When Did TPG Purchase Angelo Gordon in Notable Private Equity Deal

TPG made a notable purchase in the private equity world, acquiring Angelo Gordon. The deal was a significant one for both companies involved.

In 2020, TPG acquired a majority stake in Angelo Gordon, a leading alternative investment firm. This acquisition marked a major expansion for TPG's private equity business.

Angelo Gordon was founded in 1988 by Michael Gordon and William Ackman, who is now the founder of Pershing Square Capital Management. The firm has since grown into a major player in the alternative investment space.

The acquisition by TPG brought significant resources and expertise to Angelo Gordon, allowing the firm to expand its offerings and reach new markets.

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TPG acquired Angelo Gordon for approximately $2.7 billion in a cash and equity transaction.

The deal includes $970 million in cash and up to 62.5 million common units of the TPG Operating Group and TPG restricted stock units.

Angelo Gordon is a privately-held, $73 billion firm focused on credit and real estate investment.

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The acquisition enables TPG to broaden its investment ability and extend its reach to new areas, managing assets across diversified investment platforms.

TPG and Angelo Gordon had combined assets under management of $208 billion as of December 31, 2022.

The transaction also includes an earn-out based on Angelo Gordon's future financial performance, valued at up to $400 million.

The deal is expected to be completed in the fourth quarter of 2023, benefiting TPG shareholders in terms of fee-related earnings and after-tax distributable earnings per share in 2024.

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TPG acquired a minority stake in Angelo Gordon in 2015, but the exact details of the deal are not publicly disclosed.

The acquisition was a strategic move by TPG to expand its presence in the private equity industry.

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