Document:

EX-10.11

 Exhibit 10.11 

ADMINISTRATIVE SERVICES AGREEMENT 

This ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is entered into on and effective as
of                (the “Effective Date”) by and between TPG Global, LLC, a Delaware limited liability company (“TPG Global”) and
Tarrant Remain Co GP, LLC, a Delaware limited liability company (“RemainCo GP”). 
 W I T N E S S E T H 

WHEREAS, RemainCo GP (i) is the general partner of Tarrant Remain Co I, L.P., Tarrant Remain Co II, L.P. and Tarrant Remain Co III, L.P.
(collectively, the “RemainCo Partnerships”) and (ii) under the limited partnership agreements of the RemainCo Partnerships, RemainCo GP (A) is required to provide certain services to the RemainCo Partnerships (and their
affiliates) in its capacity as their general partner and (B) is entitled to a share of the net profits of the RemainCo Partnerships with respect to its general partner interest in each partnership; 

WHEREAS, RemainCo GP desires to engage TPG Global to provide certain ongoing administrative services to or on behalf of RemainCo GP for the
Term (defined below) hereof in exchange for the Annual Administration Fee (defined below); 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth, TPG Global and RemainCo GP hereby agree as follows: 
 ARTICLE I 

SERVICES 
 SECTION 1.01.
Provision of Services by TPG Global. 
 (a) During the Term, TPG Global hereby agrees to provide or cause to be provided to or
on behalf of RemainCo GP (or its designees, including Tarrant RemainCo Holdings, LLC and Tarrant RemainCo Partner Holdings, L.P.) the services described in Schedule A (the “Services”) on the terms and subject to the
conditions set forth herein. 
 (b) TPG Global shall perform the Services hereunder using a standard of care reasonably equivalent to (but in
any case no less than) the standard of care in which, and at the overall standards of quality and availability at which, similar services are performed by TPG Global and its affiliates in the ordinary course of their own operations, and under no
circumstances shall TPG Global, its affiliates or its or their respective employees or agents be held accountable to a higher standard of care. RemainCo GP understands and agrees that TPG Global is not currently in the business of providing the
Services to third parties. As a result, the parties have allocated responsibilities and risks of loss as between themselves and limited the liabilities of TPG Global as stated in this Agreement based on the recognition that TPG Global is not
currently in the business of providing the Services to third parties. Such allocations and limitations are fundamental elements of the basis of the bargain between the parties and TPG Global would not be able or willing to provide the Services
without the protections provided to TPG Global by RemainCo GP by such allocations and limitations. 

  
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 (c) RemainCo GP further acknowledges and agrees that notwithstanding anything in this
Agreement to the contrary, RemainCo GP is not entitled to rely on TPG Global for any legal services, legal advice or investment advisory work, and any advisory communications given by TPG Global, its affiliates or its or their respective employees
or agents to RemainCo GP are not to be construed as legal advice or investment advice. 
 (d) TPG Global shall not be required hereunder to
take any action (including performing any Service) that, based on consultation with outside counsel, would constitute, or that TPG Global reasonably believes, would constitute a violation of any applicable Law or order; provided, however, that in
each of the foregoing circumstances, TPG Global shall use commercially reasonable efforts to (i) provide RemainCo GP with prompt notice upon becoming aware of such impediment and (ii) use commercially reasonable efforts to modify such
Service so that it can be performed in a manner that does not violate any applicable Law or order. 
 SECTION 1.02. Annual Administration
Fee. In exchange for the Services, RemainCo GP will pay an annual administration fee to TPG Global, payable in quarterly installments in advance, in the amount of 1% per annum on the aggregate net asset value of the RemainCo Partnerships
calculated as of the last day of the preceding calendar quarter (being March 31, June 30, September 30 and December 31) (the “Annual Administration Fee”). Each quarterly installment of the Annual Administration Fee
shall be invoiced to RemainCo GP on or promptly following the date that is sixty (60) days following the last day of the preceding calendar quarter (being March 1, May 30, August 29 and November 29 of each calendar year) and
each such amount shall be due and payable within thirty (30) days of the date of the applicable invoice. The first installment of the Annual Administration Fee shall be invoiced on or promptly following March 1, 2022 and calculated as of
December 31, 2021. 
 SECTION 1.03. Term and Termination. 

(a) The obligations of TPG Global to provide or cause to be provided the Services under this Agreement shall commence on the Effective Date
and continue in full force and effect until the earliest of (such period, the “Term”): (A) the date on which RemainCo GP is dissolved and liquidated; and (B) the termination of this Agreement in accordance with
Section 1.03(b). 
 (b) This Agreement may be terminated (x) by RemainCo GP, upon thirty (30) days’
prior written notice to TPG Global, (y) by either party if performance of this Agreement by such party would result in such party or its affiliates violating applicable law or exchange listing requirements, upon such party providing the other
party with at least twenty (20) business days’ prior written notice, or (z) by mutual agreement of RemainCo GP and TPG Global. Articles III, IV and V and any accrued but unpaid obligations under Sections 1.02 and 2.01 shall survive
the termination of this Agreement and expiration of the Term. 

  
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 ARTICLE II 

EXPENSES 
 SECTION 2.01.
Expenses. RemainCo GP shall reimburse TPG Global for any reasonable and documented third-party, out-of-pocket expenses (including, but not limited to, financial,
tax reporting and legal expenses) paid by TPG Global (or its affiliates or their respective representatives) in respect of the provision of the Services to, or incurred on behalf of, RemainCo GP promptly upon receiving invoices for such expenses
from TPG Global. 
 ARTICLE III 

INDEMNIFICATION 
 SECTION 3.01.
Liability. Notwithstanding anything in this Agreement to the contrary, TPG Global shall not be liable, responsible or accountable in damages or otherwise to RemainCo GP in connection with this Agreement except by reason of acts or omissions
related to the performance of the Services or otherwise under this Agreement which are found by a court of competent jurisdiction upon entry of a final and non-appealable judgment to be the result of TPG
Global’s fraud, gross negligence, willful misconduct or Willful Breach. For all purposes hereunder, “Willful Breach” shall mean a material breach of this Agreement that is the consequence of an act or omission by a party with
the actual knowledge that the taking of such act or failure to take such action would be a material breach of this Agreement. Any party may consult with legal counsel and accountants in respect of its obligations hereunder and shall be fully
protected and justified in taking or refraining from any action in good faith, in reliance upon and in accordance with the opinion or advice of such counsel or accountants; provided that such counsel or accountants shall have been selected in
good faith and with reasonable care. No party to this Agreement shall be liable hereunder for consequential, special or punitive damages of any kind, other than those required to be paid to a third party as part of any third party claim subject to
indemnification pursuant to Section 3.02, and in no event shall TPG Global’s aggregate cumulative liability under this Agreement (whether in contract, tort, equity or otherwise) exceed the aggregate Annual
Administration Fees actually received over any two (2) year period. 
 SECTION 3.02. Indemnification. To the fullest extent
permitted by Law, RemainCo GP shall indemnify, defend and hold harmless TPG Global, each of TPG Global’s affiliates and its and their respective officers, directors, stockholders, partners, members, employees and agents, and the affiliates of
each such person (collectively, the “Indemnified Persons”) from and against any loss, liability, damages, cost or expense (including legal fees and expenses and any amounts paid in settlement) resulting from a claim, demand,
lawsuit, action or proceeding by reason of any act or omission performed or omitted by such Indemnified Person on behalf of RemainCo GP or otherwise in connection with the Services and in a manner reasonably believed to be within the scope of the
authority conferred on such Indemnified Person by this Agreement; provided that such acts or omissions of such Indemnified Person are not found by a court of competent jurisdiction upon entry of a final and
non-appealable judgment to constitute fraud, gross negligence, willful misconduct or Willful Breach. Expenses, including legal fees, incurred by an Indemnified Person and relating to any claim, demand,
lawsuit, action or proceeding for which indemnification may be sought under this Section 3.02 shall be paid by RemainCo GP upon demand by the Indemnified Person; provided that the Indemnified Person shall reimburse
RemainCo GP for such expenses if it is ultimately determined that such Indemnified Person is not entitled to indemnification hereunder. 

