TPG was looking into possibilities to keep possession of its investment in Creative Artists Agency (CAA) and offered the solution of running a process known as a “single-asset secondary” on the agency. TPG has been in business with CAA as an investor since 2010.
The plan of this investment is to hold majority stake in CAA, however the move according to sources will move CAA out of Fund VI which allows the investors under the designation to cash out. Currently TPG is the majority stakeholder for CAA, an agreement made in 2014.
CAA was founded in 1975 and has made an impact globally on the Sports and Entertainment industry ever since. CAA represents an impressive client roster including NBA players such as Chris Paul, Devin Booker and Zion Williamson among others.
Park Hill was brought in to advise on the deal between TPG and CAA. Currently the lead buyer has not been named, but the investor is expected to take about $1 billion of the deal.