Private equity firm TPG is considering making a bid to invest in $300bn RIA Creative Planning, according to a source with knowledge of the situation.
TPG has expressed its interest in investing in Creative Planning to the Overland Park, Kan.-based RIA’s investment banker, Goldman Sachs, the source said. Citywire previously reported that Creative Planning had hired Goldman Sachs to help it find an investor to pour in between $1bn and $4bn in the company.
Creative Planning chief executive Peter Mallouk (pictured) will retain control of the company when the capital raise concludes, Citywire previously reported. The capital raise is intended to help Creative Planning’s existing minority private equity investor, General Atlantic, sell a minority of its position in the RIA.