Jon Winkelried on private capital
From Mid-Year Macro Perspectives From CEO Jon Winkelried · · TPG
“I see private capital continuing to play a critical role in the provision of capital globally, and I see that only increasing.”
On , Jon Winkelried, CEO at TPG, spoke about private capital during Mid-Year Macro Perspectives From CEO Jon Winkelried on TPG.
About Jon Winkelried
Jon Winkelried, CEO of TPG, has been discussing the macroeconomic environment and trends in alternative investing. In early 2026, he described 2025 as a year of unexpected developments shaped by policy, interest rates, and the rise of AI, and said he expects "substantial uncertainty" going into 2026. He stated that he is "generally an optimist" about the U.S. economy and its drivers of growth and innovation, while emphasizing the need for firms to be "nimble" and "prepared to deal with" bouts of volatility. Winkelried also commented on the private credit market, noting that "a couple of trillion dollars of capital" has moved into the space over a relatively short period, making it an important part of credit market infrastructure. He characterized current market conditions as "natural growing pains" as the market matures, and said he does not view anything as "fundamentally broken." In mid-2025, Winkelried observed that the U.S. has been a beneficiary of global capital flows due to its growth characteristics and perceived stability, but noted that unusual market correlations—such as long-term rates rising amid recession concerns—suggest markets are worried about inflationary effects and potential shifts away from U.S. assets. He said TPG's portfolio has "fairly minimal" first-order tariff exposure, though second- and third-order effects from a potential recession remain unclear. Winkelried also highlighted that private capital's role in global capital provision is "only increasing," and that credit markets have been acting "fairly rationally" during the period.