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Direct Investment  + M&As  |  May 12, 2025
TPG to Acquire Peppertree Capital for Up to $960M, Bolstering Wireless Infrastructure Portfolio Acquisition will provide TPG scale in wireless communications tower, network development 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.
By: Joe Palmisano

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. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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