ATLANTA & SAN FRANCISCO — September 26, 2024 — Homrich Berg (“HB” or the “Firm”) proudly announces a new chapter in its 35-year history, with a strategic minority investment from TPG Growth, the middle market and growth equity platform of TPG (NASDAQ: TPG), a leading global alternative asset management firm. Terms of the transaction were not disclosed.
This partnership marks a milestone for the Atlanta-based registered investment adviser (RIA) with $18 billion in assets under management and builds upon the success of HB’s 2021 minority equity partnership with New Mountain Capital (“New Mountain”), which helped fuel HB’s growth and expansion of the client experience, while maintaining its commitment as a fiduciary advisor. HB’s management team will remain the largest shareholder group and New Mountain will remain invested in the Company.
“We are thrilled to welcome TPG Growth as a strategic partner alongside New Mountain,” said Homrich Berg President and CEO Thomas Carroll. “Partnering with minority investors who hold a shared vision for the future of the Firm enables us to continue delivering outstanding service and advice within our independent, fee-only fiduciary model. It also allows HB to remain the largest shareholder group, with our management team retaining operational control, ensuring that our mission of being a trusted financial guide for our clients remains intact.”
TPG Growth’s investment will enable HB to continue to expand its capabilities, attract top-tier talent, and further enhance its client services.
“Homrich Berg has seen strong organic and inorganic growth over the last several years as it has expanded in the Southeast,” added Jenny Tu, Principal at TPG Growth. “The Firm’s unwavering commitment to client service and a fee-only fiduciary approach is a proven formula for success and we look forward to supporting HB’s vision for enhancing their capabilities and serving even more clients. We have been impressed by Thomas and his team and are proud to partner with them and the team at New Mountain to build on HB’s momentum.”
“We thank Thomas and the management team for a successful partnership to date in building one of the Southeast’s leading wealth management firms,” said Robert Mulcare, Managing Director at New Mountain Capital. “Over the last three years, HB has accelerated investments in people and operations for the benefit of its clients, and we are excited about the future alongside TPG Growth,” added Robert Roberts, Managing Director at New Mountain Capital.
This partnership between Homrich Berg and TPG Growth represents not just a financial investment, but a shared commitment to future innovation and excellence. By aligning with a partner that shares its dedication to client service and long-term vision, HB is positioned to further enhance its offerings and remain a trusted leader in the wealth management industry.
Homrich Berg was advised by William Blair’s Investment Banking team and Alston & Bird LLP. TPG Growth was advised by Debevoise & Plimpton LLP. New Mountain was advised by Ropes & Gray LLP. The investment is expected to close in the fourth quarter of 2024.
About Homrich Berg
Founded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families, and not-for-profits. Homrich Berg manages over $18 billion for more than 3,600 family relationships nationwide. This document is not a recommendation. For more information, visit www.homrichberg.com.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease investment strategies with approximately $50 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit www.newmountaincapital.com.
Media Contacts:
For Homrich Berg
Haley Rosa
Gregory FCA
610-228-2805
haley@gregoryfca.com
For TPG
Julia Sottosanti
media@tpg.com
For New Mountain
Dana Gorman / Lisa Pham
H/Advisors Abernathy, for New Mountain Capital
(212) 237-5999
dana.gorman@h-advisors.global / lisa.pham@h-advisors.global
