We advised TPG on its inaugural offering of junior subordinated notes

Davis Polk advised TPG Operating Group II, L.P., an indirect, wholly owned subsidiary of TPG Inc. in connection with its debut SEC-registered offering of $400 million of its 6.950% fixed-rate junior subordinated notes due 2064. TPG intends to use the net proceeds from the offering to repay certain indebtedness outstanding under its credit agreements and for general corporate purposes.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $222 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions, and its unique strategy is driven by collaboration, innovation and inclusion. Its teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for its fund investors, portfolio companies, management teams and communities.

The Davis Polk capital markets team included partners Derek Dostal and Stephen A. Byeff and associates Livia Maas and David Giordano. The tax team included partner David H. Schnabel, counsel Aliza Slansky and associate Constance Zhang. The sponsor finance team included partner Jack Orford and associates Yuko Sin and Zoe Chen. All members of the Davis Polk team are based in the New York office.

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