Sixth Street Buys TPG Partners’ Stake at $10 Billion Value (1)

Sixth Street repurchased the stake in the firm owned by partners at TPGin a transaction valuing the alternative-asset manager at about $10 billion, a person with knowledge of the matter said.

Sixth Street paid more than $1 billion last month as it exercised an option to repurchase the stake, the person said. The deal was prompted by TPG Inc. becoming a direct competitor to Sixth Street through the purchase of credit firm Angelo Gordon, which was completed in November.

Representatives for San Francisco-based Sixth Street and TPG declined to comment.

Sixth Street, founded in 2009 and led by ...