Private Equity Firm TPG Takes Minority Stake in Homrich Berg

TPG Growth, the middle market and growth equity platform of asset manager TPG, is taking a minority stake in the Atlanta-based registered investment advisor Homrich Berg (HB).

Terms of the transaction, which was first reported by Reuters, were not disclosed.

The partnership aims to build upon the success of HB’s 2021 minority equity partnership with New Mountain Capital. That deal helped fuel HB’s growth to an $18 billion advisory shop, according to the announcement.

HB’s management team will remain the largest shareholder group, while New Mountain will remain invested in the company.

“Partnering with minority investors who hold a shared vision for the future of the firm enables us to continue delivering outstanding service and advice within our independent, fee-only fiduciary model,” said Thomas Carroll, Homrich Berg president and CEO.

Carroll said an important factor in the deal is that HB’s management team will retain operational control and ensure that its fiduciary approach to serving clients remains intact.