TPG Credit Management has closed its latest fund, TPG Credit Strategies Fund II (“TCS II”), at $997 million fund exceeding its target of $800 million.
TCS II plans to invest in a diversified portfolio of primarily distressed assets with some exposure to asset rich distressed corporate credit. Its main focus areas will be within aviation, European non-performing loans and U.S. distressed asset opportunities.
“We appreciate the confidence and support of our LPs in yet another very successful fundraising,” said Rory O’Neill, Managing Partner of TPG Credit Management. “We had the opportunity to meet with existing and new LPs and communicate what we find compelling within the distressed market today. We are very enthusiastic about deploying the capital in TCS II and look forward to continue building relationships with our LPs”.
TPG Credit was founded in August 2005 by Rory O’Neill in partnership with the principals of TPG Capital. TPG Credit currently has approximately $2.3 billion of investment capital through five funds. The team is comprised of 53 professionals and has offices in Minneapolis and London (www.tpgcredit.com).
TPG Capital is the global buyout group of TPG, a private investment firm founded in 1992 with approximately $51 billion of assets under management. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare. TPG makes investments throughout North America, Europe, Asia and Australia. The firm has offices in Fort Worth, San Francisco, Beijing, Chongqing, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Tokyo (www.tpg.com).
Denning & Company acted as the exclusive placement agent for TPG Credit. “Once again, the TPG Credit team has demonstrated that hard work combined with an unswerving focus on investment returns has yielded yet another oversubscribed fund. We couldn’t be more proud of their achievements,” said Paul Denning, CEO of Denning & Company. Denning & Company provides consulting and fund raising services to both established and emerging private equity partnerships worldwide. The firm was founded in 2001 and is based in San Francisco (www.denningandcompany.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-25-12
