CIT, TPG Special Situations Partners Enter into JV
AUG 27, 2015 - 8:11 am
CIT Group announced a joint venture with funds managed by TPG Special Situations Partners (TSSP), the dedicated special situations and credit platform with over $12 billion of assets under management, and part of TPG, a global private investment firm.
Strategic Credit Partners, a CIT TSSP Joint Venture, will have a target size of $500 million and will provide senior secured financing to companies in a variety of industries throughout the U.S., including communications, healthcare, information services and technology, industrials and restaurants.
CIT Asset Management will serve as administrative agent to the joint venture.
We are pleased to enter into this strategic relationship with TSSP and announce the formation of this joint venture, said Jim Hudak, president of CIT Corporate Finance. Our efforts to support the financing needs of our customers will be greatly enhanced through this new relationship.
Alan Waxman, partner and chief investment officer of TSSP, said, “We are excited to enter into this new business partnership with CIT. We believe this new venture will allow us to extend our reach in providing critical financing to businesses in the U.S. economy while delivering high-quality assets to our investors. This partnership with CIT reflects our shared views on building a unique platform centered on credit discipline and risk management in order to provide attractive risk-adjusted returns for our investors.”
Deutsche Bank served as financial advisor to CIT, and Dechert served as CIT’s legal counsel. Cleary Gottlieb Steen & Hamilton served as legal counsel to TSSP.
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