TSSP, a credit-investing affiliate of private-equity firm TPG, has acquired part of Credit Suisse’s distressed-credit portfolio for approximately $1.27bn.
The companies did not divulge any other terms of the transaction.
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The acquired distressed portfolio of the Swiss private banking giant includes more than 270 instruments related to about 170 companies.
The acquisition will slash Credit Suisse’s total distressed credit exposure by $1.24bn, the Swiss lender said in a statement. The bank added that it will take a further charge of about $100m as part of the transaction.
TSSP partner Clint Kollar said: "The Credit Suisse distressed credit desk has been a long-time trusted partner to TSSP globally and we are pleased they selected TSSP to help it quickly execute on its strategy. This transaction leverages our global team’s ability to provide speed, certainty and value to financial institutions and other sellers in complex situations.
"The portfolio we are acquiring has deep, long-term potential and fits well with our patient and flexible capital."
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By GlobalDataAlso, the bank announced that its head of US credit trading Bob Franz, and head of distressed research and trading Ken Hoffman will spearhead the creation of a new asset management venture that will service the distressed assets.