  
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 SECTION 3.03. Disclaimer of Warranties. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN
THIS AGREEMENT, TPG GLOBAL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND HEREBY DISCLAIMS ANY WARRANTIES OF ANY KIND WITH RESPECT TO, (A) THE NATURE, CONDITION OR QUALITY OF ANY SERVICE PROVIDED PURSUANT TO THIS AGREEMENT OR (B) THE RESULTS
THAT WILL BE OBTAINED BY USING, RECEIVING, OR APPLYING ANY SUCH SERVICE, IN EACH CASE INCLUDING ANY WARRANTY OR CONDITION OF NONINFRINGEMENT, MERCHANTABILITY, ACCURACY, SATISFACTORY QUALITY, OR FITNESS FOR ANY PARTICULAR PURPOSE. TPG GLOBAL MAKES NO
WARRANTY OR CONDITION THAT ANY SERVICE PROVIDED PURSUANT TO THIS AGREEMENT COMPLIES WITH ANY LAW OR ORDER. 
 ARTICLE IV 

ACCESS TO BOOKS AND RECORDS; 

COOPERATION 
 SECTION 4.01.
Access to Books and Records. To the extent reasonably required for TPG Global (or its designated affiliates) to perform, or otherwise make available, the Services, or otherwise perform any obligation required by this Agreement, RemainCo GP
shall, without any charge, provide TPG Global (and its designated affiliates) with access to and use of RemainCo GP’s books and records, facilities, employees, equipment and office space during normal business hours upon reasonable prior
notice; provided, that RemainCo GP shall not be required to disclose any information to the extent disclosure of such information to TPG Global is, based on consultation with RemainCo GP’s counsel, not permitted under applicable Law. If
disclosed by RemainCo GP, such information shall be subject to the terms of this Agreement, including Section 5.08 (Confidentiality) and Section 5.09 (Privilege), and TPG Global shall limit the
individuals who have access to such information to only such individuals who are reasonably required to have access in order to perform the applicable Services. If RemainCo GP does not disclose any requested information reasonably necessary for TPG
Global to perform the Services, TPG Global shall be entitled to suspend performance of such affected Services until it has access to the information required. 

SECTION 4.02. Record Retention. Each party shall retain records related to this Agreement for a period of no less than six
(6) years following expiration of the Term, and if applicable during that period, provide the other party promptly upon written request (i) reasonable access to the party’s premises, systems, data and/or database queries, as
applicable, and (ii) such data and information as required by the other party, in each case, to the extent reasonably required by the other party to comply with any claim, action, suit, charge, complaint, grievance, mediation, audit,
arbitration, inquiry, investigation, litigation or other proceeding (whether civil, criminal or administrative), order or request that has been commenced, brought, conducted or heard by or before any Governmental Entity or arbitrator;
provided, that the parties shall not be required to disclose any information to the extent disclosure of such information to the other party is not 

  
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permitted under applicable Law or order or disclosure of such information is subject to any contractual restrictions which prevent the party from disclosing such information; provided,
further, that the party shall have the right to redact terms that it deems sensitive (whether competitively or otherwise); and provided, further, that any such access shall be subject to any other applicable provisions of this Agreement
(including Section 5.08 and Section 5.09). 
 SECTION 4.03. Cooperation. 

(a) During the Term, each party shall use its reasonable efforts to provide such cooperation as is reasonably necessary in order for TPG
Global to provide, and RemainCo GP to receive, the Services hereunder. 
 (b) TPG Global and RemainCo GP shall reasonably cooperate, and
shall cause their respective affiliated entities, officers, and employees, and shall use reasonable best efforts to cause their agents, auditors and representatives reasonably to cooperate, with any reasonable request of the other party with respect
to tax matters, including in connection with preparing and filing all tax returns and any disputes, audits or other proceedings with respect to taxes. Such cooperation shall include the retention, and (upon the other party’s request) the
provision, of records and information which are reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material
provided hereunder. 
 ARTICLE V 

MISCELLANEOUS 
 SECTION 5.01.
Notices. Any notice to any party shall be delivered or sent in writing to the address of such party set forth below, or such other address of which such party shall advise the other party in writing. 

If to TPG Global, to: 
 301
Commerce Street, Suite 3300 
 Fort Worth, Texas 76102 

Attention: Michael LaGatta 

Telephone: (415) 743-1500 

Email: mlagatta@tpg.com, officeofgeneralcounsel@tpg.com 

If to RemainCo GP, to: 
 301
Commerce Street, Suite 3300 
 Fort Worth, Texas 76102 

Attention: Michael LaGatta 

Telephone: (415) 743-1500 

Email: mlagatta@tpg.com, officeofgeneralcounsel@tpg.com 

  
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 SECTION 5.02. Independent Contractor. The parties hereto expressly agree that TPG
Global is acting as an independent contractor hereunder and nothing in this Agreement shall be construed as creating a partnership, joint venture, agency or any fiduciary relationship between TPG Global and RemainCo GP. TPG Global has not assumed an
advisory or fiduciary responsibility in favor of RemainCo GP or any other obligation to RemainCo GP except the obligations expressly set forth in this Agreement. 

SECTION 5.03. Assignment. This Agreement may not be assigned by any party hereto by operation of law or otherwise without the express
written consent of the other party; provided that either party may assign, subcontract, delegate or otherwise transfer any of its rights and obligations hereunder to any of its affiliate without such consent. 

SECTION 5.04. Services Not Exclusive. The Services furnished by TPG Global pursuant to this Agreement are not to be deemed exclusive,
and TPG Global shall be free to furnish similar services to others. 
 SECTION 5.05. Amendment. This Agreement is subject to
amendment only with the written consent of TPG Global and RemainCo GP. 
 SECTION 5.06. Governing Law and Venue. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
EFFECT TO THE PROVISIONS, POLICIES OR PRINCIPLES THEREOF RELATING TO THE CHOICE OR CONFLICT OF LAWS; EXCEPT THAT THE ARBITRATION PROVISIONS SET FORTH IN SECTION 5.07 SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE FEDERAL ARBITRATION
ACT, TITLE 9, UNITED STATES CODE. 
 SECTION 5.07. Dispute Resolution. 

(a) Except as otherwise specifically provided this Agreement, the procedures for discussion and negotiation set forth in this
Section 5.07 shall apply to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of, relate to, arise under, or in connection with this Agreement or the transactions
contemplated hereby, the performance or non-performance or timely performance of the obligations set forth herein or asserted breach of this Agreement (including any questions regarding the existence,
validity, interpretation, enforceability or termination of this Agreement) or the commercial or economic relationship of the parties relating to this Agreement, between or among the parties and their respective Affiliates (any such dispute,
controversy or claim, a “Dispute”). It is the intent of the parties to each use their respective commercially reasonable efforts to settle amicably any and all Disputes that may arise from time to time on a mutually acceptable
negotiated basis. 
 (b) Either party may deliver a written notice to the other party containing reasonable detail as to the basis for a
Dispute (such written notice, a “Dispute Notice”). No later than twenty (20) business days after receiving such Dispute Notice, TPG Global and RemainCo GP shall cooperate and use their commercially reasonable efforts to resolve
such Dispute among themselves. If, following such discussions, the parties have not resolved such Dispute, then within 

  
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ten (10) business days after such discussions, members of each party with authority to resolve such Dispute shall discuss in good faith a resolution of such Dispute. Only if such Dispute
remains unresolved following such meeting, a party may initiate an arbitration relating to the Dispute pursuant to Section 5.07(c) below. Notwithstanding the foregoing, nothing in this
Section 5.07(b) shall prevent or delay a party from seeking injunctive or provisional relief (including with respect to a breach or threatened breach of Sections 5.08 or 5.09). 

