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,

Asset manager TPG has bought a minority stake in wealth management firm Creative Planning, striking its second such deal in less than a week as it looks to expand its foothold in the investment advisory space.

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.

CEO Peter Mallouk will keep his majority stake and continue to lead the firm. TPG will join General Atlantic, which made its own minority investment in the firm in 2020.

Peter McGoohan, a partner at TPG Capital, said Creative Planning has build an “unparalleled business” in the wealth management space, noting his firm “looks forward to working closely with Peter and Creative’s impressive management team and advisors to invest behind the company’s continued growth and expansion.”

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