NEW YORK--(BUSINESS WIRE)--TPG Special Situations Partners (“TSSP”), the credit and special situations platform of TPG, a leading global private investment firm, and Octavian Advisors, LP, Octavian Global Partners, LLC, and their affiliates (“Octavian”) today announced that they have completed a transaction in which affiliates of TSSP will acquire a significant stake in and management of several Octavian funds (the “Funds”). The transaction has closed following the receipt of requisite consent of Octavian investors and customary closing conditions.
Pursuant to the transaction, affiliates of TSSP have become the largest investor in and will serve as the general partner and investment manager of the Funds, with responsibility for their operations and investment activities. Richard Hurowitz, Chairman and Chief Executive Officer of Octavian, has agreed to continue to assist TSSP.
Mr. Hurowitz said, “TSSP has significant experience in credit and special situations and a deep understanding of Octavian’s asset base. They are the ideal choice for Octavian’s investors, and I look forward to working with them to achieve the best outcome for the portfolio. This transaction reflects the strong underlying value of Octavian’s remaining assets and, importantly, delivers a fair price for those investors who preferred to achieve immediate liquidity.”
Houlihan Lokey served as Octavian's financial advisor on this transaction and Covington & Burling LLP, Akin Gump Strauss Hauer & Feld LLP, and Walkers Global provided legal counsel. Octavian also received advice from Ferrier Hodgson. TSSP received legal advice from Cleary Gottlieb Steen & Hamilton LLP.
About TPG Special Situations Partners
TSSP, which includes the TPG Opportunities Partners and TPG Specialty Lending platforms, is a $6 billion opportunistic credit platform within TPG, a leading private investment firm founded in 1992. TSSP has extensive experience with global public and private investments executed through primary originations, secondary market purchases and restructurings.
About Octavian Advisors, LP
Octavian Advisors, LP is a global investment firm based in New York. The firm focuses on special situations and distressed investments in international markets, and has successfully invested in over 40 countries on six continents.