TPG logged higher revenue and profit in the second quarter with assets under management rising as the firm raised more than $16 billion in the latest period.

For the three months ended June 30, TPG on Tuesday posted a profit of $319.7 million compared with $30.1 million in the year-earlier quarter. On a per-share basis, TPG reported net income of 39 cents a share in the second quarter, compared with a loss of 5 cents a share.

Fee-related earnings, a proxy for management fees, climbed to $314.6 million from $219.5 million in the year-earlier period. After-tax distributable earnings, which represents cash available to return to investors, increased to $280.2 million from $268.3 million.

Total revenue jumped to $1.84 billion from $920.5 million a year earlier.

For the quarter, TPG raised $16.1 billion in new capital, bringing total year-to-date capital raised to $26.5 billion. The firm closed the quarter with $76.2 billion in dry powder.

Assets under management stood at $326.8 billion, up 25% over the last 12 months. Fee-earning assets under management rose 24% over the same period to $181 billion.

Cash and cash equivalents totaled $944.7 million at the end of the quarter while debt obligations rose to $2.3 billion, primarily due to the firm's senior notes offering during the first quarter. Investments climbed to $9.6 billion from $9.2 billion.

"Our business model is designed to perform across market cycles, and the breadth of our platform, the strength of our investment performance, and the depth of our client relationships continue to support step-function growth across the firm," Chief Executive Jon Winkelried said.