01:50 PM EDT, 09/26/2024 (MT Newswires) -- TPG (TPG) agreed to purchase a minority stake in Homrich Berg, in a deal that places the wealth management company's worth at about $1 billion, Reuters reported Thursday, citing people familiar with the situation.

As part of the deal, TPG will acquire an ownership stake in Homrich Berg, which is currently managed by its team and New Mountain Capital, the people reportedly told Reuters.

Homrich Berg is looking for a new minority investor to secure growth capital and enable New Mountain to partially exit its investment, the report said.

TPG, New Mountain, and Homrich Berg did not immediately respond to Reuters' comment requests.

TPG, New Mountain, and Homrich Berg did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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