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TPG to enter new sectors with Angelo Gordon acquisition; Sixth Street kicks off soccer series

Good morning Hubsters, Craig McGlashan here with the opening Wire of the week.

TPG grabbed the headlines this morning, as it agreed to acquire alternative investment manager Angelo Gordon. The firm has also reopened its interest in an Australian funeral services provider.

Elsewhere, we have plenty of sports news as a Sixth Street portfolio company launches a soccer series and we also take a look at the new Form PF rules.

In credit

Private equity firm TPG is making a push into new sectors, after agreeing to acquire Angelo Gordon, an alternative investment firm focused on credit and real estate investing.

It’s been a busy day for TPG,as it also made a fresh bid for publicly listed Australian funeral services provider InvoCare, just weeks after the potential deal looked unlikely to go ahead.

We’ve seen a wave of take-private attempts over on PE Hub Europe in the last couple of months. Check out the latest on a tussle between Silver Lake and Bain Capital for a German software firm and a roundup of all the deals.

Bankruptcy

Envision Healthcare, which KKR took private at a valuation of nearly $10 billion including debt back in 2018, filed for bankruptcy today.

Sports news

Private equity interest in sports just seems to keep growing, and one of the busiest in that area – Sixth Street –has made its latest announcement in the sector.

Soccer Champions Tour, a series of games featuring the world’s most iconic soccer clubs, has formed. Soccer Champions Tour is being backed by a new Sixth Street portfolio company.

European soccer has certainly been attracting a lot of interest from US investors over the last few years. Check out this round-up over on PE Hub Europe for more.

Form PF

Rounding out the day with a bit of regulation news, and our colleague Bill Myers over at Regulatory Compliance Watch has everything you need to know on the SEC’s new Form PF rules.

The rules are more modest than were first put forward, Bill writes, but some private fund advocates still see a move from requiring funds disclose risks to making sure they prevent risk.

For more on the new rules, check out RCW’s practice tips article and a deep dive into the regulations.

That’s it from me – I’ll be back with you again tomorrow.

Cheers,

Craig

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Also of note (may require subscriptions)

Madison Dearborn held a final close on the largest GP-led secondaries deal of the year so far, moving three insurance-related assets into a continuation pool for more time and capital to grow the businesses. (Buyouts)

Cortec Group is targeting $2.5 billion for its eighth flagship fund, coming back to the market for the first time since 2019 with its largest offering yet. (Buyouts)

Onex, which last year rolled out a sixth flagship buyout offering, has elected to delay further capital raising until market conditions get better. (Buyouts)

Climate Fund Managers structured Ecuador’s $656m debt-for-nature conversion — the largest in the world — and the firm wants to see more involvement from institutional LPs. (Agri Investor)

Infrastructure debt is alive and kicking, having proven resilient to the impact of inflation and higher rates so far and with opportunities coming up as a result of repricing. This, and the fact that dealing with ESG remains difficult, was the main conclusion from the infrastructure portion of last week’s Private Debt Investor Europe Summit, which took place in London.