TPG Credit has changed its name to Castlelake, the firm announced in a statement Thursday.
The firm has long been affiliated with TPG Capital, which has been a silent minority partner since its inception in 2005. In a statement, firm founder Rory O’Neill indicated the firm needed, “To create an identity that better represents the firm’s distinct culture and investment strategies”.
“While our name has changed, it is important to note that no other aspects of our firm have changed. We continue to operate with the same governance structure that has been in place since the creation of our firm in 2005,” he said, adding that the firm has not made any changes to its personnel, capital base or investment strategy.
A spokesperson could not be reached for comment at press time.
“We are grateful for TPG Capital’s support in our earlier years. Now eight years later, we believe our new name better illustrates our independence and eliminates any market confusion between our businesses,” O’Neill said.
Castlelake closed its second credit strategies fund on $996.76 million last year, surpassing an $800 million target. TPG Credit Strategies II will invest in distressed assets and asset rich corporate credit, as well as European non-performing loans.
The firm has $2.4 billion under management with offices in Minneapolis and London.