TPG Credit Management Closes Fund with $602M

TPG Credit Management has closed its new fund, Airline Credit Opportunities II, with $604 million. The limited partners include unnamed endowments and foundations, family offices, fund of funds and pension funds, the firm said. The new fund, which exceeded its original $400 million target, will invest broadly across the aviation industry. TPG Credit Management has offices in Minneapolis and London.

TPG Credit Management, a global distressed credit investment firm, today announced that it had closed Airline Credit Opportunities II (“ACO II”) at $604,750,000 million at the end of November 2010. ACO II, consisting of a limited partnership and a limited liability company, was capitalized by respected endowments and foundations, family offices, fund of funds and pension funds both domestic and international. ACO II exceeded its original target of $400 million. Denning & Company LLC, a leading San Francisco-based boutique private equity placement firm, acted as exclusive agent.

ACO II plans to invest in a full array of instruments and assets across the aviation industry capital structures and geographies. Its main focus is to capitalize on current market imbalances where unleveraged acquisitions of aircraft and aircraft-related obligations are offering above average returns.

“We appreciate the confidence and support of our LPs in this 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 our past performance and what we believe is a compelling new opportunity for investment in the airline sector. Denning & Company was a true partner throughout.”

Paul F. Denning, CEO of Denning & Company LLC, commented that, “The TPGC Team has together and separately earned the respect of financial institutions world-wide. Their eminently successful fund raise is a further testament to the trust LP’s have in their team and its purpose.”

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. Since its inception, TPG Credit has raised approximately $2.2 billion of investment capital through four funds. The team is comprised of 41 professionals in its Minneapolis and London offices. For more information please see or 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 $8 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. For more information please see or contact Denning & Company at 415-399-3939.