Wealth management company Creative Planning sold a “substantial” minority stake to private-equity firm TPG, the companies said Monday morning. TPG said it is making the investment though TPG Capital,

TPG Capital joins existing investor General Atlantic Service Co. LP, which made a minority investment in Creative Planning in 2020. At that time, Creative Planning managed $50 billion in assets, operated 27 offices, employed 650 people and served clients across all 50 U.S. states.

Last week, TPG had agreed to buy a minority stake in wealth manager Homrich Berg. The investment in Creative Planning is being made through TPG Capital, TPG's U.S. and European private equity arm. Investment firm General Atlantic has also been a minority investor in Creative Planning since 2020.

Peter McGoohan, a partner at TPG Capital, said Creative Planning has build an “unparalleled business” in the wealth management space, noting his firm “looks forward to working closely with Peter and Creative’s impressive management team and advisors to invest behind the company’s continued growth and expansion.”

Buyout firm TPG has emerged as the frontrunner to pick up a minority stake worth $2 billion in Creative Planning, in a deal that could value the wealth management firm at more than $15 billion, people familiar with the matter said on Saturday.

TPG is in advanced talks to acquire a minority stake in wealth management firm Creative Planning, potentially valuing the company at over $15 billion, sources revealed. This move marks TPGs second wealth