The 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (NASDAQ: TPGXL) are unsecured debt securities issued by TPG Operating Group II, L.P., a wholly owned subsidiary of TPG Inc. These notes bear interest at a fixed annual rate of 6.95%, payable quarterly, and rank junior to all of the issuer’s senior indebtedness. With a maturity date in 2064, they provide long-term financing support for the broader TPG platform.
TPG Operating Group II, L.P. operates within the global alternative asset management framework of TPG Inc., which manages capital across private equity, growth equity, real estate, credit, and impact investing strategies. Proceeds from the issuance of these junior subordinated notes are used for general corporate purposes, including funding investment activities, refinancing existing obligations, and enhancing the firm’s overall financial flexibility.
TPG Inc. was founded in 1992 by David Bonderman and James “Jim” Coulter and is headquartered in Fort Worth, Texas, with a major presence in San Francisco and offices in key financial centers throughout the Americas, Europe, Asia, and Australia. The firm has built a global reputation through its deep industry expertise and disciplined investment approach. Its leadership team is composed of seasoned investment professionals responsible for sourcing and managing a diversified portfolio of assets across market cycles.
Investors in the 2064 junior subordinated notes gain exposure to the credit profile of a leading alternative investment manager, with the notes’ extended maturity reflecting TPG’s long-term capital structure strategy. While the fixed interest rate offers predictable income, the subordinated status entails a higher degree of credit risk compared to senior obligations, aligning with the firm’s broader funding objectives.
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