Douglas Paolillo joined private equity manager TPG Capital to run a new group that will manage collateralized loan obligations, according to four people with knowledge of the matter.
Mr. Paolillo, previously a managing director at Blackstone Group-owned GSO Capital Partners, will be based in New York, said the people, who asked not to be identified because the hiring hasn't been announced publicly. Owen Blicksilver, a spokesman for TPG, and Mr. Paolillo declined to comment. Christine Anderson, a Blackstone spokeswoman, declined to comment.
TPG joins Apollo Global Management and Blackstone Group in diversifying away from leveraged buyouts and into managing CLOs. Sales of the funds quadrupled to $55.4 billion in 2012, and issuance is predicted to reach $80 billion this year.
