TPG Credit closes in on $800m target

The firm, in which TPG owns a 5% stake, has already deployed more than $200m of its second distressed investment fund.

Minneapolis- and London-based TPG Credit Management has raised nearly half of the $800 million target for its TPG Credit Strategies Fund II. A source close to the matter said the firm expects to close on or above target.

It has already deployed more than $200 million from Fund II, which has a $1 billion hard-cap.

The firm could not immediately be reached for comment. Denning & Company, the firm's placement agent, declined to comment.

TPG Credit’s prior distressed debt fund collected $443 million. Launched in 2005, TPG Credit has also raised vehicles including a $605 million aviation fund and a $1 billion “hung bridge” fund for loans that were stuck on bank balance sheets after the subprime and financial crises.