(c) Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement (including, without limitation, any
dispute regarding the validity or termination of this Agreement, or the performance or breach hereof) that the parties hereto are unable to resolve in accordance with Section 5.07(b) above shall be finally settled by
arbitration administered by the American Arbitration Association (“AAA”), in accordance with its Commercial Arbitration Rules in effect at the time of the arbitration. The place of arbitration shall be Fort Worth, Texas and the
proceedings shall be conducted in the English language. The arbitration shall be conducted by three arbitrators. Each arbitrator shall be a person with significant experience in the financial services industry or representing persons in the
financial services industry. Each of TPG Global and RemainCo GP shall nominate one arbitrator within fifteen (15) days after delivery of a request for arbitration in writing by any of the parties. In the event that any of the parties to the
arbitration fail to nominate an arbitrator as and within such time period provided in the preceding sentence, upon request of either of such parties, such arbitrator shall instead be appointed by the AAA within fifteen (15) days of receiving
such request. The two arbitrators appointed in accordance with the above provisions shall nominate the third arbitrator within fifteen (15) days of their appointment. If the first two appointed arbitrators fail to nominate a third arbitrator,
then, upon request of the parties to the arbitration, the third arbitrator shall be appointed by the AAA within thirty (30) days of receiving such request. The third arbitrator shall serve as Chairman of the arbitral tribunal. The arbitrators
shall endeavor to render a final award within ninety (90) days of submission of a request for arbitration. Failure to adhere to this time limit shall not be a basis for challenging the award. The award rendered by the arbitrators shall be final
and binding on the parties thereto and judgment on such award may be entered in any court of competent jurisdiction. All costs and expenses incurred by the parties in connection with any arbitration hereunder shall be borne by the party against whom
the arbitrators’ award is rendered, and such party shall promptly reimburse the party in whose favor the arbitrators’ award is rendered for any of such costs and expenses incurred by such party. 

(d) By agreeing to arbitration, the parties do not intend to deprive any court with jurisdiction of its ability to issue a preliminary
injunction, attachment or other form of provisional remedy in aid of the arbitration, and a request for such provisional remedies by a party to a court shall not be deemed a waiver of this agreement to arbitrate. In addition to the authority
conferred upon the arbitrators by the rules specified above, the arbitrators shall also have the authority to grant provisional remedies, including injunctive relief. 

(e) Except as may be required by applicable Law or court order, the parties agree to maintain confidentiality as to all aspects of any
arbitration arising out of, relating to or in connection with this Agreement, including any such arbitration’s existence and results, except that nothing herein shall prevent a party from disclosing information regarding such arbitration for
purposes of enforcing the award or this arbitration clause, or in any court proceeding requesting the issuance of provisional remedies in accordance with Section 5.07(d). The parties further agree to obtain the
arbitrators’ agreement to preserve the confidentiality of the arbitration. 

  
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 SECTION 5.08. Confidentiality. 

(a) Each party hereto shall, and shall cause its affiliates to, maintain in confidence, and use only for purposes of this Agreement, all
Confidential Information (as defined below) and shall not disclose such Confidential Information to any third party without such other party’s prior written consent; provided, that (i) Confidential Information may be disclosed by
each party to any of its affiliates, and any of its or its affiliates’ respective employees, consultants and advisors (including third party service providers and counsel) (collectively, “Recipients”) solely on a need-to-know basis and in connection with the performance of a party’s duties under this Agreement (or RemainCo GP’s receipt of services under this Agreement) or as
required by Law to a Governmental Entity (including any action arising out of a Dispute), (ii) each party and its Recipients shall use Confidential Information solely in connection with the performance of a party’s duties under this Agreement
(or RemainCo GP’s receipt of services under this Agreement), and (iii) TPG Global shall not be deemed to have breached this Agreement by virtue of the use of information in intangible form retained in the unaided memory of persons employed
by TPG Global who have had access to or worked with Confidential Information in connection with the provision of the Services after they no longer have access thereto so long as such information has not otherwise been disclosed in violation of this
Agreement. Further, the terms and existence of this Agreement may be disclosed by (x) a party (A) to actual and potential equityholders, acquirers, financing sources and business partners (and their counsel and professional advisers) for
customary due diligence or reporting purposes and (B) in the case of TPG Global, to TPG Global’s vendors for purposes of verifying compliance with TPG Global’s contractual obligations to such vendors, in each case (A) and (B), on
the condition that such persons agree to keep the Confidential Information confidential to the same extent as such disclosing party is required to keep the Confidential Information confidential pursuant to this Agreement, and (y) each party as
required by Law in connection with an initial public offering of TPG Global or RemainCo GP, as applicable, or any of their respective subsidiaries or parent entities. 

(b) If either party is required by applicable Law (including a subpoena, document demand or legal process) to disclose any Confidential
Information, it is agreed that such party shall, to the extent allowable, provide the other party, with prompt (and prior, if permitted) notice of any such requirement and cooperate with any attempt by the other party to seek appropriate protective
orders with respect to such disclosures, and thereafter the party may disclose such portion of the Confidential Information that the party reasonably determines upon the advice of legal counsel is necessary to disclose in response to such
requirement. Each party shall exercise the same care and safeguards with respect to the other party’s Confidential Information as is used to maintain the confidentiality of its own information of like character, which must be at least a
reasonable standard of care and in compliance with all applicable Laws. Upon the discovery of any inadvertent disclosure or unauthorized disclosure or use of the other party’s Confidential Information, or upon obtaining notice of such
disclosure or use, such party shall promptly notify the other party and (at such party’s sole expense) take or cause to be taken all necessary actions to remedy and to prevent any further inadvertent disclosure or unauthorized disclosure or
use. Each party may seek equitable remedies (including specific performance and injunctive relief) to prevent a breach of this Section 5.08. 

  
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 (c) For the purpose of this Agreement: 

(i) “Confidential Information” means (a) any confidential information or materials of the other party or its affiliates
that is provided by a party or its affiliates to the other party or its affiliates or obtained in connection with the performance of Services pursuant to this Agreement and (b) the terms and existence of this Agreement, in each case, whether or
not such information or material has been specifically identified or marked as confidential; provided, that Confidential Information shall not include any such information or materials that (i) is or becomes generally available to the public,
other than as a result of a breach of the confidentiality obligations contained herein by the party or its affiliates receiving such information or materials or by any of its Recipients, (ii) is independently developed by a party or its
affiliates without reliance on the other party’s or its affiliates’ Confidential Information, or (iii) is provided to a party or its affiliates from another authorized source; 

(ii) “Governmental Entity” means any court, administrative agency or commission or other governmental authority or
instrumentality, whether federal, state, local or foreign, and any applicable industry self-regulatory organization; and 
 (iii)
“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Entity. 

SECTION 5.09. Privilege. In connection with the Services, if applicable and reasonably requested by either party, at any time and from
time to time, the parties shall use good faith efforts to enter into a common interest agreement or other reasonable arrangement that seeks to preserve attorney-client or similar legal privilege over documents or information disclosed in connection
with the Services (“Privileged Information). Each party agrees to use commercially reasonable efforts to maintain, preserve and assert all privileges, including privileges arising under or relating to the attorney-client relationship
that relate to Privileged Information. Each party agrees that it shall not waive or purport to waive any privilege that could be asserted under applicable Law with respect to Privileged Information of the other party without the prior written
consent of the other party. Each party acknowledges and agrees that any costs associated with asserting any privilege shall be borne by the party requesting that such privilege be asserted. 

