TPG Acquires Minority Stake in Homrich Berg

By David French and Milana Vinn

(Reuters) – Private equity firm TPG has agreed to buy a minority stake in Homrich Berg, enabling the wealth management firm to pursue growth opportunities, the companies announced on Thursday.

No financial terms were provided, but sources indicated that TPG’s investment valued Homrich Berg at approximately $1 billion. The management team of Homrich Berg will retain control post-TPG deal, with New Mountain Capital also holding a minority stake.

TPG Growth, the buyout firm’s middle market and growth equity platform, aims to help Homrich Berg expand its capabilities, attract top talent, and enhance client services.

Private equity investors traditionally show strong interest in wealth managers due to their steady cash flows, and the industry’s fragmented nature allows for quick scaling through acquisitions.

Atlanta-based Homrich Berg is an independent financial adviser and wealth management firm with offices in Georgia, Florida, South Carolina, and Tennessee. It ranks among the top-50 registered investment advisers in the U.S. and manages over $18 billion in assets, according to its website. New Mountain Capital previously invested in Homrich Berg in 2021.