TPG Invests in CAA

TPG INVESTS IN CAA: In case you missed the Friday announcement, Creative Artists Agency formed a strategic partnership with global private investment firm TPG Capital, which now takes a non-controlling 35% interest in the agency. The two have committed to create a $500 million pledge fund, providing access to significant capital for future investments. TPG is one of the world’s leading private and investment firms with more than $47 billion in assets, including interrests in media and communications, travel and entertainment, retail, consumer, healthcare, technology, financial services and industrials. The investment in CAA underlines the new budgetary realities of the entertainment business with the drying up of traditional forms of financing. The talent and sports agency will continue under the leadership of CAA President Richard Lovett. (10/4a)