By Josh Beckerman

TPG agreed to buy Peppertree Capital Management, a digital infrastructure investment firm with a focus on wireless communications towers, with investor Affiliated Managers Group agreeing to sell its Peppertree stake as part of the deal.

TPG said Tuesday the deal is expected to include up to $242 million in cash and $418 million in equity payable at closing, subject to adjustments. The transaction also includes potential earnouts of up to $300 million.

TPG, which has $246 billion of assets under management, said Peppertree has $7.7 billion in assets under management.

Affiliated said it expects to receive total consideration of about $240 million from its stake.

Like other classic private-equity firms known for large buyouts, TPG has diversified into more categories. The firm bought Angelo Gordon in 2023 for about $2.7 billion, expanding its reach in credit and real estate.

Peppertree has made more than 175 investments through ten flagship funds.

TPG said "Peppertree is well-positioned to identify new tower development and expansion opportunities across key markets and adjacent network-related assets, including spectrum licenses, fiber networks, distributed antenna systems, small cells, and ground and rooftop rights."

Peppertree's "core investment thesis is that the demand for data will overwhelm the wireless networks for the foreseeable future," according to the firm.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 06, 2025 18:45 ET (22:45 GMT)

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