Private equity giant TPG Inc. is reportedly in talks to buy real estate firm Angelo Gordon in an effort to get back into credit investing.
If the deal goes through, Angelo Gordon will be valued at $2 billion, Bloomberg Newsciting sources close to the matter.
TPG has approximately $135 billion in assets under management, including $20 billion in real estateand about 1,100 employees worldwide, according to its website.
Angelo Gordon manages approximately $53 billion in assets, mostly credit and real estate, and more than 600 employees, according to its website.
TPG was spun off from Sixth Street in 2020. TPG Chief Executive Jon Winkelreid has been looking to return to credit investing after the spinoff, according to Bloomberg.
“Trying to continue to add a credit strategy to our platform over time, which is a broader credit strategy, is important and a priority for us,” Winkelreid said on an earnings call last year, according to Bloomberg. “We feel like it’s going to be of great value to us.”
TPG has been actively involved in major acquisitions and sales in recent years.
In 2020, TPG acquired Change Healthcare’s claims editing business, ClaimsXten, for $2.2 billion, According to Fierce Healthcare.
two years ago, TPG Capital sells Gelson’s Markets chainwhich includes 27 stores in Southern California, has endured a tumultuous year for the private equity firm.
The pandemic prompted TPG to make some big real estate moves in 2020. In May of that year, TPG RE Finance $1 billion sold Raise cash in commercial real estate debt to meet its obligations.
angelo gordon in march Sells half of its stake in Brookfield DTLA Fund Office Trust Investor, Public entity that owns Brookfield’s downtown Los Angeles portfolio.
The Los Angeles-based investment firm sold 328,000 shares between Feb. 13 and March 3, according to a SEC filing last week.
— Ted Glazer
