TPG Specialty Lending launches their IPO March 21, 2014. Ponder this Bear Case Scenario:
TPG specialized in lending to middle market companies. They retain some debt on their books and appear to be selling off the rest. Sounds a lot like a mortgage broker originating deals. Middle market companies are difficult to assess and difficult to package. TPG is beholden to fees and deal flow.
At best they do as well as the economy. At worst they step on a few land mines and blow themselves up.
George Gutowski writes from a caveat emptor perspective.