TPG, a large global asset management firm, and Angelo Gordon, a $73bn credit and real estate investment group, have signed a formal agreement under which TPG will acquire Angelo Gordon in an equity and cash transaction.

Based on the share price of TPG Inc. as of May 12th, 2023, the transaction is valued at approximately $2.7bn.

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This includes an estimated $970m in cash and up to 62.5m common units of the TPG operating group and restricted stock units of TPG, in each case subject to revisions.

A $400m earnout provision is also included in the deal, subject to Angelo Gordon’s future financial success.

TPG and Angelo Gordon had a combined AUM of $208bn as of December 31st, 2022.

Once the purchase is completed, TPG will manage assets across a wide range of investment strategies, including private equity, impact, credit, real estate, and market solutions.

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Angelo Gordon’s acquisition represents TPG’s significant expansion into credit investing, establishing more levers to produce organic growth and widening, diversifying, and expanding the breadth, diversification, and reach of the TPG platform.

As a result of the transaction, TPG and Angelo Gordon will be a better partner to LPs, delivering investment opportunities across a broader range of asset classes and return profiles.

“This strategic transaction meaningfully expands our investing capabilities and broadens our product offering. The addition of Angelo Gordon also underscores our continued focus on growing and scaling through diversification, while driving long-term value for our shareholders,” said Jon Winkelried, chief executive officer of TPG.

“We look forward to welcoming the Angelo Gordon team as we execute on our shared vision.”

Josh Baumgarten, Angelo Gordon Co-CEO, and head of credit added: ‘’This is a terrific partnership that provides Angelo Gordon with the scale to capitalize on the growing opportunity set we see in the credit and real estate markets, the diversification to create new solutions for our clients across the risk spectrum in all market conditions, and the opportunity to share our collective expertise, insights, and knowledge.’’

The TPG board of directors unanimously authorised the transaction, which is scheduled to close in Q4 2023.