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TSSP Announces Strategic Minority Investment by Dyal Capital

SAN FRANCISCO, April 11, 2017 – TSSP, a global credit and credit‐related investment firm affiliated with TPG Holdings, announced today that TSSP has signed definitive agreements with Dyal Capital Partners (“Dyal”), a division of Neuberger Berman Group, for Dyal to take a passive, non‐voting minority interest in TSSP. All proceeds from the transaction will be retained in TSSP to expand the platform’s capabilities and further strengthen alignment with its investors.

Since being founded by its management team and TPG in 2009, TSSP has grown to become a leading investment platform with approximately $20 billion in assets under management. TSSP has established a global reach with offices in San Francisco, New York, London, Dallas, Houston, Boston, Luxembourg and Melbourne.

Alan Waxman, Co‐Founder and Managing Partner of TSSP, commented: "This partnership will broaden both our network and our resources available to pursue the strategic initiatives of our business with the goal of continuously sourcing new credit and credit‐related investment opportunities. It will also further strengthen our alignment of interest with our limited partners. Dyal has a terrific, well‐earned reputation for supporting management teams and we are excited to welcome them as partners.”

Michael Rees, Head of Dyal Capital Partners, added: "We are excited to partner with TSSP, which in our opinion is going to continue to be one of the leaders in the credit space for many years to come. TSSP’s long‐term oriented, highly‐flexible capital base that allows it to selectively invest across industries, geographies, capital structures and asset classes sets it apart. We look forward to a long and productive relationship with the TSSP team."

Jon Winkelried, Co‐Chief Executive Officer of TPG, said: “Since our investment in its founding in 2009, TSSP has been an important and highly successful part of the TPG family. With this transaction, we are excited about the TSSP team’s future and look forward to our continued partnership.” Additional terms of the transaction were not disclosed, and closing is anticipated to occur upon the satisfaction of customary conditions.

About TSSP

TSSP is the global credit and credit‐related investment platform partnered with TPG. Co‐founded in 2009 by Managing Partner Alan Waxman, TSSP has approximately $20 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. TSSP's investments are typically complex to source, analyze and execute. For more information, please visit www.tpg.com/platforms/tssp.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with approximately $72 billion of assets under management. TPG's investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information please visit www.tpg.com.

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