IAP had a growing (unlisted) private credit division. In their last presentation, the entire ITAP fund was expected to manage $625m. Not all of that was private credit, but a non-trivial percentage was (based on IAP's internationalisation presentation). TGP was likely going to consolidate a portion of the ITAP fund with their existing private credit fund to achieve scale.
I thought the main reason TGP/TOT bought the stake in IAP was to allow TPG to make use of IAP's growing unlisted FUM. Unless I'm missing something, I can't see the sense in TOT buying several IAP office properties for a significant premium to recent valuations. I don't think TGP will be able to charge TOT more ongoing management fees, but there might be substantial transaction fees TOT has to play TGP?
IAP had a growing (unlisted) private credit division. In their...
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