TSSP Acquires Distressed Portfolio from Credit Suisse
Ropes & Gray advised TSSP in its acquisition of credit assets, including a part of Credit Suisse's distressed credit portfolio for approximately $1.27 billion, utilizing no portfolio leverage. The Credit Suisse distressed portfolio purchased by TSSP is comprised of over 270 instruments across asset types and geographies relating to approximately 170 companies.
TSSP, the global credit and special situations platform of TPG, has approximately $19 billion in assets under management. TSSP has a long-term oriented, highly flexible capital base that allows it to invest across industries, geographies, capital structures and asset classes, in distressed assets but also healthy and growth companies.
The acquisition was announced May 4. Additional terms of the transaction were not disclosed.
The Ropes & Gray team included special situations partners Robb Tretter (New York) and Peter Baldwin (London); finance partner Alyson Allen (Boston); tax partner Daniel Kolb (New York); private equity associate Ellen Wheeler (New York); and corporate associateHanah Kim (New York).