Sept 26 (Reuters) -

Private equity firm TPG has agreed to buy a minority

stake in Homrich Berg, an investment that would allow the wealth

management firm to pursue growth opportunities, the companies

said on Thursday.

No financial terms were given in their statement, which

confirmed a Reuters report earlier in the day in which sources

familiar with the matter said TPG's investment valued Homrich

Berg at around $1 billion.

Homrich Berg's management team will retain control of the

business in the wake of the TPG deal, with private equity firm

New Mountain Capital also a minority investor.

The investment by TPG Growth, the buyout firm's middle

market and growth equity platform, will enable Homrich Berg to

expand its capabilities, attract top-tier talent, and enhance

its client services, the statement said.

Wealth managers have traditionally attracted strong interest

from private equity investors, who like to bet on companies that

generate steady cash flows. The wealth management industry's

fragmented nature also means platforms can often be scaled

quickly through subsequent acquisitions of rivals.

Atlanta-based Homrich Berg is an independent financial

adviser and wealth management firm with offices in Georgia,

Florida, South Carolina and Tennessee, and a top-50 registered

investment adviser in the United States, according to its

website.

It manages more than $18 billion of assets, the statement

said. New Mountain invested in Homrich Berg in 2021.