TPG, T. Rowe, Franklin Templeton Detail Fundraising Hauls; Texas TRS Commits $334M

TPG, T. Rowe, Franklin Templeton Detail Fundraising Hauls

TPG, T. Rowe Price, and Franklin Templeton used quarterly earnings calls to detail fundraising momentum across private markets, with each firm citing growth in alternatives and private wealth distribution.

TPG raised $16B in the quarter, bringing YTD capital formation to more than $26B, with CEO Jon Winkelried reiterating a 2026 target of $50B+. Private equity strategies raised $8B, with TPG Partners X and Healthcare Partners III now at more than $14B toward a roughly $17B target. The firm's Peppertree infrastructure vehicle held a $1B first close, and credit fundraising reached $5.6B, powered in part by a $2.5B new commitment from Jackson Financial that brings total commitments under that insurance partnership to $4.5B.

T. Rowe Price posted $6.5B in net client outflows – its smallest in five quarters – as alternatives and active ETFs offset continued active equity redemptions. Alternatives generated $2B in net inflows for the quarter, with OHA-managed private credit funds posting gains across institutional and wealth channels and roughly $22B of alts fee-basis AUM now eligible to earn carried interest. The firm's Goldman Sachs-branded private markets interval fund launched in July, and its ETF lineup grew to $30B in assets on $4.4B of quarterly inflows.

Franklin Templeton raised $11.8B across its alternatives platform, pushing fiscal YTD private markets fundraising to $33B and prompting CEO Jenny Johnson to lift the firm's full-year outlook to about $40B. Lexington Partners' flagship secondaries fund is on track to exceed $10B by September, and the firm's Evergreen platform – spanning Lexington, Benefit Street Partners and Clarion Partners – grew to $8.9B in AUM.

On the allocator side, Texas Teacher Retirement System committed $334.5M across seven funds in July, split between private equity and its energy, natural resources and infrastructure portfolio, including new relationships with Transom Capital, Terramont Infrastructure and Antler Special Opportunities. Elsewhere, the Illinois Police Officers' Pension Investment Fund posted an RFP for one or two opportunistic private credit managers to deploy a combined $250M; and General Electric Pension Trust committed $100M in seed capital to the Privacore VPC Asset Backed Credit Fund.