SECTION 5.10. Binding Effect. The covenants and agreements contained herein shall be binding upon and inure to the benefit of the
successors and permitted assigns of the parties hereto. 
 SECTION 5.11. No Waiver. The failure of any party to seek redress for
violation, or to insist on strict performance, of any covenant or condition of this Agreement shall not prevent a subsequent act which would have constituted a violation from having the effect of an original violation. 

SECTION 5.12. Severability. If any provision of the Agreement shall be held to be invalid or unenforceable, the remainder of this
Agreement shall not be affected thereby. 

  
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 SECTION 5.13. Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which shall constitute one and the same instrument. 
 SECTION 5.14. No Third Party
Rights. Except with respect to Indemnified Persons as set forth in Article III and Non-Party Affiliates as set forth in Section 5.15, this Agreement is intended solely for the
benefit of the parties hereto and, to the fullest extent permitted by Law, shall not be construed as conferring any benefit upon, or creating any rights in favor of, any person other than the parties hereto. 

SECTION 5.15. Non-Recourse. This Agreement may only be enforced against, and any claim or cause
of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby or the negotiation, execution, performance or non-performance of this Agreement may only be brought
against, the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party, and subject to the limitations contained herein. Except to the extent a named party
to this Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement and not otherwise, and subject to the limitations contained herein), no person, including any past, present or future
director, officer, employee, incorporator, member, partner, shareholder, affiliate, agent, attorney, advisor or representative of any named party to this Agreement (“Non-Party Affiliates”),
shall have any liability (whether in contract, tort, equity or otherwise, or based upon any theory that seeks to impose liability of an entity party against its owners or affiliates) for any one or more of the representations, warranties, covenants,
agreements or other obligations or liabilities of any one or more of the parties to this Agreement of or for any claim based on, arising out of, or related to this Agreement or any of the transactions contemplated hereby. The parties acknowledge and
agree that the Non-Party Affiliates are intended third party beneficiaries of this Section 5.15. 

[Remainder of this Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the
date first above written. 
  

			
	 TPG GLOBAL, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 TARRANT REMAIN CO GP, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
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 SCHEDULE A 

SERVICES 
  

	 	1.	 Maintenance of books and records; 

 

	 	2.	 Preparation of reporting required under organizational documents; 

 

	 	3.	 Cash management, including the movement of cash for distributions and to pay expenses;

  

	 	4.	 Support for treasury and financing operations; 

 

	 	5.	 Support for tax reporting obligations; 

 

	 	6.	 Coordination of auditors and other external advisors; 

 

	 	7.	 Services as may be requested or required by RemainCo GP from time to time in connection with administrative
obligations relating to the RemainCo Partnerships; and 

  

	 	8.	 Such other services as may be requested, and agreed to in writing, by RemainCo GP and TPG Global (email being
sufficient). 

  
 12EX-10.12

 Exhibit 10.12 

PERFORMANCE EARNINGS AGREEMENT 

This PERFORMANCE EARNINGS AGREEMENT (this “Agreement”) is dated as of December 31, 2021 by and among Tarrant Remain Co
I, L.P., a Delaware limited partnership (“RemainCo I”), Tarrant Remain Co II, L.P., a Delaware limited partnership (“RemainCo II”), Tarrant Remain Co III, L.P., a Delaware limited partnership (“RemainCo
III” and, together with RemainCo I and RemainCo II, the “RemainCo Partnerships” and, each, a “RemainCo Partnership”), TPG Holdings I, L.P., a Delaware limited partnership (“TPG OG I”), TPG
Holdings II, L.P., a Delaware limited partnership (“TPG OG II”), and TPG Holdings III, L.P., a Delaware limited partnership (“TPG OG III” and, together with TPG OG I and TPG OG II, the “TPG OG
Partnerships” and, each, a “TPG OG Partnership”) and TPG Partners, LLC, a Delaware limited partnership (“PubCo”). 

WHEREAS, the parties to this Agreement desire to provide for the contribution by the TPG OG Partnerships to the RemainCo Partnerships of
(i) certain limited partnership interests including the associated rights to certain distributions of Carried Interest (as defined below) in respect of the Identified Funds (as defined below) formed before the date hereof and the obligations to
make certain contributions in respect of Clawback Obligations (as defined below) of such Identified Funds and (ii) the right to a share of the Carried Interest in respect of the Future Funds and Split Funds (each as defined below) and the
Identified Funds formed after the date hereof and the obligation to make certain contributions in respect of Clawback Obligations (as defined below) of such Identified Funds, Future Funds and Split Funds. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made and other good and valuable consideration, the parties to
this Agreement agree as follows: 
 ARTICLE 1 

Definitions 
 Section 1.1.
Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement: 

“Adjusted Carried Interest” has the meaning set forth in Section 2.2(a). 

“Adjusted RemainCo Base Entitlement” means, with respect to a TPG Fund that has its First Closing after the fifth anniversary
of the IPO Date, a number, expressed as a percentage, equal to (i) the RemainCo Base Entitlement for such Fund if it were to have had a First Closing prior to the fifth anniversary of the IPO Date multiplied by (ii) the Adjustment
Factor with respect to such Fund. 
 “Adjustment Factor” means the factor set forth in the following table under the
heading “Adjustment Factor” across from the applicable date range during which a Fund had its First Closing: 

					
	 Time of First Closing
	  	Adjustment Factor	 
	 On or following the 5th anniversary of the
IPO Date and prior to the 6th anniversary of the IPO Date
	  	 	0.909	 
	 On or following the 6th anniversary of the
IPO Date and prior to the 7th anniversary of the IPO Date
	  	 	0.818	 
	 On or following the 7th anniversary of the
IPO Date and prior to the 8th anniversary of the IPO Date
	  	 	0.727	 
	 On or following the 8th anniversary of the
IPO Date and prior to the 9th anniversary of the IPO Date
	  	 	0.636	 
	 On or following the 9th anniversary of the
IPO Date and prior to the 10th anniversary of the IPO Date
	  	 	0.545	 
	 On or following the 10th anniversary of the
IPO Date and prior to the 11th anniversary of the IPO Date
	  	 	0.455	 
	 On or following the 11th anniversary of the
IPO Date and prior to the 12th anniversary of the IPO Date
	  	 	0.364	 
	 On or following the 12th anniversary of the
IPO Date and prior to the 13th anniversary of the IPO Date
	  	 	0.273	 
	 On or following the 13th anniversary of the
IPO Date and prior to the 14th anniversary of the IPO Date
	  	 	0.182	 
	 On or following the 14th anniversary of the
IPO Date and prior to the 15th anniversary of the IPO Date
	  	 	0.091	 
	 On or following the 15th anniversary of the
IPO Date
	  	 	0.000	 

  
 2 

 “Administrative Services Agreement” means that certain Administrative
Services Agreement, dated on or about the date hereof, by and between TPG Global, LLC and certain other parties thereto. 

“Affiliate” means, with respect to any Person, any other Person or entity that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, such other Person; provided that the following shall be deemed not to be Affiliated with TOG for purposes of this agreement: (a) any direct or indirect
portfolio company of any TPG Fund or any Excluded Fund, and (b) any personal or family investment vehicle of any current or former TPG founder or TPG partner, or any direct or indirect portfolio company thereof. 

“Applicable RemainCo Percentage” means (i) with respect to any Future Fund or Split Fund in which a Third Party is
allocated no Carried Interest of such Fund, 15%; (ii) with respect to any Future Fund or Split Fund in which a Third Party is allocated more than 0% and less than 25% of the Carried Interest of such Fund, an amount equal to (x) the sum of 100
minus the allocation of such Carried Interest to such Third Party minus 20 multiplied by (y) 0.1875; and (iii) with respect to any Future Fund or Split Fund in which a Third Party is allocated 25% or more of the
Carried Interest of such Fund, an amount, equal to (x) the sum of 100 minus the allocation of such Carried Interest to such Third Party multiplied by (y) 0.15. 

