Private investment firm TPG Capital has gained a non-controlling 35% interest in Creative Artists Agency, it was announced Friday. The sum of the investment was not disclosed.
CAA and TPG have also committed to creating a $500 million pledge fund for future investments. The CAA managing partners will continue to lead the agency.
"CAA exists for one reason - our clients," said the CAA managing partners, in a statement. "Our new relationship with TPG will help us continue to build momentum in the work we do for clients every day. With TPG's experience and resources, this could be accomplished through capital investments that build upon our full-service platform, new business leads developed through TPG's extensive worldwide relationships, expert insight on the international marketplace, and a myriad of other ways."
The deal is expected to help the talent agency expand its
sports business, which it launched in 2006. In addition to its big-name entertainment
talent, CAA now represents major athletes like Derek Jeter and Shaun White and
sports franchises like the New York Yankees and Chelsea FC.
CAA also formed the investment bank Evolution Media Capital
in 2008 with the former team from Merrill Lynch's Media and Sports Structured
Finance Group to advise on media and sports transactions.