David Bonderman, chairman and founder of TPG.
Photo by Larry Busacca/Getty Images via The New York Times
TPG is getting back into the talent business.
The private equity giant, which sold its stake in CAA to French billionaire François-Henri Pinault last year, is creating a new company to “acquire, invest in and build diversified global businesses focused on talent management, representation and related sectors.”
Michelle Pratt, former president of Boat Rocker Media, will serve as CEO of the new company, and former Boat Rocker executive Eric Taitz will serve as COO.
TPG announced that its first investment will be in Untitled Entertainment, a talent management company led by Jason Weinberg and Stephanie Simon, who will continue as co-CEOs of Untitled and, along with Untitled’s majority owner Boat Rocker, will put a significant portion of their equity into the new company.
Boat Locker said TPG will buy the majority stake for C$51.6 million and hold an 8.8% stake in the new business.
The new firm is TPG’s latest foray into the recruitment business after it exited CAA, and with $224 billion in assets under management, there are plenty of options.
“We see an opportunity to leverage TPG’s years of experience partnering with industry leaders to create a recruitment firm with the resources and capabilities to benefit managers and the talent they support,” said Jacqui Hawwa, business unit partner at TPG Growth. “Untitled has a strong reputation in the entertainment industry and an incredible client base. Their team is an ideal initial partner and we see great opportunities to collaborate across multiple complementary talent verticals as we scale the firm and ultimately on subsequent investments.”
“As the entertainment industry continues to evolve across the board, a more complex landscape means more opportunities than ever before for ambitious talent and their agents,” Pratt added. “The future of representation increasingly requires relentless proactivity coupled with access to world-class tools that drive innovation and growth. This new company will empower Untitled and our future complementary talent-centric business group to empower our diverse clients to leverage their extraordinary talents on their journey to achieving their highest career ambitions.”
