About | Angelo Gordon

TPG Angelo Gordon has been matching money with opportunity since 1988.

We are a diversified credit and real estate investing platform within TPG, a leading global alternative asset management firm. TPG Angelo Gordon manages approximately $78 billion* across a broad range of credit and real estate strategies and we have been investing on behalf of pension funds, corporations, endowments, foundations, sovereign wealth funds and individuals for 35 years.

Over our entire history, TPG Angelo Gordon’s investment approach has consistently relied on disciplined portfolio construction backed by rigorous research and a strong focus on capital preservation.

We are entrepreneurial and opportunistic. We have grown by pursuing strategies that complement and build on our core capabilities. Combining deep industry sector and market expertise with a collaborative, knowledge-sharing culture, we creatively seek out investment opportunities that allow us to exploit inefficiencies in global credit and real estate markets.

^{*TPG Angelo Gordon’s currently stated AUM of approximately $78 billion as of December 31, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, TPG Angelo Gordon calculated its AUM as net assets under management excluding leverage, which resulted in TPG Angelo Gordon AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in TPG Angelo Gordon’s AUM calculation methodology and not any material change to TPG Angelo Gordon’s investment advisory business. For a description of the factors TPG Angelo Gordon considers when calculating AUM, please see the disclosure linked here.}

Culture

TPG Angelo Gordon was founded on a vision to build a business with an unwavering commitment to serving its clients and holding itself to the highest professional and ethical standards.

Our culture is collaborative, entrepreneurial, and defined by integrity, inclusion, and intelligence.

We value diverse ideas, backgrounds, and perspectives and we encourage debate and seek out input across the platform. We know that we as a business and our clients are better served by the sharing of different opinions and perspectives, derived from varied backgrounds, cultures and experiences.

We are proud of our collective culture, and TPG continues to invest in ensuring it is an inclusive one where every employee, and their contribution, is valued and respected. We believe TPG Angelo Gordon is better when our people are able to be and do their best.

History

1988

Angelo Gordon founded by John Angelo & Michael Gordon in New York

Launched Distressed Debt, Convertible & Merger Arbitrage strategies

The firm was founded with three strategies in which the team had 15 years of prior experience. There was little competition in these areas, and spreads were attractive.

1993

Opportunistic Real Estate strategy (U.S.) launched

In the early 1990’s, the real estate capital markets were seriously dislocated. Our purchases of distressed debt of bankrupt real estate companies led us to begin investing in opportunistic real estate.

Multi-Strategy platform launched

We created a platform encompassing a number of Angelo Gordon strategies, which allowed us to tactically shift asset allocation to reflect the firm’s view on opportunities at the given time.

1996

Private Equity strategy launched

Our private equity strategy leveraged the firm’s platform and extensive network to focus on middle market growth investments.

1998

Leveraged Loans strategy launched

Leveraged Loans was as an extension of our distressed debt business, giving us access to a full range of products in the senior secured debt market.

2000

London office opened

2001

Los Angeles office opened

2002

Core Plus Real Estate strategy launched

Core Plus Real Estate built on our real estate business to capture high yields on high-quality real estate which could benefit from our operating partner network and entrepreneurial investment style.

2003

Diversified Credit strategy launched

Diversified Credit arose from the firm’s leveraged loan and convertible arbitrage disciplines, and allowed the firm to expand its expertise in the broader credit markets.

2005

Hong Kong office opened

Asia Real Estate strategy launched

As we looked for international real estate opportunities, Asia real estate showed the greatest potential for high risk-adjusted returns, leading us to apply our U.S. opportunistic real estate investing model in Asia.

Net Lease Real Estate launched

Drawing on the firm’s credit expertise and real estate underwriting skills, we created and structured Net Lease Real Estate to focus on below-investment grade tenants.

2006

Commercial Real Estate Debt and Loan Origination strategy launched

Commercial Real Estate Debt takes advantage of our credit-focused culture and in-house private and public real estate expertise to capitalize on mispricings in the commercial real estate debt market.

Amsterdam office opened

Seoul office opened

2008

Residential and Consumer Debt strategy launched

We formed the Residential and Consumer Debt strategy to capitalize on the dislocation in the mortgage and consumer fixed income sectors and take advantage of our expertise in credit, trading and research-driven investing.

2009

Public-Private Investment Partnership

In 2009, the U.S. Department of Treasury, the Board of Governors of the Federal Reserve and the Federal Deposit Insurance Corporation launched the Public-Private Investment Partnership (PPIP) to unlock frozen credit markets and expand lending activity in the U.S. Angelo Gordon, in partnership with General Electric Capital Corporation, was a participant in this program.

Europe Real Estate Strategy Launched

Having reviewed the Europe real estate markets for a decade, it wasn’t until after the global financial crisis – which resulted in depressed property prices and significantly curtailed liquidity – that Angelo Gordon began finding compelling investment opportunities in this sector.

Tokyo office opened

2011

Initial Public Offering of AG Mortgage Investment Trust, Inc.

Expanding upon the firm’s Residential and Consumer Debt strategy, AG Mortgage Investment Trust, Inc. (NYSE: MITT) was formed as a publicly traded real estate investment trust that invests in, acquires and manages a diversified portfolio of residential mortgage assets, other real estate-related securities, financial assets and real estate.

2013

Energy strategy launched

The Energy strategy was another extension of our credit capabilities and launched to focus on capital-intensive energy companies consistently underserved by more traditional capital markets.*

*Angelo Gordon exited the Energy strategy as of 12/31/2022.

San Francisco office opened

2014

Middle Market Direct Lending strategy launched

The Middle Market Direct Lending strategy shares Angelo Gordon’s historical approach of senior secured lending with a focus on limited volatility and strong downside protection.

Chicago office opened

2016

In Memoriam: John M. Angelo

Frankfurt office opened

Milan office opened

2017

Josh Baumgarten and Adam Schwartz join Michael Gordon as co-CIO’s.

Singapore office opened

2021

Leadership transition

On December 31, 2020, Angelo Gordon co-Founder, Michael Gordon, stepped down as firm CEO and co-CIO, and assumed the position of non-Executive Chair, AG Partnership Advisory Board.

Adam Schwartz, Head of Real Estate, and Josh Baumgarten, Head of Credit, were named co-CEOs of Angelo Gordon. They continue as co-CIOs.