TPG related stories
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TPG tops list of 300 largest firmsAccording to the PEI 300, Private Equity International magazine’s proprietary ranking of the world’s largest private equity firms, the firm led by David Bonderman has raised more capital for private equity direct investment than any other firm over the past five years.
- TPG allows LPs in Asia fund to cut commitments
The mega-firm, which has already slashed the size of its $19.8bn buyout fund and its $6bn financial-services fund, will give investors in TPG Asia V the option to cut commitments by up to 10%.
- PEI Media to launch the PEI 300
To be released on 23 April, the PEI 300 will expand on a popular top 50 list ranking the largest 300 private equity firms in the world. Bain Capital, Bridgepoint and Clayton Dubilier & Rice are among 10 firms to have advanced in the rankings for two consecutive years.
- Sun Capital doubles down with DIP moves
The turnaround specialist, which has seen about 10 of its portfolio companies tumble into bankruptcy since last year, has extended debtor-in-possession loans to two of its bankrupt companies and plans to control them after they emerge from Chapter 11.
- Mega-firms mark Freescale down 85%
One of the largest LBOs in history has been drastically written down in value by the majority of its owners, as a legal tussle with lenders erupts over an ‘accordion’ debt facility that greatly favours equity players Blackstone, Carlyle, Permira and TPG.
- Ratings agencies: Debt to sink largest-ever LBO target
Moody's has followed Fitch in slashing its debt rating for Energy Future Holdings as concerns mount over its ability to pay creditors. The company formerly known as TXU was purchased by TPG, KKR and Goldman Sachs in a $45bn transaction, the largest-ever buyout closed to date.
- Apollo offers $435m for oil and gas company
The mega-buyout firm, which has been struggling with some of its larger portfolio companies in the financial crisis, is offering a 51% premium to Legacy Reserves’ unitholders over the average closing price of the units over the last 30 days.
- Goldman to battle private equity for iShares
The auction for Barclays Capital’s ETF management business has the investment banking group pitted against a selection of private equity firms including Hellman & Friedman, Bain and TPG. Vanguard, a US-based investment management firm, is also mounting a bid.
- Lone Star-backed supermarket collapses into bankruptcy
Lone Star paid $660m for regional US supermarket chains Bi-Lo and Bruno's in 2004. In 2007, the private equity firm began trying to sell Bi-Lo, a Southern US supermarket operator that has been unable to refinance a maturing term loan amid current credit market conditions.
- Harrah’s tenders $5bn in bonds for debt swap
The casino operator, which was purchased last year by Apollo Global Management and TPG, is offering to exchange the bonds for $2.8bn in notes as it seeks more room to maneuver in avoiding a default.