Angelo Gordon Raises $1B for Asset-Based Private Credit Fund

Angelo Gordon, the $73 billion alternative investment firm bought by private equity giant TPG in May, has raised more than $1 billion for an asset-based credit fund, AG Asset Based Credit Fund LP, exceeding its $800 million target.

The fund’s strategy is to invest in consumer, real asset, and other specialty lending markets.

“Today’s market conditions, headlined by rising rates, widening spreads and a pullback by banks, are paving the way for a significant ongoing dislocation within the broader specialty finance markets and the need for capital across asset types,” said T.J. Durkin, Head of Structured Credit and portfolio manager of the fund.

The raise brings Angelo Gordon’s credit assets under management to $55 billion across corporate credit, lending, and structured credit strategies.

Earlier this year the firm raised more than $1.3 billion for the final close of AG CSF2A (Annex) Dislocation Fund.

TPG bought Angelo Gordon in May in a $2.7 billion deal. The buyout marked a significant expansion into credit investing for TPG and extended its real estate reach in Europe and Asia.