Private equity firm TPG has agreed to buy a minority stake in Homrich Berg, an investment that will allow the wealth management firm to pursue growth opportunities, according to a report by Reuters citing a joint statement from the companies.

While financial terms of the deal have not been released, then report cites unnamed sources as revealing that TPG's investment valued Homrich Berg at around $1bn.

Following the transaction, Homrich Berg's management team will retain control of the business, with private equity firm New Mountain Capital, which first invested in the business in 2021, remaining as a minority investor.

The investment ins being made by TPG Growth, the buyout firm's middle market and growth equity platform, and will enable Homrich Berg to expand its capabilities, attract top-tier talent, and enhance its client services, the statement said.

Atlanta-based Homrich Berg is an independent financial adviser and wealth management firm with offices in Georgia, Florida, South Carolina and Tennessee, with more than $18bn of assets, according to the statement said.