TPG, a leading global private investment firm with $66 billion of capital under management founded in 1992, holds a majority stake in Brad Pitt’s management agency.
In a reported $225 million transaction, TPG owns 53 percent of Creative Artists Agency, a sports and talent company based in Los Angeles. Its star-studded clientele includes actors such as Pitt and George Clooney, musicians ranging from AC/DC to Kanye West and sports stars including Dallas’ own Tony Romo.
TPG initially invested in CAA in 2010 when it bought a 35 percent stake worth a maximum of $700 million. As part of that deal, TPG and CAA agreed to jointly control a $500 million fund earmarked for future investments including sports-related ventures, the New York Times reported.
With the new deal, CAA’s current management agreed to extend long-term contracts with TPG.
It’s a signal that both companies are looking to expand their portfolios, the Times added. In the past few years, CAA has opened an investment bank and venture capital fund. TPG is looking to get deeper into sports and digital entertainment.
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