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https://i-invdn-com.investing.com/news/LYNXNPEC0D0AP_M.jpgThe deal will allow TPG to expand into credit investing since splitting from its credit arm Sixth Street in 2020 and provide Angelo Gordon with the scale to capitalize on the credit and real estate markets.
The cash portion of the transaction will be funded from TPG’s current cash balance and undrawn revolver.
Upon closing of the transaction, Angelo Gordon will become a new significant investing platform within TPG.
Angelo Gordon’s co-CEOs Josh Baumgarten and Adam Schwartz will become co-managing partners of the platform, reporting to TPG CEO Jon Winkelried.
The transaction is expected to close in the fourth quarter of 2023.