Latest news with #AngeloGordon
The Star
4 days ago
- Business
- The Star
TPG Angelo Gordon among new bidders in auction for Citgo assets
New York: Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorised to speak publicly about the bid. TPG Angelo Gordon declined to comment last Friday. TPG agreed to acquire Angelo Gordon in May 2023 in a cash-and-stock deal valued at US$2.7bil. The bid is aimed at bettering a US$3.7bil offer by Red Tree Investments LLC for control of the refiner, which is Venezuela's largest foreign asset. Seeking more offers Red Tree's offer came after US Judge Leonard Stark in Wilmington, Delaware, shot down an earlier US$5.3bil lead bid by an affiliate of Elliott Investment Management because of flaws with the proposal. Robert Pincus – a lawyer tapped by Stark to oversee the auction – said in court filings he supported pushing back the deadline for topping offers like TPG Angelo Gordon's by 21 days in hopes it will lead to a 'more robust bidding process'. Stark granted the extension last Friday. Stark and Pincus are aiming to generate more money from the nearly year-long auction in hopes of satisfying more creditors' claims against Venezuela over the seizures initiated by late strongman Hugo Chavez. Collectively the creditors are owed more than US$20bil by the Venezuelan government and its state-owned oil company, Petroleos de Venezuela SA, or PDVSA, which controls Citgo. Those creditors include Crystallex International Corp, Exxon Mobil Corp, ConocoPhillips Co and Siemens AG. Lost assets The companies lost gold and oil assets in the seizures and obtained international arbitration awards against the country. Investment manager Oaktree Capital Management LP is providing financing for multiple bidders, according to a person familiar with the matter who is not authorised to speak publicly. Oaktree's involvement hasn't been previously reported. The firm has more than US$200bil in assets under management and has experience in distressed debt and special situations. 'The court wants the best offer, even if that bidder is late to the game,' said Jason Keene, a strategist at Barclays who follows the auction process. Bidders are interested in the refineries Citgo runs in the United States as well as its pipelines, terminals and fuel-distribution channels. The battle goes back to the fallout from Chávez's decision to nationalise different industries as part of his socialist agenda. Chávez died in 2013 and was succeeded by Nicolás Maduro. In 2019, the US government gave the reins of the refinery to the opposition-led National Assembly, then presided by Juan Guaido, whom the United States and other governments formerly recognised as the country's legitimate leader as opposed to Maduro. A Florida congresswoman has asked US Secretary of State Marco Rubio to halt the Citgo auction to preserve the political opposition's control of the asset. Maria Elvira Salazar, a Republican who represents part of Miami, asked Rubio to stop any sale. 'Citgo needs to remain in hands of the opposition in order to be able to reconstruct Venezuela after the regime falls,' she wrote in a May 29 letter to Rubio. — Bloomberg
Yahoo
29-04-2025
- Business
- Yahoo
Financier Hands checks into holiday parks operator Lovat
The investment firm founded by financier Guy Hands has struck a deal to buy a portfolio of British holiday parks. Sky News has learnt that Terra Firma, which Mr Hands ran for decades, is buying Lovat Parks, a privately owned leisure group, in partnership with Angelo Gordon, a specialist backer of real estate assets. Lovat Parks operates premium holiday homes and luxury lodges at nine sites across the UK, including locations in Cornwall, Norfolk and the New Forest. Money latest: Raoul Fraser, the company's founder, will continue to run the business. The deal is one of Terra Firma's first acquisitions since it announced in 2023 that Mr Hands would step back from day-to-day involvement with the firm. He set up Terra Firma in 2002, and through it acquired companies including the record label EMI and the care homes operator Four Seasons Health Care. Last December, it struck a near-£6bn deal to sell 36,000 military homes to the UK's Ministry of Defence, bringing an end to a long-running battle between Mr Hands' firm and the government. The price it and Angelo Gordon were paying for Lovat Parks was unclear on Tuesday. Read more from Sky News:Food inflation highest for more than a year - more to come, industry warnsMandate solar panels on all new homes to cut bills, councils argue In a statement issued following an enquiry from Sky News, Terra Firma managing director Richard Hands - the son of Guy - said: "Lovat Parks operates some of the highest quality holiday parks in attractive destinations around the UK, in a sector that has proven resilient and durable. "Through our partnership with TPG Angelo Gordon, we are excited to bring our operational and strategic expertise in multi-site asset-backed businesses to deliver on the company's ambitious growth plans."
