Homrich Berg and TPG Growth Join Forces for Strategic Growth
Homrich Berg Welcomes Strategic Investment from TPG Growth
Homrich Berg, a renowned independent wealth management firm, proudly announces a significant advancement in its three and a half decade-long journey. The firm has recently received a strategic minority investment from TPG Growth, the growth equity platform of TPG (NASDAQ: TPG), a distinguished global alternative asset management firm. While the specifics of this transaction are not disclosed, it marks an exciting new chapter for Homrich Berg.
Enhancing Industry Leadership
This collaboration signifies a notable achievement for the Atlanta-based registered investment adviser (RIA), which currently oversees assets totaling $18 billion. This investment builds upon the groundwork laid by Homrich Berg’s previous minority equity partnership with New Mountain Capital. That earlier collaboration has proven to be instrumental in supporting Homrich Berg’s expansion and dedication to providing superior client experiences, while staying committed to its fiduciary responsibilities.
President and CEO Thomas Carroll expressed his enthusiasm about welcoming TPG Growth as a strategic partner, stating, "Partnering with minority investors who share our vision will enable us to continue offering exceptional advisory services. This partnership will empower our management team to retain operational control while ensuring our clients continue to benefit from our independent fee-only fiduciary model." This approach reaffirms their mission to serve as a reliable financial guide for their clients.
Investment Impact on Growth and Services
The investment from TPG Growth aims to enhance Homrich Berg’s operational capabilities, attract top-tier talent, and significantly improve client services. Jenny Tu, a Principal at TPG Growth, remarked on the impressive organic and inorganic expansion that Homrich Berg has achieved in recent years, particularly in the Southeast. She added, "The firm’s steadfast commitment to excellent client service and a fee-only fiduciary philosophy has proven successful, and we are excited to support their vision and help them extend their reach to more clients." TPG Growth's partnership adds a layer of strength and collaboration that aligns with Homrich Berg's values.
Strengthening Current Partnerships
Robert Mulcare from New Mountain Capital acknowledged the success that has been accomplished in their partnership, stating, "We appreciate the management team's efforts to build one of the Southeast’s foremost wealth management firms. Over the past few years, we have seen Homrich Berg invest significantly in their operations to create value for their clients." This sentiment reflects the shared commitment that all parties have toward enhancing the client experience and continuing the journey of growth.
A Shared Vision for Future Innovation
This partnership not only represents a financial boost but also symbolizes a unified commitment to future innovation and excellence in wealth management. Aligning with an investor that shares Homrich Berg’s mission enhances its ability to innovate and elevate its service offerings. As the firm continues to pave the way as a trusted leader, this relationship with TPG Growth positions it for even greater accomplishments.
The advisory roles in this transaction included William Blair’s Investment Banking team and legal advisors Alston & Bird LLP for Homrich Berg. TPG Growth consulted with Debevoise & Plimpton LLP, while New Mountain engaged Ropes & Gray LLP for their advisement. This strategic investment is anticipated to finalize in the fourth quarter of 2024.
About Homrich Berg
Founded in 1989, Homrich Berg is an independent wealth management firm headquartered in Atlanta, providing fee-only investment management and financial planning services. The firm is recognized for its leadership in managing over $18 billion in assets across more than 3,600 family relationships nationwide. The team at Homrich Berg is dedicated to being a fiduciary advisor, reinforcing their commitment to high-net-worth individuals and families, as well as not-for-profits.
About TPG
TPG, established in San Francisco in 1992, is a leading global alternative asset management firm overseeing $229 billion in assets. With teams specialized across diverse investment strategies, TPG focuses on fostering collaboration, innovation, and inclusion, ensuring valuable insights that benefit investors and communities alike.
About New Mountain Capital
New Mountain Capital is an investment firm based in New York, emphasizing sustainable growth through business building rather than extensive debt. With approximately $50 billion in assets, the firm is dedicated to identifying growth leaders within selective sectors and actively collaborates with management to enhance their values.
Frequently Asked Questions
What does the partnership between Homrich Berg and TPG Growth signify?
This partnership aims to enhance operational capabilities, attract top talent, and further improve client services.
How has Homrich Berg performed prior to this investment?
Homrich Berg has experienced significant organic and inorganic growth, particularly in the Southeast, contributing to its strong market presence.
What are the benefits of a fee-only fiduciary model?
A fee-only fiduciary model allows advisors to provide unbiased advice, ensuring that client interests remain the top priority.
What is TPG's approach in the asset management industry?
TPG combines collaboration, innovation, and inclusion to drive value for investors and communities through a diversified investment strategy.
What is the future outlook for Homrich Berg following this investment?
The investment is expected to accelerate growth and innovation, enhancing the firm's ability to serve clients effectively.
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