TPG to Acquire Peppertree Capital for Up to $960M, Bolstering Wireless Infra Portfolio 

TPG Inc. has agreed to acquire Peppertree Capital Management, a specialized digital infrastructure investment firm focused on wireless communications towers. The deal includes up to $242 million in cash and $418 million in equity, with potential earnouts valued at up to $300 million, based on Peppertree’s future performance. 

Founded in 2004, Peppertree has $7.7 billion in assets under management and has invested in over 10,000 wireless communication infrastructure assets through ten flagship funds. The acquisition will provide TPG immediate scale in wireless communications tower and network infrastructure development, complementing its existing leadership in digital infrastructure. 

“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,” said Jon Winkelried, CEO of TPG. 

Peppertree co-presidents Howard Mandel and Ryan Lepene will continue to lead the firm’s investing strategy, supported by TPG’s broader platform. The transaction is expected to close in the third quarter of 2025. 

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.