It makes sense. Sixth Street was always a team that had ambitions as a multi-strategy shop. Those goals run contrary to the TPG ownership. Because the Sixth Street GP team did not enjoy ownership in the other TPG strategies and had a mandate restriction in their own strategy that boxed them in and safeguarded the TPG equity funds, the split was inevitable for both sides. None of that means that TPG's logic of bolting a successful credit platform into its large and successful fundraising apparatus is unsound.

TPG acquiring Angelo Gordon

Thoughts?

532 WSO Academy Private Equity Session Reviews: 4.82/5

Anahuac University

Class of '18 Nov 2026 Cohort

5.00/5

Private Equity Full Resume Review

“Rachel helped me through the very beginning and we had several iterations that were crucial to the development of a better and great CV for applications. I appreciate her patience and puntual feedback every single time. Also the response time was very short and kept me aware of any delay. It kept me on line for what I had to do and some areas to focus that I didn't knowe before, and some of them honestly I didn't have any idea. Very well all around work”

Class of '24 Dec 2025 Cohort

5.00/5

Private Equity Mock Coffee Chat

“Julius was extremely helpful in breaking down the accounting concepts, especially allowing me the opportunity to walk through a question step by step on how the three financial statements are impacted across income, cash flow and balance sheet along with figuring out the mental math for it all. The concept for Equity Value to Enterprise value and bridging between the two were fairly straight forward. Along with the networking advice on reaching out to potential recruiters for Investment banking roles and how lateral recruitement is happening year end vs going into Q1 next year.”

See All 11,633 WSO Academy Reviews

3 Comments

PrivateTechquity 🚀🚀🚀

O

3y

It's interesting to watch different firms swallow each other up like this. Always a bigger fish.

Reply

Quote

Report

Other

"If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion

NuclearPenguins

PE

3y

Personally a bit surprised to hear the news when rumors about this first came out earlier in the year given how recent the TSSP / Sixth Street split was, and haven't read much or heard about any specifics beyond the high level headlines really, but it'll be interesting to see what TPG will do differently (if anything at all) this time around having a credit arm in-house again. Know TPG & TSSP used to be semi-integrated and would do some deals together, but then became more and more independent over time.

Reply

Quote

Report

Other

Authored by: Certified Private Equity Professional - Vice PresidentCertified Private Equity Pro

APAE

PE

3y

Most Helpful

Nulla et rerum nulla. Quis et accusantium id ex ea repellendus. Itaque eos nihil ea nam voluptas dolores.

+91	Cognitive decline	30	9m
+55	Vibe-Working in Finance with AI ? What about you	34	19h
+49	Del	26	2d
+44	PE VP: Thoughts on Quitting with Nothing Lined Up?	15	1h
+18	How do PE funds choose their advisors?	8	21h
+18	Acquisition Deal Structure: More Cash at Close vs. Smaller Equity Rollover in a Holdco	3	3d
+17	Is buyside worth it if most associate programs are 2 and out?	4	4d
+13	Management consulting or munis?	6	4d
+13	How Cooked is Software PE?	1	2d
+12	Indian PE Landscape	2	1d

1	redever	99.2
2	BankonBanking	99.0
3	Secyh62	99.0
4	kanon	99.0
5	Betsy Massar	98.9
6	DrApeman	98.9
7	GameTheory	98.9
8	CompBanker	98.9
9	dosk17	98.9
10	Mimbs	98.8

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

TPG acquiring Angelo Gordon

Score Breakdown

Feedback

Score Breakdown

Feedback

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

TPG acquiring Angelo Gordon

See All Comments - 100% Free

Trending Content - Private Equity Forum