TPG has agreed to buy about $2.4bn of consumer loans from OneMain Holdings under a forward-flow agreement that will run through June 2028, deepening the firm’s push into asset-based lending, according to Bloomberg.

The transaction is in addition to $1.3bn of loans agreed previously, a TPG representative said. OneMain specialises in personal and auto loans for non-prime borrowers.

Under the forward-flow structure, TPG will purchase loans before they are originated, allowing OneMain to free up balance-sheet capacity and recycle capital into new lending. The deal highlights private credit firms’ growing role in areas historically dominated by banks.

TPG has expanded aggressively into asset-based lending following its acquisition of Angelo Gordon in 2023. The firm has also agreed this week to buy $1bn of leases over time from equipment finance group Elevex Capital.

The agreement reflects a broader trend of alternative asset managers using scale and permanent capital to capture market share in consumer finance as banks continue to pull back from the sector.

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