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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Last
64.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $148.4M | |||
| Open | High | Low | Value | Volume |
| 64.5¢ | 64.5¢ | 64.0¢ | $81.08K | 126.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2 | 63.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 64.5¢ | 34481 | 1 |
View Market Depth
| Last trade - 13.47pm 07/05/2024 (20 minute delay) ? |
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Last
64.5¢ |
Change
0.000 ( 0.78 %) |
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| Open | High | Low | Volume | ||
| 64.5¢ | 64.5¢ | 64.5¢ | 3875 | ||
| Last updated 11.04am 07/05/2024 ? | |||||
| TGP (ASX) Chart |