Private equity firm TPG is in advanced discussions to acquire a $2bn minority stake in Creative Planning, in a deal that would value the wealth management firm at over $15bn, according to a report by Reuters citing unnamed sources familiar with the matter.
The transaction would be TPG’s second major investment in a wealth manager within a week, following its deal last Thursday to acquire a minority stake in wealth management firm Homrich Berg.
TPG has edged out other private equity firms including Permira to secure the deal according to one Reuters source, with an announcement possible in the coming days although talks are still ongoing and may get fail to progress.
If the deal materialises, TPG would join General Atlantic, who acquired a minority stake Creative Planning in 2020, as a co-owner of the Kansas-based wealth manager.
Last year, Creative Planning expanded its footprint by acquiring the personal financial management unit of Goldman Sachs, as the Wall Street bank pivoted its wealth management strategy to focus on high net-worth individuals.
