TSSP raises $2.20bn

The San Francisco-based subsidiary of TPG closed its North America distressed debt fund above its target.

TPG Sixth Street Partners (TSSP) held a final closing of its TSSP Capital Solutions fund at $2.20 billion, exceeding its $2 billion target. The North America-focused vehicle will invest in distressed debt held by growth companies.

The fund received capital commitments from several institutions including Washington State Investment Board, Alaska Permanent Fund, State of Michigan Retirement Systems and San Luis Obispo County Pension Trust. TSSP has invested over $500 million from the fund to date.

Founded in 2009, TSSP is a TPG-affiliated, credit focused subsidiary that currently manages $32 billion in assets.