“AUM” means assets under management. 

“Carried Interest” means distributions in respect of so-called carried interest,
promote, or incentive allocation to a general partner or special limited partner of a Fund. For the avoidance of doubt, Carried Interest does not include performance earnings accounted for as fee-related
earnings on the financial statements of any of the TPG OG Partnerships (for example, performance earnings structured as a fee based upon portfolio appreciation as in TPG’s TRTX REIT structure) and is reported as fee related earnings in
PubCorp’s non-GAAP measures. 
 “Carry Vehicle” means, with respect to each
TPG Fund, the entity through which the TPG OG Partnerships participate in the Carried interest, typically referred to as a “GenPar”. 

“Counterparty” means any unaffiliated business, firm or platform that is the counterparty to a Combination with TPG. 

“Counterparty Successor Fund” any Fund that (i) is marketed as an immediate or subsequent successor to a Fund that was
formed by a Counterparty prior to the closing of the Combination between such Counterparty and TPG, and (ii) has substantially the same investment mandate as its predecessor Fund (as disclosed in the offering documents for such subsequent Fund
as of its First Closing). 
 “Clawback Obligation” means any obligation to make a payment in respect of a so-called “clawback” of Carried Interest in accordance with the applicable TPG Fund’s fund documentation, including any so-called interim “clawback”
or, to extent related to the Carried Interest, any “LP clawback” or “all Partner clawback”. 

  
 3 

 “Combination” means any of the following: (i) a transaction pursuant
to which TOG acquires (regardless of the form of transaction, including a stock or asset acquisition, merger or other combination) an unaffiliated business, firm or platform together with substantially all of the rights to manage a Fund with at
least $100M in AUM from bona fide third-party investors, (ii) any single hire or team “lift-out” transaction pursuant to which TOG acquires a Person or Persons together with substantially all of
the rights to manage a Fund with at least $100M in AUM from bona fide third-party investors, (iii) any merger or other combination with a substantially comparably sized business (i.e., a merger of equals), or (iv) a transaction pursuant to
which a Counterparty acquires all or substantially all of TOG (regardless of the form of transaction, including a stock or asset acquisition, merger or other combination). 

“Excluded Fund” means any of the following: (i) any Fund of a Counterparty that held a First Closing before the
applicable Combination, (ii) any Counterparty Successor Fund(s), and (iii) any New Fund that PubCorp determines pursuant to Section 2.3 is primarily attributable to the Counterparty. 

“First Closing” means (i) with respect to a TPG Fund, the date upon which such TPG Fund has a first closing with
investors not affiliated with TOG or (ii) with respect to a Counterparty’s Fund, the date upon which such Fund has a first closing with investors not affiliated with the Counterparty. 

“Fund” means any investment fund, separately managed account or similar investment vehicle, together with its related
parallel investment entities, alternative investment vehicles, co-investment vehicles or other special purpose vehicles, in each case, that pays performance allocations or performance fees. 

“Future Fund” means (i) any TPG Fund that held a First Closing after the date hereof and is not an Identified Fund, an
Excluded Fund or a Split Fund, or (ii) any New Fund that PubCorp determines in accordance with Section 2.3(a) is primarily attributable to TPG (as opposed to the Counterparty). For avoidance of doubt, a TPG Successor Fund that satisfies
(i) is a Future Fund. 
 “GAAP” means U.S. generally accepted accounting principles as in effect from time to time.

 “Identified Fund” means each TPG Fund listed on Schedule A-1 and Schedule A-2. 
 “IPO” means the initial underwritten public offering of PubCorp. 

“IPO Date” means the closing date of the IPO. 

“New Fund” means any Fund that has a First Closing after a Combination that is not an Identified Fund, a TPG Successor Fund
or a Counterparty Successor Fund. 

  
 4 

 “Person” means an individual, a partnership, a corporation, a limited
liability company, an association or any other person. 
 “Promote Units” means the Promote Units of the TPG OG
Partnerships. 
 “PubCo” means TPG Partners, LLC and any successor thereto, including TPG Inc. upon its conversion into a
corporation in connection with the IPO. 
 “RemainCo Base Entitlement” means (a) with respect to any Fund that has a
First Closing before the fifth anniversary of the IPO Date, the amount or calculation for Carried Interest set forth in the following table under the heading “Entitlement” across from the applicable Fund type; and (b) with respect to
any Fund that has a First Closing after the fifth anniversary of the IPO Date, the Adjusted RemainCo Base Entitlement for such Fund. Notwithstanding anything herein to the contrary, the RemainCo Base Entitlement may be adjusted in accordance with
Section 2.4. 
  

			
	 Fund Type
	  	 Entitlement

	Identified Fund on Schedule A-1	  	The portion (expressed as a percentage) of the Carried Interest of such Fund set forth opposite the name of such Fund on Schedule A-1
		
	Identified Fund on Schedule A-2	  	The portion of the Carried Interest of such Fund that the TPG OG Partnerships would otherwise be entitled to; provided that, such portion shall not exceed the portion (expressed as a percentage) set forth opposite the name of
such Fund on Schedule A-2
		
	Future Fund	  	The Applicable RemainCo Percentage
		
	Split Fund	  	50% of the Applicable RemainCo Percentage
		
	Excluded Fund	  	0%

 “RemainCo Clawback Obligations” means, with respect to each TPG Fund and each RemainCo
Partnership, a portion of the Clawback Obligations equal to such RemainCo Partnership’s indirect ownership of the right to receive Carried Interest with respect to such TPG Fund (expressed as a percentage). For the sake of clarity, the
aggregate RemainCo Clawback Obligations for each TPG Fund shall equal the RemainCo Base Entitlement with respect to such TPG Fund. 

“RemainCo I” has the meaning set forth in the preamble of this Agreement. 

“RemainCo II” has the meaning set forth in the preamble of this Agreement. 

“RemainCo III” has the meaning set forth in the preamble of this Agreement. 

  
 5 

 “RemainCo Partnerships” has the meaning set forth in the preamble of this
Agreement. 
 “RemainCo Loan” has the meaning set forth in Section 2.2(b). 

“Reorganization” means the reorganization transactions undertaken by the RemainCo Partnerships, the TPG OG Partnerships and
their respective affiliates, including as contemplated by the Reorganization Agreement, dated on or about the date hereof, and the implementing agreements contemplated thereby. 

“Required Additional Performance Earnings” has the meaning set forth in Section 2.2(a). 

“Shortfall” has the meaning set forth in Section 2.2(a). 

“Split Fund” has the meaning set forth in Section 2.3(a). 

“Target” means (i) with respect to calendar year 2022, $110,000,000, (ii) with respect to calendar year 2023,
$120,000,000 and (iii) with respect to calendar year 2024, $130,000,000. 
 “Third Party” means any Person (or group
of Persons) who are not TPG Affiliates, partners or employees and who are allocated a portion of the Carried Interest in a TPG Fund or a Fund formed as a venture between TPG and an unaffiliated third party. 

“TOG” means collectively, the TPG OG Partnerships and their Affiliates. 

“TPG Fund” means any Fund (whether formed before or after the date hereof) Affiliated with any TPG OG Partnership that pays
Carried Interest, other than any Excluded Fund. 
 “TPG Holdings” means TPG Holdings, L.P., a Cayman exempted limited
partnership and any successor thereto. 
 “TPG OG Clawback Obligations” means, with respect to any TPG Fund, all Clawback
Obligations other than RemainCo Clawback Obligations (which shall be borne among the TPG OG Partnerships in a manner that corresponds to each TPG OG Partnership’s indirect ownership of the right to receive Carried Interest from such TPG Fund).

