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Laxman Pai, Opalesque Asia: The global alternative asset management firm TPG agreed to pay $2.7 billion for Angelo Gordon, a New York City-based private credit and real estate investment firm with $73 billion of assets under management (AUM).
The two firms announced in a press release that the purchase price includes $970 million in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG, in each case, subject to certain adjustments. The transaction also includes an earnout based on Angelo Gordon's future financial performance, valued at up to US$ 400 million. The two firms combined manage $208 billion.
TPG has been strengthening its credit investing business since splitting from its credit arm Sixth Street in 2020. It said Angelo Gordon offers diversification in credit investing, including corporate credit, direct lending, and structured credit.
"Upon the close of the transaction, TPG will manage assets across a broadly diversified set of investment strategies, including private equity, impact, credit, real estate, and market solutions," said the release.
The addition of Angelo Gordon marks a significant expansion into credit investing for TPG, establishing additional levers to drive organic growth and further expanding the breadth, diversification, and reach of the TPG platform, the release added.
The transaction will enable TPG and Angelo Gordon to be an even stronger partner to LPs, providing investment opp...................... To view our full article Click here
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