---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-144091"
form_type: "8-K"
ticker: "TPG"
cik: "0001880661"
company_name: "TPG Inc."
filed_at: "2023-05-15T23:59:59+00:00"
generated_at: "2026-06-15T01:39:55.160724+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# TPG to acquire Angelo Gordon for $2.7B in cash and equity, expected close Q4 2023

## Summary
- Total consideration ~$2.7B: $970M cash + up to 62.5M common units/RSUs, plus up to $400M earnout based on 2026 fee revenue.
- Combined AUM $208B (Dec 2022); Angelo Gordon adds $73B credit and real estate platform.
- Deal expected to be mid-to-high single digit accretive to TPG shareholders on FRE and after-tax DE per share in 2024.
- Angelo Gordon Co-CEOs Baumgarten and Schwartz to become Co-Managing Partners of new platform, reporting to TPG CEO Winkelried.
- Transaction unanimously approved by TPG Board; expected close Q4 2023 subject to HSR, regulatory and client consents.

## SEC filing metadata
- accession: 0001193125-23-144091
- form_type: 8-K
- ticker: TPG
- cik: 0001880661
- company_name: TPG Inc.
- filed_at: 2023-05-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.07, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1880661/000119312523144091/0001193125-23-144091-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1880661/000119312523144091/d402626d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-144091
- JSON: https://secwatch.observer/filing/0001193125-23-144091.json
- Plain text: https://secwatch.observer/filing/0001193125-23-144091.txt

## Key facts
- Material Agreements
  TPG Inc. entered into Transaction Agreement with Angelo, Gordon & Co., L.P. and AG Funds L.P. (collectively, "Angelo Gordon") and certain of their affiliated entities valued at an estimated $970 million in cash (effective 2023-05-14).
  - Action: entry
  - Agreement: merger
  - Counterparty: Angelo, Gordon & Co., L.P. and AG Funds L.P. (collectively, "Angelo Gordon") and certain of their affiliated entities
  - Value: an estimated $970 million in cash
  - Effective: 2023-05-14
  source text: On May 14, 2023, TPG Inc. (“TPG”) and certain of its affiliated entities (the “TPG Parties”) entered into a transaction agreement (the “Transaction Agreement”) with Angelo, Gordon & Co., L.P. and AG Funds L.P. (collectively, “Angelo Gordon”) and certain of their affiliated entities (together with Angelo Gordon, the “Angelo Gordon Parties”) pursuant to which TPG has agreed to acquire Angelo Gordon on the terms and subject to the conditions set forth in the Transaction Agreement (the “Transaction”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880661/000119312523144091/0001193125-23-144091-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.