TPG’s European credit management chief resigns

The head of TPG’s European credit management arm, Oliver Blechner, has resigned.

TPG’s credit management arm was formed in 2005, to target distressed and undervalued assets. Switzerland-born Blechner joined TPG from Sandell Asset Management, a privately owned hedge fund sponsor, where he was director of German investments.

Blechner’s resignation comes amid speculation of a personality clash in top management, according to the Financial Times. Sources close to the firm told PEO that Blechner’s departure is not a reflection on the performance of the funds.

TPG was founded in 1992 and has more than $50 billion under management. In 2008 it closed three multi-billion funds totalling approximately $30 billion. Late last year TPG stunned the private equity world when it allowed its limited partners to cut their capital commitments by 10 percent, or a total of $2 billion, in a bid to reduce the stress on its LPs following the global market slowdown. It also reduced management fees by one-tenth and promised not to call more than 30 percent of LPs’ commitments in 2009.

TPG declined to comment.