TPG is to acquire Peppertree Capital Management in a transaction valued at up to $960m, marking a significant step in the global alternative asset manager’s push into the digital infrastructure space, according to a report by Bloomberg.
Under the terms of the deal, TPG will pay approximately $242m in cash and up to $418m in equity, with the potential for an additional $300m in earnouts tied to Peppertree’s future performance.
Headquartered in Ohio, Peppertree manages $7.7bn in assets and has backed the development and acquisition of over 10,000 wireless communications infrastructure assets since its founding in 2004. The firm has raised 10 flagship funds focused on the sector.
Following the close of the transaction, Peppertree’s Co-Presidents, Howard Mandel and Ryan Lepene, will continue to lead the firm’s investment strategy in partnership with TPG.
The combined firm will manage approximately $253.6bn in assets on an adjusted basis. The transaction is expected to close in Q3 2025, subject to customary regulatory approvals and closing conditions.
