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.

Source: Dallas Business Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, TPG, Brad Pitt, Creative Artists Agency, Los Angeles, George Clooney, AC/DC, Kanye West, Dallas, Tony Romo, CAA, New York Times, Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment.

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An American multinational private equity The Blackstone Group L.P. announced that its profits rose 46 percent during the third-quarter, as the private equity firm reaped gains selling share of companies it owns.

The New York company on Thursday reported third-quarter profit of $251 million, or 41 cents a share, up from $171 million, or 29 cents a share, in the same period last year.

Blackstone’s second-quarter economic net income was $758 million, or 66 cents a share, up from $640 million, or 56 cents a share, during the same time period a year earlier. Blackstone said that measure, which private-equity firms prefer because it includes unrealized gains as well as cash earnings, set a third-quarter record, though it fell short of Wall Street expectations. Analysts polled by Thomson Reuters predicted 81 cents a share.

Blackstone’s earnings were driven in part by sales of shares in companies it owns in its private equity and real-estate funds. The buyout firm said during the third quarter it sold shares in Pinnacle Foods Inc., Kosmos Energy Ltd. and Brixmor Property Group Inc. Blackstone’s real-estate business generated $4.4 billion in proceeds during the quarter.

Source: MarketWatch

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Blackstone, The Blackstone Group L.P., New York, New York Private Equity, Wall Street, Thomson Reuters, Pinnacle Foods Inc., Kosmos Energy Ltd., Brixmor Property Group Inc., Real Estate.

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Brainly Scores $9M in Series A and Eyes U.S. Expansion

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The provider of the world’s most famous Bitcoin digital wallet Blockchain, raised a little over $30 million from Silicon Valley-based venture capital investors, a group led by Lightspeed Venture Partners and Wicklow Capital. “Over the course of the next 10 years, Bitcoin is going to have a big impact. Where is the central nexus of […]

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2014 Private Equity Deals Reach Highest Level in Last Two Years

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With internet and technology related companies attracting a major chunk of the fund flow, the investment made by private equity investors in domestic firms throughout the first nine months in 2014 is the highest in last two years. According to a data released by Thomson Reuters, deals worth $4,581.1 million were struck by a total […]

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Amazon’s Jeff Bezos Plans to Invest in India

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Madrona Ventures Leads an $8M Funding Round for Opal Labs

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Madrona Ventures, a venture capital firm that teams with Northwest technology entrepreneurs to nurture ideas from startup to market success, has led an $8 million funding round for Portland online marketing startup Opal Labs, bringing the total invested in the company to more than $10 million. Opal said it will use the funding to market […]

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