Quote by Nehal Raj, Co-Managing Partner at TPG Capital, on vintage risk in PE tech portfolios.

Expert Insight — TPG Capital Q4 2025 Earnings Call
Nehal Raj, Co-Managing Partner, TPG Capital
Nehal Raj
Co-Managing Partner
TPG Capital
Q4 2025 Earnings Call

"Where you will see more risk is in companies that were underwritten in 2018, 2019, 2020 — prior to the advent of generative AI. Those vintages are more susceptible to risk and disruption."

Vintage Risk Exposure ↑ Elevated — 2018–2020
2018 — High Risk 2019 — High Risk 2020 — High Risk 2021+ — Lower Exposure
Source: TPG Capital Q4 2025 Earnings Call