TPG, which is a top private equity firm, is known for its ingenuity. And, with the credit crunch, this trait is extremely important.

For example, TPG has formed an investor group – that includes some major existing institutional holders -- to invest $7 billion into Washington Mutual (NYSE: WM). The deal includes a blend of common and convertible preferred shares. In fact, this transaction is likely to be a template for more deals in the banking industry.

Well, TPG has also structured another interesting deal (which hasn't gotten much notice). That is, the firm has invested roughly $800 million for a 50% ownership stake in SIA International.

The company, which is the largest pharma distributor in Russia, generates revenues of about $2.7 billion and has deals with more than 30,000 pharmacies. If anything, this could be a platform for more acquisitions in the sector. After all, the Russian pharma market is in excess of $12 billion.

For the most part, TPG realizes that – with a lack of debt financing in the global markets – it needs to find investment opportunities that require lots of equity to fuel growth. But, at the same time, it involves a good amount of risk.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.