TPG to acquire Peppertree Capital Management for up to $660M cash/equity plus $300M earnouts

TPG Inc.

Consideration: up to $242M cash + $418M equity at closing, plus earnouts up to $300M based on performance.
Peppertree has $7.7B AUM focused on wireless towers and digital infrastructure; combined AUM ~$253.6B.
Co-presidents Howard Mandel and Ryan Lepene will continue leading Peppertree post-closing.
Transaction approved by TPG board; expected close in Q3 2025, subject to customary conditions.
Deal expected to be immediately accretive to TPG's fee-related earnings and after-tax distributable EPS.

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