Angelo Gordon Analysis

Invest in corporate credit across U.S. and Europe; Provide structured credit solutions for institutional investors; Manage commercial real estate debt for large portfolios; Offer middle market direct lending to growing companies; Execute multi-strategy investments for diversified returns

TPG Angelo Gordon primarily focuses on investing in global credit and real estate markets. Their investment strategy encompasses a diversified approach that includes alternative credit platforms, corporate credit, structured credit, and lending, mainly in the U.S. and Europe. In the real estate sector, they have over 25 years of experience, concentrating on private equity real estate, commercial real estate debt, and net lease real estate. This dual focus allows them to seek alternative investment opportunities that deliver consistent absolute returns for their clients.

TPG Angelo Gordon primarily invests in the U.S., Europe, and Asia, with a specific focus on Japan, South Korea, Hong Kong, China, and Singapore for their real estate investments.

1. Cinemark Holdings Inc: A leading American movie theater chain that operates approximately 500 theaters across the U.S. and Latin America, providing extraordinary out-of-home entertainment experiences.

2. Starwood Property Trust Inc: A diversified real estate finance company that focuses on originating and investing in commercial mortgage loans and other real estate-related assets, with a market capitalization of around $7 billion.

3. Hewlett Packard Enterprise Company: An information technology company that offers enterprise security, analytics, data management, and cloud consulting services, helping businesses transform their operations.

4. Anywhere Real Estate Inc: A major player in integrated residential real estate services, providing franchising, brokerage, and relocation services, with a vast network of affiliated brands.

5. American Airlines Group Inc: An airline holding company formed by the merger of American Airlines and US Airways, headquartered in Fort Worth, Texas, and is one of the largest airlines in the world.

Angelo Gordon has made several notable exits, including:

1. eMagin Corporation - The firm exited its investment in eMagin on October 17, 2023. The specific exit method was not detailed in the sources, but it is noted as a significant exit.

2. Cushman & Wakefield - TPG and PAG planned to exit their stake in Cushman & Wakefield through a share sale valued at $311 million, which was reported about 10 months ago.

3. Douglas Dynamics - Completed a $64.2 million sale-leaseback transaction with TPG Angelo Gordon, indicating a method of monetizing their investment through a leaseback arrangement.

4. Long Island Industrial Portfolio - This portfolio was sold for $95.8 million, showcasing a direct sale method for exiting their investment.

These exits reflect a mix of direct sales and financial transactions such as sale-leasebacks, demonstrating the firm's strategic approach to realizing value from its investments.

The management team of TPG Angelo Gordon includes the following key members:

• Adam Schwartz: Co-Managing Partner, Head of Real Estate
• Michael Antilety: Managing Director, Structured Credit & Specialty Finance
• Victoria Aston-Duff: Managing Director, Insurance
• Courtney Beidler, CAIA: Vice President, Americas
• Sharone BenEzra, CAIA, CPA: Managing Director
• Mark Bernstein: Managing Director
• Christian Blanke, CFA, CAIA: Managing Director
• Patrick Bracha: Managing Director
• Brian Haklisch: Managing Director, Head of Americas for Investor Relations
• Ryan Mollett: Partner and Managing Partner of Credit Solutions

Acquired by TPG in November 2023; Operates in major financial hubs including New York, London, and Hong Kong; Trusted by a diverse range of institutional clients