Angelo Gordon, an investment company specialising in credit and real estate markets, is to be acquired by US private equity firm TPG for a total consideration of USD 2.7 billion. The acquisition will include a cash payment of US$970 million and up to 62.5 million ordinary shares. The transaction also includes an "earn-out" based on Angelo Gordon's future financial performance of up to USD 400 million.

Founded in 1988, Angelo Gordon operates from 12 offices in the US, Europe and Asia and employs more than 650 people. Its $73 billion credit platform provides diversified and scalable credit investment services, including corporate, direct and structured credit. Like TPG, Angelo Gordon has achieved remarkable and sustained growth, with assets under management doubling over the past five years.

TPG is a global alternative asset management company founded in San Francisco in 1992. The firm invests worldwide and manages $135 billion in assets. TPG went public in early 2022 as part of its growth strategy, which was to include the acquisition of a credit investment manager.

As of December 31, 2022, TPG and Angelo Gordon had combined AUM of approximately $208 billion. Upon completion of the transaction, TPG will manage assets in private equity, credit, real estate and market solutions, while Angelo Gordon will become a new investment platform within TPG.