TPG Credit Management, an alternatives and distressed asset investment firm, announced that it has closed its TPG Credit Strategies Fund II with $996.7 million. The original target for the fund was $800 million, the firm said.
TPG Credit Management, a global alternatives and distressed asset investment firm, today announced that it had closed TPG Credit Strategies Fund II (“TCS II”) at $996,762,000 on October 15, 2012. TCS II exceeded its original fundraising target of $800 million. TCS II, consisting of two limited partnerships, was capitalized by respected endowments and foundations, family offices, fund of funds and pension funds. Denning & Company LLC, a leading San Francisco-based boutique private equity placement firm, acted as the exclusive agent.
TCS II plans to invest in a diversified portfolio of primarily distressed assets with some exposure to asset rich distressed corporate credit. Its main focus areas will be within aviation, European non-performing loans and U.S. distressed asset opportunities.
“We appreciate the confidence and support of our LPs in yet another very successful fundraising,” said Rory O’Neill, Managing Partner of TPG Credit Management. “We had the opportunity to meet with existing and new LPs and communicate what we find compelling within the distressed market today. We are very enthusiastic about deploying the capital in TCS II and look forward to continue building relationships with our LPs”.
Paul F. Denning, CEO of Denning & Company LLC, commented that, “Once again, the TPG Credit team has demonstrated that hard work combined with an unswerving focus on investment returns has yielded yet another oversubscribed fund. We couldn’t be more proud of their achievements.”
About TPG Credit Management
TPG Credit was founded in August 2005 by Rory O’Neill in partnership with the principals of TPG Capital, L.P. TPG Credit currently has approximately $2.3 billion of investment capital through five funds. The team is comprised of 53 professionals and offices in Minneapolis and London. For more information please contact TPG Credit at (612) 851-3150.
About Denning & Company LLC
Denning & Company LLC, founded in 2001, provides consulting and fund raising services to both established and emerging private equity partnerships worldwide. Since inception, Denning & Company has helped Private Equity General Partners raise over $10 billion. Denning & Company serves veteran General Partners seeking to broaden their LP base, as well as the next generation of Private Equity Managers. Denning & Company maintains valuable relationships with its Limited Partner network, striving to understand each LP’s individual Private Equity interests.