 “TPG OG I” has the meaning set forth in the preamble of this Agreement. 

“TPG OG II” has the meaning set forth in the preamble of this Agreement. 

“TPG OG III” has the meaning set forth in the preamble of this Agreement. 

  
 6 

 “TPG OG Partnerships” has the meaning set forth in the preamble of this
Agreement. 
 “TPG Successor Fund” means any Fund that both (i) is marketed as an immediate or subsequent successor to
any Identified Fund, and (ii) has substantially the same investment mandate as its predecessor Identified Fund (as disclosed in the offering documents for such subsequent Fund as of its First Closing). 

Section 1.2. Interpretation. In this Agreement and in the Schedules to this Agreement, except to the extent that the context
otherwise requires: (a) the headings are for convenience of reference only and shall not affect the interpretation of this Agreement; (b) defined terms include the plural as well as the singular and vice versa; (c) words importing
gender include all genders; (d) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may from time to time be amended, extended,
re-enacted or consolidated and to all statutory instruments or orders made under it; (e) any reference to a “day” or a “Business Day” shall mean the whole of such day, being the period
of 24 hours running from midnight to midnight; (f) references to Articles, Sections, subsections, clauses and Schedules are references to Articles, Sections, subsections, clauses and Schedules to, this Agreement; (g) the word
“or” is not exclusive, and has the meaning represented by the phrase “and/or,” unless the context clearly prohibits that construction; (i) the words “including” and “include” and other words of similar
import shall be deemed to be followed by the phrase “without limitation”; (j) the word “extent” in the phrase “to the extent” (or similar phrases) shall mean the degree to which a subject or other thing extends, and
such phrase shall not mean simply “if”; and (k) unless otherwise specified, references to any party to this Agreement or any other document or agreement shall include its successors and permitted assigns. 

ARTICLE 2 
 PERFORMANCE
ALLOCATIONS 
 Section 2.1. Contribution of Carried Interest. 

(a) Identified Funds. 

(i) TPG OG I hereby contributes to RemainCo I an equity interest in the Carry Vehicle of each Identified Fund formed before the
date hereof held by TPG OG I, which will (A) entitle RemainCo I to a portion of the Carried Interest received by such Carry Vehicle with respect to such Identified Fund equal to the RemainCo Base Entitlement and (B) obligate RemainCo I to
contribute to such Carry Vehicle any RemainCo Clawback Obligation of such Identified Fund that corresponds to such equity interest. 

  
 7 

 (ii) TPG OG II hereby contributes to RemainCo II an equity interest in the
Carry Vehicle of each Identified Fund formed before the date hereof held by TPG OG II, which will (A) entitle RemainCo II to a portion of the Carried Interest received by such Carry Vehicle with respect to such Identified Fund equal to the
RemainCo Base Entitlement and (B) obligate RemainCo II to contribute to such Carry Vehicle any RemainCo Clawback Obligation of such Identified Fund that corresponds to such equity interest. 

(iii) TPG OG III hereby contributes to RemainCo III an equity interest in the Carry Vehicle of each Identified Fund formed
before the date hereof held by TPG OG III an equity interest in such Carry Vehicle which will (A) entitle RemainCo III to a portion of the Carried Interest received by such Carry Vehicle with respect to such Identified Fund equal to the
RemainCo Base Entitlement and (B) obligate RemainCo III to contribute to such Carry Vehicle any RemainCo Clawback Obligation of such Identified Fund that corresponds to such equity interest. 

(b) The TPG OG Partnerships hereby contribute to the RemainCo Partnerships the right to receive the RemainCo Base Entitlement with respect to
each Identified Fund formed after the date hereof, each Future Fund and each Split Fund, subject to the obligation to contribute the RemainCo Clawback Obligation in respect of such Funds. It is the intent of the parties hereto that each of RemainCo
I, RemainCo II and RemainCo III will receive the respective portion of such rights and obligations that would have been received by TPG OG I, TPG OG II and TPG OG III, respectively, if this Section 2.1(b) were not in effect. 

(c) The parties hereto acknowledge and agree that, to the extent necessary to ensure each RemainCo Partnership receives the interest
contemplated by Section 2.1(a) and Section 2.1(b), the TPG OG Partnerships shall cause the TPG Funds to be organized and operated in a manner consistent with past practice and shall cause the organizational documents of each of its
applicable subsidiaries to be amended to provide for the issuance of equity in such subsidiaries to the RemainCo Partnerships to give effect to the foregoing. 

(d) The contributions contemplated by this Section 2.1 are intended to be treated eligible for
non-recognition treatment under Section 721 of the Code and each party shall report the contributions accordingly. 

Section 2.2. Performance Allocation Increases; Shortfall Loans. 

(a) The RemainCo Partnerships hereby acknowledge and agree that, with respect to the calendar years 2022, 2023 and 2024, if the aggregate
Carried Interest distributable in respect of the Promote Units for such calendar year is less than the Target for such calendar year (the delta between the Target and such amount, the “Shortfall”) (and, upon request by a limited
partner in the RemainCo Partnerships, the TPG OG Partnerships shall provide reasonable supporting evidence for the calculation of such Shortfall), the TPG OG Partnerships (as determined by the Chief Executive Officer of PubCorp) may, pursuant to the
organizational documents of the applicable Carry Vehicles, require such Carry Vehicles to distribute, directly or indirectly, additional amounts to the TPG OG Partnerships from amounts that would otherwise be distributable

  
 8 

 
to the RemainCo Partnerships (the “Adjusted Carried Interest”) for such calendar year by an amount equal to the Shortfall for such year plus $10,000,000 (such amount
determined by the Chief Executive Officer of PubCorp, the “Required Additional Performance Earnings”); provided that Required Additional Performance Earnings may not exceed $40,000,000 in any calendar year. Absent a
determination by the TPG OG Partnerships to the contrary, the Adjusted Carried Interest shall be effected using Carried Interest from portfolio investments with the longest holding period. 

(b) If the Required Additional Performance Earnings exceed the amount of Adjusted Carried Interest available to be distributed to the TPG OG
Partnerships pursuant to Section 2.2(a), (i) the RemainCo Partnerships shall make a loan to the holders of the Promote Units in an amount equal to such excess (the “RemainCo Loan”), which shall be
apportioned between the RemainCo Partnerships in the discretion of the general partner of the RemainCo Partnerships and (ii) an amount equal to such excess shall be treated as an additional Shortfall in the following year and shall (regardless
of the year, but subject to the proviso to Section 2.2(a)) give rise to distributions under Section 2.2(a). The terms of any RemainCo Loan shall require the borrower thereunder to repay such loan to the applicable RemainCo Partnership(s)
out of Carried Interest received in the following year (or years) and shall otherwise be on arm’s length terms. 
 Section 2.3.
Determinations of Performance Allocations of New Funds. 
 (a) With respect to any New Fund, PubCorp shall determine in good faith,
acting reasonably and in accordance with Section 2.3(b), whether such Fund is (i) primarily attributable to the Counterparty (in which case it shall be deemed an Excluded Fund), (ii) primarily attributable to TPG (in which case it shall be
deemed a Future Fund) or (iii) falls into neither of the categories (i) or (ii) (any such Fund, a “Split Fund”), in each case, based upon the factors set forth in the New Fund Determination Principles set forth on
Exhibit B, with those factors under the heading “First Tier” being given the most weight and those factors under the heading “Third Tier” being given the least weight in such determination. 

