TPG Buying Angelo Gordon to Gain $55 Billion Credit Business
- The private equity firm will gain $55 billion credit business
- TPG will run $208 billion after the Angelo Gordon deal closes
Jon Winkelried
Photographer: Misha Friedman/BloombergThis article is for subscribers only.
Private equity firm TPG is buying credit shop Angelo Gordon for $2.7 billion, gaining a foothold to muscle into the business of lending as banks retreat from making loans.
The purchase of New York-based Angelo Gordon will create an investment manager running a collective $208 billion, TPG said Monday. The firm will secure a $55 billion credit business to compete against rivals, such as Blackstone Inc. and Apollo Global Management, which are now major providers of financing to corporations.