TPG Acquires Peppertree Capital Management for $960M in Cash, Equity, and Earnouts

TPG Inc. has acquired Peppertree Capital Management from Affiliated Managers Group and others for $960 million. The purchase price consists of $242 million in cash, $418 million in equity, and up to $300 million in earnouts based on Peppertree's future performance. Following the transaction, Peppertree's co-presidents will continue to lead the firm's investing strategy, with additional support from TPG. The transaction is expected to be completed in Q3 2025 and be immediately accretive to TPG's fee-related earnings and after-tax distributable earnings per share.