Prospect Capital Corp
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Financials : Capital Markets | Small Cap Blend
Company profile

Prospect Capital Corporation is a financial services company that primarily lends to and invests in middle-market privately held companies. The Company's investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. It invests primarily in senior and subordinated secured debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes. It makes directly originated agented loans to companies, including companies which are controlled by private equity sponsors and companies that are not controlled by private equity sponsors. It also invests in senior and secured loans, syndicated loans and high yield bonds that have been sold to a club or syndicate of buyers, both in the primary and secondary markets. The Company is managed by its investment adviser, Prospect Capital Management L.P.

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Private-equity firm TPG finally goes public in $1 billion deal and delivers a solid opening day gain

1:29 pm ET January 13, 2022 (MarketWatch)

By Steve Gelsi

TPG goes public with a valuation of about $9 billion some 30 years after the firm was founded

TPG Inc. rose handily in its initial public offering on the Nasdaq on Thursday, some 30 years after the private-equity firm launched under the name Texas Pacific Group.

TPG (TPG) opened at $33, about 11.9% above its $29.50 IPO price, and rose to $33.78 in early afternoon trades for a gain of about 14.5%.

At its opening price of $33, TPG had a market cap of $10.1 billion, based on the 69 million Class A shares expected to be outstanding and the 229.7 million Class B shares, according to the company's prospectus.

The company went public on a rather downbeat day for recently-IPO'd stocks, as the Renaissance IPO ETF (IPO) dropped 3.7% while the S&P 500 slipped 0.9%.

The long-anticipated deal comes from an investment manager with assets under management of $109 billion, 912 employees, and more than 280 active portfolio companies.

A total of 33.9 million shares were offered for $1.0 billion in the IPO, as TPG (TPG) sold 28.3 million shares to raise about $835.15 million and an existing strategic investor -- China Life Trustees Limited -- sold 5.6 million shares to raise $164.90 million.

The IPO comes after a strong year for other publicly traded private-equity firms such as Blackstone (BX), Apollo Global Management Inc. (APO), KKR&; Co. Inc. (KKR) and Carlyle Group (CG).

Although active since in the San Francisco area in its earliest years, TPG traces its roots to Texas, with its current headquarters in Fort Worth.

The firm was founded in 1992 by David Bonderman, James Coulter and William S. Price III. Bonderman and Coulter previously ran a buyouts business for billionaire Robert Bass in the 1980s.

TPG's first major deal was buying Continental Airlines out of bankruptcy. Over the years, TPG changed its brand from its earlier name, Texas Pacific Group, and backed many high profile companies that have gone public from Airbnb (ABNB) to Spotify Technology SA (SPOT).

The firm has also taken companies public through special-purpose acquisition company deals. One recent example was TPG Pace Solutions, which took travel site Vacasa Inc. (VCSA) public.

TPG is going public about 15 to 20 years after many of its peers.

"They may have felt at a competitive disadvantage to public peers by not having a liquid currency of shares with which to pay executives, or to make acquisitions," said one longtime private-equity executive.

Tomi Kilgore contributed to this report.

Also Read: The TPG IPO: 5 things to know about private-equity firm valued at $9 billion

-Steve Gelsi


(END) Dow Jones Newswires

January 13, 2022 13:29 ET (18:29 GMT)

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