5 articles
TPG has reduced private equity exposure from 80% to 45% of assets under management while raising over $20 billion in credit strategies. Third Point launched a new private credit pooled fund as major alternative asset managers pivot toward lending markets. The shift occurs despite continued PE deal activity including Papa Johns bids and the F&G Life Re acquisition.
TPG reduced private equity from 80% to 45% of assets under management since its IPO, raising $51 billion in 2025 across 35 investment products. Major firms are shifting capital into credit, infrastructure, and specialized strategies as middle-market competitors launch pooled funds and target controlling equity stakes with debt positions.
Business development companies BlackRock TCP Capital and MidCap Financial cut dividends as shares declined 8-9%, signaling stress in private credit markets. Bitcoin dropped toward $66,000 while industry leaders frame the downturn as a market-clearing opportunity in alternative assets. The dual pressure reflects broader risk repricing across non-traditional investment portfolios.
BlackRock TCP Capital and MidCap Financial slashed dividends, triggering 8-9% stock declines as business development companies face mounting pressure. The stress signals broader rotation from yield-focused alternative investments toward growth and value plays, with activist investor Jeffrey Eberwein accumulating Star Equity shares at $3.84 versus a claimed $12-15 intrinsic value.
Gold futures surging past $4,200 per ounce are anchoring a broader rotation into hard assets as Fed rate cut expectations and tech sector weakness prompt institutional investors to revisit precious metals miners. Companies like Fortuna Mining are expanding capacity and strengthening balance sheets, signaling the gold bull cycle still has room to run even as commodities bifurcate sharply between precious and base metals.