TPG Agrees to Buy $2.4 Billion of Consumer Loans From OneMain

Alternative asset manager TPG Inc. is sharply increasing the amount of loans it will buy from OneMain Holdings Inc. as private credit firms build their presence in the consumer-finance space long-dominated by banks.

TPG will purchase about $2.4 billion of OneMain’s loans on an ongoing basis through June 2028 under a forward-flow agreement, according to a statement seen by Bloomberg News. That’s in addition to $1.3 billion agreed earlier, a TPG representative said. OneMain specializes in personal and auto loans for non-prime borrowers.