Asset management giant TPG has announced plans to acquire Peppertree Capital Management, a prominent investor in tower and digital infrastructure assets. The acquisition, structured as a cash and equity transaction, is valued at up to $242 million in cash and $418 million in equity, payable at closing, in each case, subject to certain adjustments. The transaction also includes earnouts based on Peppertree’s future performance valued at up to $300 million, valuing the total transaction at $960 million.
Following the deal, Peppertree’s co-presidents, Howard Mandel and Ryan Lepene, will continue to lead the firm’s investment strategy, now backed by TPG’s expansive resources and strategic support.
“This acquisition marks TPG’s continued expansion into the digital infrastructure sector,” said Jon Winkelried, CEO of TPG. “Peppertree brings a highly experienced team, strong industry expertise, and a robust portfolio of high-quality assets. We see tremendous potential to scale our capabilities in this space.”
He added, “This move aligns with our broader strategy of entering high-growth segments within alternative asset management where we have a competitive edge—creating value for both our investors and shareholders.”
Founded in 2004, Peppertree Capital manages $7.7 billion in assets and focuses on investments in communications towers and related infrastructure.
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