The deal will see TPG snap up the Peppertree business in a cash and equity transaction worth up to $242 million in cash and up to $418 million.
Peppertree co-presidents Howard Mandel and Ryan Lepene will continue to lead its investing strategy, with TPG providing additional support.
Jon Winkelried, CEO of TPG, said: “With its deep industry expertise, talented team, and portfolio of high-quality assets, Peppertree represents TPG’s further expansion into the digital infrastructure space, where we see significant potential to grow our capabilities over time.
“This transaction underscores our continued focus on strategic growth into new segments of alternative asset management where we have a competitive advantage, creating new investment opportunities for our clients and driving value for our shareholders.
Founded in 2004 and with $7.7 billion in assets under management, Peppertree invests in towers and related infrastructure assets.
The firm has made more than 175 investments through ten flagship funds, supporting the construction and acquisition of more than 10,000 wireless infrastructure assets, including fibre networks, small cells, and distributed antenna systems.
The deal, subject to approval, is expected to close in Q3 2025.
“Joining TPG’s global alternatives platform will provide us with the additional scale and resources needed to capitalise on significant opportunities across the markets we operate in,” said Mandel and Lepene.
“We look forward to joining TPG’s world-class team and continuing to invest in high-quality digital infrastructure assets, while delivering meaningful value for our investors and development partners, and growth opportunities for our employees.”
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