TCW Hires TPG's Purdy for Distressed Debt in Credit-Cycle Shiftby
Firm is seeking to add risk and invest in new opportunities
Purdy will be based in Los Angeles, report to Jamie Farnham
TCW Group hired TPG Capital’s Steven Purdy as a managing director and special-situations analyst for the fixed-income credit research group in a push to find additional distressed debt opportunities.
Purdy will be based in Los Angeles and report to Jamie Farnham, director of credit research, the company said Monday in a statement. He previously worked on special situations and credit investments at TPG and Goldman Sachs Group Inc.
TCW is among firms, including Oaktree Capital Group LLC, KKR & Co., Fortress Investment Group LLC and Bain Capital’s Sankaty Advisors, seeking to profit from what executives say is an impending cycle of corporate defaults. The asset manager is adding risk into portfolios to take advantage of new investment opportunities, according to Jerry Cudzil, head of U.S. credit trading.
“Steve’s expertise is additive to our team both in existing areas of research, and in expanding the opportunity set to special situations,” Farnham said in the statement. “We feel it is extremely important to continue to invest in the credit team as we approach the end of the credit cycle and investment opportunities within this asset class change.”