Slide 1: TPG to Acquire Angelo Gordon
TPG to Acquire Angelo Gordon May 2023 Comment Exhibit 99.2
Slide 2: Disclaimer
Disclaimer This presentation is being provided by TPG Inc. (“TPG,” “we,” “our,” “us,” or the “Company”) solely for informational purposes for its public stockholders. To the maximum extent permitted by law, none of us or our affiliates, directors, officers, partners, employees, agents, or advisors o
Slide 3: Angelo Gordon is a Strong Strategic Fit for TPG
Angelo Gordon is a Strong Strategic Fit for TPG Strategic Diversification Growth & Scale Value Creation Significant expansion into credit investing for TPG Increases TPG’s real estate footprint with complementary capabilities Expands investment solutions across a broad range of asset classes and ret
Slide 4: TPG + Angelo Gordon: By the Numbers
TPG + Angelo Gordon: By the Numbers Note: As of December 31, 2022. All metrics and numbers are presented on a combined basis for TPG and Angelo Gordon. Please refer to pages 12 to 14 of this presentation for definitions of metrics. $208B 15% Total AUM AUM CAGR from 2017 – 2022 1,800+ 12 yrs Employee
Slide 5: Transaction Summary & Rationale
Transaction Summary & Rationale Furthers TPG’s position as a leading global alternative asset management platform $208 billion of combined total AUM across a diversified set of investment strategies Marks a significant expansion at scale into credit investing, an attractive asset class with strong s
Slide 6: Creating a Leading Global Capital Solutions Provider
Creating a Leading Global Capital Solutions Provider Furthers TPG's position as a diversified global alternative asset manager, with $208 billion of pro forma AUM Strategy AUM % of Total Geographic Focus Year Established Capital Scaled, Control-Oriented Private Equity Leveraged Buyouts $66 Billion 3
Slide 7: Credit: Highly Favorable Market Dynamics
Credit: Highly Favorable Market Dynamics Source: Pitchbook LCD (left chart). Preqin Global Report 2023: Private Debt (right chart). 1. Proportion of investors surveyed by Preqin. Leveraged Loan Primary Market Banks vs. Non-Banks Private Debt AUM Forecast 14% Expected CAGR 63% of investors1 intend to
Slide 8: Angelo Gordon: Fully Integrated & Scaled Multi-Strategy Platform
Angelo Gordon: Fully Integrated & Scaled Multi-Strategy Platform >550 At-A-Glance 1988 year founded 650+ employees 245 investment professionals 12 offices globally Leader in Credit and Real Estate $73B Total AUM $55B Credit $18B Real Estate Direct Lending (Twin Brook) Corporate Special Situations St
Slide 9: Combination Delivers Broad Spectrum of Alternative Solutions
Buyout Growth Equity Impact Investing Direct Lending Structured Credit Opportunistic Credit Multi-Strategy Opportunistic Core Plus Value Add Net Lease CRE Credit Secondaries Public Equities Capital Markets Combination Delivers Broad Spectrum of Alternative Solutions TPG will have the ability to offe
Slide 10: Even more compelling partner for the largest LPs globally
Even more compelling partner for the largest LPs globally Ability to create bespoke, multi-asset class investment solutions for clients Diversified across a broader array of alternative strategies Angelo Gordon has a highly complementary base of long-term clients in credit and real estate platforms
Slide 11: Transaction Details & Structure Summary
Transaction Details & Structure Summary Financial Terms of Transaction Consideration: TPG will acquire Angelo Gordon in a cash and equity transaction valued at approximately $2.7 billion, based on TPG share price as of May 12, 2023, including an estimated $970 million in cash and up to 62.5 million
Slide 12: Definitions
Definitions After-tax Distributable Earnings (“After-tax DE”) After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable earnings after reflecting the impact of income taxes. We use it to assess how income tax expense affects amounts available to be dist
Slide 13: Definitions (Cont’d)
Definitions (Cont’d) Available capital Available capital is the aggregate amount of unfunded capital commitments that partners have committed to our funds and co-investment vehicles to fund future investments, as well as IPO and forward purchase agreement proceeds associated with our Public SPACs, a
Slide 14: Definitions (Cont’d)
Definitions (Cont’d) Fee earning AUM (“FAUM”) Fee earning AUM (“FAUM”) represents only the AUM from which we are entitled to receive management fees. FAUM is the sum of all the individual fee bases that are used to calculate our management fees and differs from AUM in the following respects: (i) ass