(b) With respect to a determination by PubCorp contemplated by Section 2.3(a), PubCorp shall follow the following process:
(i) first, the Executive Committee of the Board of Directors of PubCorp shall make a recommendation to the Conflicts Committee of the Board of Directors of PubCorp as to the appropriate attribution of such New Fund in accordance with
Section 2.3(a), (ii) second, the Conflicts Committee of the PubCorp Board of Directors shall review such recommendation and make a final determination as to the appropriate treatment of such Fund under Section 2.3(a). For the avoidance of
doubt, the determination contemplated by this Section 2.3 with respect to a New Fund shall establish the RemainCo Base Entitlement of such New Fund. 

Section 2.4. Adjustments for Third Party Allocations. Notwithstanding anything to the contrary herein, in the event any Third
Party forfeits any Carried Interest in a Future Fund, Identified Fund or Split Fund (e.g., due to such Third Party departing prior to the vesting of the applicable interests), then such forfeited Carried Interest shall be re-allocated pro rata to the Person or Persons whose entitlement to such Carried Interest was diluted by such allocation to the Third Party. 

  
 9 

 ARTICLE 3 

CLAWBACK MATTERS 

Section 3.1. Clawback Maintenance. The RemainCo Partnerships hereby agree not to make distributions (other than tax distributions)
unless, after giving pro forma effect to such distributions, the RemainCo Partnerships, in aggregate, have a net asset value (calculated assuming that all outstanding RemainCo Loans, if any, have been repaid in full) equal to 150% of the
hypothetical maximum Clawback Obligation as disclosed under GAAP. 
 Section 3.2. Clawback Obligations. 

(a) With respect to each TPG Fund, RemainCo I shall be responsible for the RemainCo Clawback Obligations that correspond to the equity
interests received by RemainCo I from TPG OG I pursuant to ARTICLE 2, RemainCo II shall be responsible for the RemainCo Clawback Obligations that correspond to the equity interests received by RemainCo II from TPG OG II pursuant to ARTICLE 2 and
RemainCo III shall be responsible for the RemainCo Clawback Obligations that correspond to the equity interests received by RemainCo III from TPG OG III pursuant to ARTICLE 2, and in each case, the organizational documents of the applicable Carry
Vehicles shall provide that the applicable RemainCo Partnership is the primary obligor with respect to such RemainCo Clawback Obligations. Each TPG OG Partnership shall be responsible for its respective TPG OG Clawback Obligations with respect to
each TPG Fund. 
 (b) In furtherance thereof, each RemainCo Partnership shall indemnify and hold harmless the corresponding TPG OG
Partnership for any RemainCo Clawback Obligations that are borne by such TPG OG Partnership and each TPG OG Partnership shall indemnify and hold harmless the corresponding RemainCo Partnership for any TPG OG Clawback Obligations that are borne by
such RemainCo Partnership. 
 (c) In addition to the obligations set forth in Section 3.2(a) and Section 3.2(b), each RemainCo
Partnership hereby unconditionally and irrevocably guarantees to TPG Holdings that, if such RemainCo Partnership fails to perform and discharge, promptly when due, any RemainCo Clawback Obligations under the applicable organizational documents of
the GenPar, then such RemainCo Partnership shall forthwith, upon demand (which demand shall be for the sole purpose of providing notice to such RemainCo Partnership and shall not require Holdings to exhaust any remedy before proceeding against such
RemainCo Partnership), perform and discharge the applicable RemainCo Clawback Obligations or reimburse TPG Holdings for performing and discharging such RemainCo Obligations. In furtherance of the foregoing, each RemainCo Partnership shall indemnify
and hold harmless TPG Holdings for any RemainCo Clawback Obligations that are borne by TPG Holdings. TPG Holdings is a beneficiary of the guarantee and indemnity provided in this Section 3.2(c) with the right to enforce it to the extent
provided herein. 

  
 10 

 (d) In the event any RemainCo Partnership is unable to satisfy its applicable RemainCo
Clawback Obligations pursuant to Section 3.2(a), Section 3.2(b) or Section 3.2(c), the other RemainCo Partnerships shall guarantee performance of such first RemainCo Partnership’s obligations on a joint and several basis. 

(e) Except as set forth in Section 3.2(d), the obligations of each RemainCo Partnership under this Section 3.2 are several and not
joint with the obligations of any other RemainCo Partnership, and no RemainCo Partnership shall be responsible in any way for the performance of the obligations of any other RemainCo Partnership. 

Section 3.3. Clawback Obligation Reporting. For as long as any RemainCo Partnership is responsible for any RemainCo Clawback
Obligations, the TPG OG Partnerships shall (and shall cause their respective Affiliates and the relevant TPG Funds to): 
 (a) deliver to
each RemainCo Partnership a calculation of such RemainCo Partnership’s hypothetical maximum Clawback Obligation with respect to each TPG Fund prior to or substantially contemporaneously with the delivery of financial reports pursuant to
Section 3.03(b) of the governing document of the applicable RemainCo Partnership; and 
 (b) provide the RemainCo Partnerships and its
advisors with reasonable access to any and all books and records relevant to the calculation of the RemainCo Clawback Obligations as of any date of determination, including reasonable access to any and all work papers, personnel or accountants used
by the TPG OG Partnerships, TPG Funds or their respective Affiliates in connection therewith, including in connection with making any distributions that are subject to Section 3.1, preparing and filing or delivering, as applicable, all
financial, tax or other reports required under such RemainCo Partnership’s governing documents, or any disputes, audits or other proceedings with respect to RemainCo Clawback Obligations or any of the foregoing. Such cooperation shall include
the retention (for no less than six (6) years following the applicable report provided in Section 3.3(a)), and (upon a RemainCo Partnership’s reasonable request) the provision, as soon as reasonably practicable, of records and
information which are reasonably relevant to any such request and making employees available on a mutually convenient basis during regular business hours to provide additional information and explanation of any material provided hereunder. 

ARTICLE 4 
 MISCELLANEOUS

 Section 4.1. Further Assurances. The parties to this Agreement shall cooperate and use all of their respective best
efforts to take or cause to be taken all appropriate actions and do, or cause to be done, all things necessary or appropriate to consummate and make effective the matters contemplated by this Agreement. 

  
 11 

 Section 4.2. Amendments and Waivers. Any provision of this Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. 

Section 4.3. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto other than pursuant to
the Reorganization. 
 Section 4.4. Governing Law; Arbitration. 

(a) The laws of the State of Delaware shall govern (i) all proceedings, claims or matters related to or arising from this Agreement
(including any tort or non-contractual claims) and (ii) any questions concerning the construction, interpretation, validity and enforceability of this Agreement, and the performance of the obligations
imposed by this Agreement, in each case without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Delaware. 
 (b) Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement,
including, without limitation, any dispute regarding the validity or termination of this Agreement, or the performance or breach hereof, shall be finally settled by arbitration administered by the American Arbitration Association
(“AAA”), in accordance with its Commercial Arbitration Rules in effect at the time of the arbitration. The place of arbitration shall be Fort Worth, Texas and the proceedings shall be conducted in the English language. The
arbitration shall be conducted by three arbitrators. Each arbitrator shall be a person with significant experience in the financial services industry or representing persons in the financial services industry. Each of the parties to the arbitration
shall nominate one arbitrator within 15 days after delivery of a request for arbitration in writing by any of the parties. In the event that any of the parties to the arbitration fail to nominate an arbitrator as and within such time period provided
in the preceding sentence, upon request of either of such parties, such arbitrator shall instead be appointed by the AAA within 15 days of receiving such request. The two arbitrators appointed in accordance with the above provisions shall nominate
the third arbitrator within 15 days of their appointment. If the first two appointed arbitrators fail to nominate a third arbitrator, then, upon request of the parties to the arbitration, the third arbitrator shall be appointed by the AAA within 30
days of receiving such request. The third arbitrator shall serve as Chairman of the arbitral tribunal. The arbitrators shall endeavor to render a final award within 90 days of submission of a request for arbitration. Failure to adhere to this time
limit shall not be a basis for challenging the award. The award rendered by the arbitrators shall be final and binding on the parties thereto and judgment on such award may be entered in any court of competent jurisdiction. All costs and

