TSSP Announces Strategic Minority Investment by Dyal Capital Partners
SAN FRANCISCO – April 11, 2017 – TSSP, a global credit and credit-related investment firm affiliated with TPG Holdings, announced today that TSSP has signed definitive agreements with Dyal Capital Partners (“Dyal”), a division of Neuberger Berman Group, for Dyal to take a passive, non-voting minority interest in TSSP. All proceeds from the transaction will be retained in TSSP to expand the platform’s capabilities and further strengthen alignment with its investors.
Since being founded by its management team and TPG in 2009, TSSP has grown to become a leading investment platform with approximately $20 billion in assets under management. TSSP has established a global reach with offices in San Francisco, New York, London, Dallas, Houston, Boston, Luxembourg and Melbourne.
Alan Waxman, Co-Founder and Managing Partner of TSSP, commented: "This partnership will broaden both our network and our resources available to pursue the strategic initiatives of our business with the goal of continuously sourcing new credit and credit-related investment opportunities. It will also further strengthen our alignment of interest with our limited partners. Dyal has a terrific, well-earned reputation for supporting management teams and we are excited to welcome them as partners.”
Michael Rees, Head of Dyal Capital Partners, added: "We are excited to partner with TSSP, which in our opinion is going to continue to be one of the leaders in the credit space for many years to come. TSSP’s long-term oriented, highly-flexible capital base that allows it to selectively invest across industries, geographies, capital structures and asset classes sets it apart. We look forward to a long and productive relationship with the TSSP team."
Jon Winkelried, Co-Chief Executive Officer of TPG, said: “Since our investment in its founding in 2009, TSSP has been an important and highly successful part of the TPG family. With this transaction, we are excited about the TSSP team’s future and look forward to our continued partnership.”
Additional terms of the transaction were not disclosed, and closing is anticipated to occur upon the satisfaction of customary conditions.
About Dyal Capital Partners