TPG has agreed to acquire Angelo Gordon, an alternative investment firm focused on credit and real estate investing, for about $2.7 billion.
Upon closing 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 deal is expected to close in the fourth quarter of 2023.
TPG and Angelo Gordon had $208 billion in combined assets under management as of 31 December 2022.
“Both firms have grown organically over the past three decades, from private founder-led businesses into seasoned firms with next-generation executive leadership poised to accelerate further growth as part of a diversified platform,” said Jim Coulter, TPG’s co-founder and executive chairman, in a statement. “There is a clear alignment of interests, values and culture with a focus on entrepreneurship, innovation and investment excellence. We look forward to building on our collective momentum together.”
Ardea Partners acted as lead financial adviser to TPG, while Goldman Sachs and Piper Sandler acted as financial advisers to Angelo Gordon.
Angelo Gordon was founded in November 1988.
Based in Fort Worth, Texas, TPG was founded in 1992.