TPG Credit Management has changed its name to Castlelake.
The firm was founded in 2005 by Rory O’Neill (pictured), in an alliance with TPG Capital as a silent minority partner.
O’Neill, the company’s managing partner and chief executive, says that over the past eight years the firm has grown and evolved to the point where management believes the timing is right to create an identity that better represents the firm’s distinct culture and investment strategies.
Castlelake currently manages several funds with an aggregate of USD2.4bn of assets under management and employs 53 professionals in its Minneapolis and London offices.
“This is an exciting and landmark day for our firm as we are pleased to announce that TPG Credit Management is now Castlelake,” says O’Neill. “While our name has changed, it is important to note that no other aspects of our firm have changed. We continue to operate with the same governance structure that has been in place since the creation of our firm in 2005. We have the same talented team, the same capital base and we employ the same investment strategy. We are committed to delivering strong returns to our Limited Partners and will continue to be a global institutional alternative investment firm focused on deep value and special situations, employing a differentiated investment approach.
“We are grateful for TPG Capital’s support in our earlier years. Now eight years later, we believe our new name better illustrates our independence and eliminates any market confusion between our businesses.”