Homrich Berg (HB) announced a new chapter in its 35-year history, with a strategic minority investment from TPG Growth, the middle market and growth equity platform of TPG, a leading global alternative asset management firm. The terms of the deal were undisclosed.
This partnership marks a major milestone for the Atlanta-based registered investment adviser (RIA) with $18 billion in assets under management and builds upon the success of HB’s 2021 minority equity partnership with New Mountain Capital, which helped drive HB’s growth and expansion of the client experience, while maintaining its commitment as a fiduciary advisor. HB’s management team will remain the largest shareholder group and New Mountain will remain invested in the company.
TPG Growth’s investment will enable HB to continue to expand its capabilities, bring in top-tier talent, and enhance its client services.
This partnership between Homrich Berg and TPG Growth represents a shared commitment to future innovation. And by aligning with a partner that shares its dedication to client service and long-term vision, HB is positioned to further enhance its offerings and remain a trusted leader in the wealth management industry.
Homrich Berg was advised by William Blair’s Investment Banking team and Alston & Bird. TPG Growth was advised by Debevoise & Plimpton. New Mountain was advised by Ropes & Gray. This investment is expected to close in the fourth quarter of 2024.
KEY QUOTES:
“We are thrilled to welcome TPG Growth as a strategic partner alongside New Mountain. Partnering with minority investors who hold a shared vision for the future of the Firm enables us to continue delivering outstanding service and advice within our independent, fee-only fiduciary model. It also allows HB to remain the largest shareholder group, with our management team retaining operational control, ensuring that our mission of being a trusted financial guide for our clients remains intact.”
-Homrich Berg President and CEO Thomas Carroll
“Homrich Berg has seen strong organic and inorganic growth over the last several years as it has expanded in the Southeast. The Firm’s unwavering commitment to client service and a fee-only fiduciary approach is a proven formula for success and we look forward to supporting HB’s vision for enhancing their capabilities and serving even more clients. We have been impressed by Thomas and his team and are proud to partner with them and the team at New Mountain to build on HB’s momentum.”
-Jenny Tu, Principal at TPG Growth
“We thank Thomas and the management team for a successful partnership to date in building one of the Southeast’s leading wealth management firms.”
-Robert Mulcare, Managing Director at New Mountain Capital
“Over the last three years, HB has accelerated investments in people and operations for the benefit of its clients, and we are excited about the future alongside TPG Growth.”
-Robert Roberts, Managing Director at New Mountain Capital
