TPG Angelo Gordon has emerged as one of the latest entrants in the court-supervised auction of Citgo Petroleum’s parent company, PVD Holding, as creditor claims against the Venezuelan government fuel interest in the high-profile asset sale, according to a report by Bloomberg citing sources familiar with the matter.
The New York-based alternative investment manager submitted a topping bid – a higher offer aimed at eclipsing existing proposals – as part of an ongoing auction overseen by a US federal court in Delaware. The process, which stems from Venezuela’s nationalisation of foreign-owned assets under late president Hugo Chávez, seeks to generate proceeds for a broad group of international creditors owed over $20bn.
The entry by TPG Angelo Gordon follows a $3.7bn bid by Red Tree Investments, which had taken the lead after an earlier $5.3bn offer from an Elliott Management affiliate was rejected due to procedural flaws.
The current phase of the auction is designed to encourage improved offers, with US District Judge Leonard Stark approving a 21-day extension for topping bids – supporting a recommendation by court-appointed special master Robert Pincus to foster a more competitive process.
The TPG-Angelo Gordon bid marks one of the firm’s first high-profile moves since TPG’s $2.7bn acquisition of Angelo Gordon in 2023. The firm declined to comment on its participation.
Oaktree Capital Management is also playing a key role in the proceedings, providing financing to multiple bidders, according to a person familiar with the matter. The Los Angeles-based investment firm, which manages more than $200bn in AUM, brings expertise in distressed debt and complex cross-border recoveries.
Citgo, a US-based refining and fuel-distribution business, is Venezuela’s most valuable offshore asset. Its ownership structure has been at the centre of geopolitical tension since 2019, when the US transferred control of Citgo to the Venezuelan opposition under then-Interim President Juan Guaidó.
The process has drawn political scrutiny. Rep. Maria Elvira Salazar recently urged Secretary of State Marco Rubio to intervene and pause the sale, citing national interest concerns over maintaining Citgo under opposition control.
Key creditors include Crystallex International, ExxonMobil, ConocoPhillips, and Siemens AG, all of whom secured arbitration awards following the expropriation of gold and oil assets by the Chávez regime.
Industry observers say the auction underscores rising interest from opportunistic capital targeting strategic energy infrastructure.
The case is Crystallex International Corp. v. Bolivarian Republic of Venezuela, No. 17-mc-00151, US District Court for the District of Delaware (Wilmington).