Sky News
29-04-2025
- Business
- Sky News
Financier Hands checks into holiday parks operator Lovat
The investment firm founded by financier Guy Hands has struck a deal to buy a portfolio of British holiday parks. Sky News has learnt that Terra Firma, which Mr Hands ran for decades, is buying Lovat Parks, a privately owned leisure group, in partnership with Angelo Gordon, a specialist backer of real estate assets. Lovat Parks operates premium holiday homes and luxury lodges at nine sites across the UK, including locations in Cornwall, Norfolk and the New Forest. Raoul Fraser, the company's founder, will continue to run the business. The deal is one of Terra Firma's first acquisitions since it announced in 2023 that Mr Hands would step back from day-to-day involvement with the firm. He set up Terra Firma in 2002, and through it acquired companies including the record label EMI and the care homes operator Four Seasons Health Care. Last December, it struck a near-£6bn deal to sell 36,000 military homes to the UK's Ministry of Defence, bringing an end to a long-running battle between Mr Hands' firm and the government. The price it and Angelo Gordon were paying for Lovat Parks was unclear on Tuesday. In a statement issued following an enquiry from Sky News, Terra Firma managing director Richard Hands - the son of Guy - said: "Lovat Parks operates some of the highest quality holiday parks in attractive destinations around the UK, in a sector that has proven resilient and durable.
Yahoo
07-04-2025
- Business
- Yahoo
Is TPG (TPG) Positioned to Benefit from Surging Demand for Illiquid Alternative Investments?
TimesSquare Capital Management, an equity investment management company, released its 'U.S. Focus Growth Strategy' fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the strategy returned -1.35% (gross) and -1.56% (net) compared to 8.14% for the Russell Midcap Growth Index. In the fourth quarter, the U.S. small to mid-cap growth equities with the greatest valuation (P/E), lowest quality (return on equity), or highest risk (beta or volatility) provided the strongest gains. In this environment, the portfolio's fourth-quarter performance fell short of the Russell Midcap® Growth Index, resulting in poor performance for the year. In addition, please check the fund's top five holdings to know its best picks in 2024. In its fourth quarter 2024 investor letter, TimesSquare Capital Management U.S. Focus Growth Strategy emphasized stocks such as TPG Inc. (NASDAQ:TPG). Based in Fort Worth, Texas, TPG Inc. (NASDAQ:TPG) is an alternative asset manager. The one-month return of TPG Inc. (NASDAQ:TPG) was -11.85%, and its shares lost 9.39% of their value over the last 52 weeks. On April 4, 2025, TPG Inc. (NASDAQ:TPG) stock closed at $40.99 per share with a market capitalization of $15.145 billion. TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding TPG Inc. (NASDAQ:TPG) in its Q4 2024 investor letter: "New to the strategy this quarter is TPG Inc. (NASDAQ:TPG), an alternative asset management firm. Their acquisition of Angelo Gordon adds diversified credit and real estate to TPG's private equity platform. They are well positioned to benefit from growing investor demand for illiquid alternative investments." A successful businessman shaking hands with a client in a modern office building, celebrating a successful financial transaction. TPG Inc. (NASDAQ:TPG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held TPG Inc. (NASDAQ:TPG) at the end of the fourth quarter which was 20 in the previous quarter. While we acknowledge the potential of TPG Inc. (NASDAQ:TPG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. We covered TPG Inc. (NASDAQ:TPG) in another article, where we shared AI news and ratings investors probably missed. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
