Executive Committee000000
Nehal RajNot independent · Executive Committee000000
09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000
Stock ownership guidelinerequires our independent directors to retain 25% of RSUs and any other shares of the Company granted to them for a two-year period following vesting
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$615,000
Equity awards (grant-date value)$500,975
All other compensation$0
Total cost of the board$1,115,975

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1TPG Inc.2025Jon Winkelried$500,000$13,607,777$0$0$29,897,761

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at TPG Inc. in fiscal 2025?
James Coulter, Founder and Executive Chair, was the highest-paid executive at TPG Inc. in fiscal 2025 with total compensation of $72,754,980.
How does TPG Inc.'s chief executive pay compare to its disclosed peer group?
The CEO pay percentile relative to the disclosed peer group is not disclosed in this extract.
What is TPG Inc.'s CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 98.9:1.
How did shareholders vote on TPG Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 97.27% support in the latest vote.
How much does TPG Inc. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $1,115,975.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, James CoulterDEF 14A2026-04-210001193125-26-166834Section “Summary Compensation Table”. As printed: 72,754,980. Filing ↗machine: r2 · c23 · span 430719–430729
2Section 01, Jon WinkelriedDEF 14A2026-04-210001193125-26-166834Section “Summary Compensation Table”. As printed: 29,897,761. Filing ↗machine: r5 · c23 · span 437878–437888
3Section 01, Jack WeingartDEF 14A2026-04-210001193125-26-166834Section “Summary Compensation Table”. As printed: 17,962,662. Filing ↗machine: r8 · c23 · span 444404–444414
4Section 01, Todd SisitskyDEF 14A2026-04-210001193125-26-166834Section “Summary Compensation Table”. As printed: 14,798,765. Filing ↗machine: r11 · c23 · span 451600–451610
5Section 01, Jennifer ChuDEF 14A2026-04-210001193125-26-166834Section “Summary Compensation Table”. As printed: 14,401,041. Filing ↗machine: r14 · c23 · span 458099–458109
6Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
7Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
8Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
9Section 03, Jack Weingart RSUDEF 14A2026-04-210001193125-26-166834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r14 · c29 · span 503982–503988
10Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
11Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
12Section 03, Jon Winkelried PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
13Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
14Section 03, Jon Winkelried PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
15Section 03, James Coulter PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
16Section 03, James Coulter PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
17Section 03, James Coulter PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
18Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
19Section 03, Jon Winkelried PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
20Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
21Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
22Section 03, James Coulter PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
23Section 03, James Coulter PSUDEF 14A2026-04-210001193125-26-166834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r7 · c29 · span 487455–487465
24Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
25Section 03, Jennifer Chu PSUDEF 14A2026-04-210001193125-26-166834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r22 · c29 · span 524357–524366
26Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
27Section 03, James Coulter PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
28Section 03, Todd Sisitsky PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
29Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
30Section 03, Jack Weingart RSUDEF 14A2026-04-210001193125-26-166834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r15 · c29 · span 506717–506726
31Section 03, Jack Weingart RSUDEF 14A2026-04-210001193125-26-166834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r16 · c29 · span 509795–509802
32Section 03, Jack Weingart RSUDEF 14A2026-04-210001193125-26-166834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r13 · c24 · span 501049–501055
33Section 03, Jon Winkelried PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
34Section 03, Jon Winkelried RSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
35Section 03, Jon Winkelried PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
36Section 03, James Coulter RSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
37Section 03, Anilu Vazquez-Ubarri PSUDEF 14ASection “Executive Compensation” · grants of plan-based awards table.
38Section 07, pay ratioDEF 14A2026-04-21000119312526166834Section “CEO Pay Ratio”. As printed: 98.9 : 1. Filing ↗machine: span 713087–713093
39Section 08, Deborah M. MessemerDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 375,950. Filing ↗
40Section 08, Mary CranstonDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 370,950. Filing ↗
41Section 08, Gunther BrightDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 369,075. Filing ↗
42Section 08, James G. CoulterDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
43Section 08, Ganendran SarvananthanDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
44Section 08, Kelvin DavisDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
45Section 08, William McRavenDEF 14A2026-04-210001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
46Section 08, David TrujilloDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
47Section 08, Jon WinkelriedDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
48Section 08, Kathy ElsesserDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
49Section 08, Anilu Vazquez-UbarriDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
50Section 08, Todd SisitskyDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
51Section 08, Jeffrey RhodesDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
52Section 08, Nehal RajDEF 14A2026-06-300001193125-26-166834Section “Director Compensation”. As printed: 0. Filing ↗
53Section 02, William McRaven 2026-05-12Form 42026-05-140000947871-26-000537Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Kelvin Davis 2026-06-16Form 42026-06-180000947871-26-000638Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Deborah M. Messemer 2026-07-15Form 42026-07-170000947871-26-000711Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Kathy Elsesser 2026-07-15Form 42026-07-170000947871-26-000710Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Mary Cranston 2026-07-15Form 42026-07-170000947871-26-000707Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, James G. Coulter 2026-07-15Form 42026-07-170000947871-26-000708Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Gunther Bright 2026-07-15Form 42026-07-170000947871-26-000706Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, William McRaven 2026-07-15Form 42026-07-170000947871-26-000709Insider equity transaction reported since the proxy statement. Filing ↗
61Section 06, 2026 voteForm 8-K2026-06-050001880661-26-000036Item 5.07 · say-on-pay result. As reported: 97.27% (votes for as printed: 2,278,059,396). Filing ↗
62Section 06, 2023 voteForm 8-K2023-06-120001193125-23-165304Item 5.07 · say-on-pay result. As reported: 97.7% (votes for as printed: 712,370,113). Filing ↗
63Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
64Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
65Section 09b board cost (computed)ComputedcomputedCash 615,000 + equity 500,975 + all other 0 = 1,115,975, summed across the director compensation table rows.machine: formula: Σ = 1,115,975
66TPG Inc. (subject), Section 10b CEO totalDEF 14A2026-04-210001193125-26-166834CEO total compensation as printed in TPG Inc.'s own proxy. As printed: 29,897,761. Filing ↗machine: r5 · c23 · span 437878–437888