Wealth management company Creative Planning sold a “substantial” minority stake to private-equity firm TPG, the companies said Monday morning. TPG said it is making the investment though TPG Capital, its U.S. and European private-equity platform. The companies didn’t disclose terms of the transaction.

TPG Capital joins existing investor General Atlantic Service Co. LP, which made a minority investment in Creative Planning in 2020. At that time, Creative Planning managed $50 billion in assets, operated 27 offices, employed 650 people and served clients across all 50 U.S. states.

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,

Buyout firm TPG has emerged as the frontrunner to pick up a minority stake worth $2 billion in Creative Planning, in a deal that could value the wealth management firm at more than $15 billion, people familiar with the matter said on Saturday.

TPG is in advanced talks to acquire a minority stake in wealth management firm Creative Planning, potentially valuing the company at over $15 billion, sources revealed. This move marks TPGs second wealth