(Reuters) -Asset manager TPG has bought a minority stake in wealth management firm Creative Planning, striking its second such deal in less than a week as it looks to expand its foothold in the investment advisory space.

The deal, disclosed on Monday, comes days after Reuters reported that TPG was a frontrunner to pick up a $2 billion stake in a deal that could value Creative Planning at more than $15 billion.

Wealth managers have typically seen strong interest from private equity investors, especially during the times of economic uncertainty as they can generate steady cash flows.

Growing demand for personalized investment management and tax advice has also boosted the appeal of such firms.

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.

TPG and Creative Planning did not disclose the terms of the transaction. Goldman Sachs advised Creative Planning, while J.P. Morgan Securities and RBC Capital Markets were the advisers to TPG Capital.