By Chibuike Oguh

TPG (Reuters) – TPG announced Tuesday that after-tax distributable earnings increased to $199million in the first quarter from $65 million a previous year. TPG also stated that its private equity, impact investing and investment businesses have experienced strong sales growth.

TPG’s results exceeded Refinitiv’s average analyst estimate at $149 Million.

Blackstone (NYSE :), KKR or Carlyle reported similar results, which had all posted record profits despite soaring inflation and rising interest rates.

“We weighted out our exits to full company sales, not initial public offerings.” Jack Weingart, TPG Chief Financial Officer stated that an IPO is not a way to lock in the equity value of our investors.

TPG reported that cashing out its investments generated $4.8 million. This includes McAfee cybersecurity software company, which Thoma Bravo and TPG sold to an investment consortium in a $14billion deal.

Fort Worth, Texas-based company also spent $4.4 Billion on new acquisitions in the fourth quarter.

Jon Winkelried (TPG Chief Executive) stated in an interview that the ratio of monetizations and new investments is probably high.

“Until recent times, you have heard of market valuations that are very high and multiples. To return capital to limited partners, we felt that this was something we needed to do. We thought it very appealing.

TPG’s Asia and private equity business had an 11% increase in funds, while the real estate fund portfolios experienced 6.2% growth. Blackstone and Carlyle saw their private equity portfolios rise by 2.8% & 7%, respectively.

TPG reported that it finished the quarter with $30.2 billion uninvested capital and $120 billion assets under management. TPG paid 44 cents each share for its first dividend since the January IPO.