TPG Completes Acquisition of Peppertree Capital Management

TPG has completed its acquisition of Peppertree Capital Management, adding a $7.8 billion wireless communications infrastructure strategy to its platform. The newly combined business will operate as TPG Peppertree, led by Peppertree’s Co-Managing Partners, Howard Mandel and Ryan Lepene.

San Francisco; Fort Worth, Texas & Chagrin Falls, Ohio – July 2, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, today announced the successful completion of its previously announced acquisition of Peppertree Capital Management (“Peppertree”).

With the completion of the transaction, TPG has added a differentiated investing strategy focused on wireless communications towers and related critical communications assets, delivering immediate scale in a core subset of the growing digital infrastructure sector. Moving forward, the $7.8 billion strategy will operate as TPG Peppertree and will continue to be led by Howard Mandel and Ryan Lepene as Co-Managing Partners. Across all platforms, TPG now manages $258 billion1 of AUM.

“With Peppertree’s proven communications infrastructure strategy, TPG has meaningfully expanded its presence in an attractive digital infrastructure category with strong secular tailwinds,” said Jon Winkelried, Chief Executive Officer of TPG. “This combination presents meaningful opportunities to leverage our combined capabilities and areas of expertise to deliver value for investors and shareholders.”

“TPG’s leading alternatives platform and global scale position us well to identify and execute on opportunities presented by a rapidly evolving network infrastructure landscape,” said Howard Mandel and Ryan Lepene, Co-Managing Partners of TPG Peppertree. “We look forward to applying our combined expertise and intellectual capital to identify opportunities and accelerate growth through new and existing strategies.”

Advisors

BofA Securities, Goldman Sachs, Houlihan Lokey, and Campbell Lutyens acted as financial advisors to TPG, and Weil, Gotshal & Manges LLP served as TPG’s transaction counsel. Evercore acted as financial advisor to Peppertree, and Kirkland & Ellis LLP served as Peppertree’s transaction counsel.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $258 billion1 of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

Shareholder Contact

Gary Stein and Evanny Huang
shareholders@tpg.com

Media Contact

Luke Barrett and Julia Sottosanti
media@tpg.com

1As of March 31, 2025, including AUM attributable to TPG Peppertree on a pro forma basis.

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Fund manager

TPG

San Francisco, California, United States

TPG (Nasdaq: TPG) is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

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