  
 12 

 
expenses incurred by the parties in connection with any arbitration hereunder shall be borne by the party against whom the arbitrators’ award is rendered, and such party shall promptly
reimburse the party in whose favor the arbitrators’ award is rendered for any of such costs and expenses incurred by such party. 
 (c)
By agreeing to arbitration, the parties do not intend to deprive any court with jurisdiction of its ability to issue a preliminary injunction, attachment or other form of provisional remedy in aid of the arbitration, and a request for such
provisional remedies by a party to a court shall not be deemed a waiver of this agreement to arbitrate. In addition to the authority conferred upon the arbitrators by the rules specified above, the arbitrators shall also have the authority to grant
provisional remedies, including injunctive relief. 
 (d) Except as may be required by applicable law or court order, the parties agree to
maintain confidentiality as to all aspects of any arbitration arising out of, relating to or in connection with this Agreement, including any such arbitration’s existence and results, except that nothing herein shall prevent a party from
disclosing information regarding such arbitration for purposes of enforcing the award or this arbitration clause, or in any court proceeding requesting the issuance of provisional remedies. The parties further agree to obtain the arbitrators’
agreement to preserve the confidentiality of the arbitration. 
 Section 4.5. Severability. Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held to be prohibited by or
invalid, illegal or unenforceable under applicable law in any respect by a court of competent jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity, illegality or unenforceability, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid and
enforceable provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible. 
 Section 4.6.
Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such
breach of any other covenant, duty, agreement or condition. 
 Section 4.7. Counterparts. This Agreement may be executed and
delivered in any number of counterparts, (including by facsimile or electronic transmission (including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g. www.docusign.com), each of which shall be an original and
all of which together shall constitute a single instrument. 

  
 13 

 Section 4.8. Third Party Beneficiaries. Except for TPG Holdings, which shall be
an express third party beneficiary of Section 3.2, this Agreement is not intended to and shall not confer upon any Person other than the parties any rights or remedies hereunder. 

[Remainder of Page Intentionally Left Blank] 

  
 14 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed and delivered
as of the date first set forth above. 
  

			
	 TPG OPERATING GROUP I, L.P.

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 TPG OPERATING GROUP II, L.P.

		
	By:	 	 
		 	Name:
		 	Title:
	
	 TPG OPERATING GROUP III, LP

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 TARRANT REMAIN CO I, L.P.

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 TARRANT REMAIN CO II, L.P.

		
	By:	 	 
		 	Name:
		 	Title:
	
	 TARRANT REMAIN CO III, L.P.

		
	By:	 	 
		 	Name:
		 	Title:

 
			
	 TPG PARTNERS, LLC

		
	By:	 	 
		 	Name:
		 	Title:

  
 16 

 Confidential Treatment Requested by 

TPG Partners, LLC Pursuant to 17 C.F.R. § 200.83 
  

 SCHEDULE A-11 
  

					
	 TPG Fund
	  	RemainCo Carried Interest
Allocations	 
	 TPG AAF Partners
	  	 	15.0	% 
	 AfterNext HealthTech Acquisition
	  	 	7.375	% 
	 TPG Alternative and Renewable Technologies Partners
	  	 	50.0	% 
	 TPG Asia VI
	  	 	40.0	% 
	 TPG Asia VII
	  	 	15.0	% 
	 TPG Biotechnology Partners III
	  	 	50.0	% 
	 TPG Biotechnology Partners IV
	  	 	50.0	% 
	 TPG Biotechnology Partners V
	  	 	50.0	% 
	 TPG Digital Media
	  	 	12.5	% 
	 Evercare Health Fund
	  	 	50.0	% 
	 TPG Growth II Gator
	  	 	50.0	% 
	 TPG Golden Bear Partners
	  	 	50.0	% 
	 TPG Growth II
	  	 	50.0	% 
	 TPG Growth III
	  	 	40.0	% 
	 TPG Growth IV
	  	 	15.0	% 
	 TPG Growth V
	  	 	15.0	% 
	 TPG Healthcare Partners
	  	 	15.0	% 
	 TPG Lonestar I
	  	 	50.0	% 
	 NewQuest Asia Funds III, IV, V, VI, VII &VIII
	  	 	5.0	% 
	 TPG Pace Beneficial Finance Corp.
	  	 	12.011	% 
	 TPG Pace Beneficial II Corp.
	  	 	12.0	% 
	 TPG Pace Tech Opportunities II Corp.
	  	 	12.0	% 
	 TPG Pace Solutions Corp.
	  	 	12.475	% 
	 Nerdy Inc. / TPG Pace Tech Opportunities Corp.
	  	 	12.011	% 
	 TPG Real Estate Partners III
	  	 	10.0	% 
	 TPG Real Estate Partners IV
	  	 	10.0	% 
	 TPG Real Estate Partners V
	  	 	10.0	% 
	 TPG Real Estate Thematic Advantage Core-Plus
	  	 	10.0	% 
	 The Rise Fund
	  	 	2.5	% 
	 The Rise Fund II
	  	 	10.0	% 
	 The Rise Fund III
	  	 	10.0	% 
	 TPG Rise Climate Fund I
	  	 	13.070	% 
	 TPG STAR
	  	 	28.9	% 
	 TPG Strategic Capital
	  	 	15.0	% 
	 TPG Financial Partners
	  	 	50.0	% 
	 TPG Public Equities Long/Short & Long Only Funds
	  	 	10.0	% 
	 TPG Energy Solutions
	  	 	12.5	% 
	 TPG Partners VII
	  	 	15.0	% 
	 TPG Partners VIII
	  	 	15.0	% 
	 TPG Partners IX
	  	 	15.0	% 
	 TPG Seville Partners (aka Strategic Infrastructure Fund)
	  	 	40.0	% 
	 TPG Tech Adjacencies
	  	 	15.0	% 
	 TPG Tech Adjacencies II
	  	 	15.0	% 
	 TPG AION Partners
	  	 	15.0	% 

  

	1 	 Note to Draft: Schedule A-1 is subject to further
change/refinement. 

  
 18 

  

 Confidential Treatment Requested by 

TPG Partners, LLC Pursuant to 17 C.F.R. § 200.83 
  

 SCHEDULE A-22 
  

			
	 TPG Fund
	  	 Maximum RemainCo

Carried Interest Allocations

	 Newbridge Asia IV
	  	Up to 50.0%
	 TPG Asia V
	  	Up to 50.0%
	 TPG Biotechnology Partners II
	  	Up to 35.0%
	 DASA Real Estate
	  	Up to 60.0%
	 TPG MMI Partners
	  	Up to 50.0%
	 TPG Real Estate Partners II
	  	Up to 37.0%
	 TPG Partners IV
	  	Up to 50.0%
	 TPG Partners V
	  	Up to 50.0%
	 TPG Partners VI
	  	Up to 50.0%

  
  

	2 	 Note to Draft: Schedule A-2 is subject to further
change/refinement. 

  
 19 

  

 Confidential Treatment Requested by 

TPG Partners, LLC Pursuant to 17 C.F.R. § 200.83 
  

 SCHEDULE B 

New Fund Determination Principles 

First Tier Factors 
  

	 	•	 	 Core competency of Counterparty vs TPG 

 

	 	•	 	 Composition of track record used for marketing 

 

	 	•	 	 Composition of key persons 

Second Tier Factors 
  

	 	•	 	 Head of investment team 

 

	 	•	 	 Composition of investment team 

Third Tier Factors 
  

	 	•	 	 Branding 

  

	 	•	 	 Which party held the requisite license before the Combination (and relative difficulty to obtain)

  
 20

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