TPG has agreed to buy a minority stake in Homrich Berg, in a deal that values the wealth management firm at around $1 billion, people familiar with the matter said on Thursday. As part of the transaction,

Homrich Berg, a fast-expanding wealth management firm, said it has sold a minority stake to private-equity firm TPG. The investment will help Homrich Berg expand its capabilities, the company said. Homrich Berg, which has about $18 billion in assets under management, didn’t disclose terms of the transaction.

Executives at Homrich Berg, an Atlanta-based RIA integrator with $18 billion in assets, will sell a minority stake in the firm to TPG Growth, the middle market and growth equity platform of TPG, a San Francisco-headquartered private equity firm, the company confirmed.

Private equity firm TPG has agreed to buy a minority stake in Homrich Berg, an investment that would allow the wealth management firm to pursue growth opportunities, the companies said on Thursday. No financial terms were given in their statement,

Homrich Berg ("HB" or the "Firm") proudly announces a new chapter in its 35-year history, with a strategic minority investment from TPG Growth, the middle market and growth equity platform of TPG (NASDAQ: TPG),

TPG Growth, the middle market and growth equity platform of asset manager TPG, is taking a minority stake in the Atlanta-based registered investment advisor Homrich Berg (HB). Terms of the transaction, which was first reported by Reuters, were not disclosed.