TPG is re-entering the talent business by launching a new company focused on talent management, representation, and related fields. The private equity giant recently sold its stake in CAA to French billionaire François-Henri Pinault. The new company will acquire, invest in, and develop a diverse global business centered around talent management.
The new company will be led by Michel Pratte, former President of Boat Rocker Media, as CEO, and Eric Taitz, another former Boat Rocker executive, as COO. TPG’s first investment will be in talent management firm Untitled Entertainment, with co-CEOs Jason Weinberg and Stephanie Simon continuing in their roles and rolling a significant portion of their equity into the new venture.
Boat Rocker announced that TPG is acquiring most of its stake for $51.6 million CAD and will retain an 8.8% stake in the new venture. With $224 billion under management, TPG is making a strategic move into the talent business with this new company.
According to Jacqui Hawwa of TPG Growth, the new company aims to create a talent representation firm with the resources and capabilities to benefit managers and the talent they represent. By partnering with Untitled, the company seeks to scale and expand into multiple talent verticals in the future. The changing landscape of the entertainment industry presents new opportunities for ambitious talent and their representatives.
Michel Pratte emphasized the need for proactive representation, access to innovative tools, and a focus on growth and innovation for talent in the entertainment industry. He believes that the new company will empower Untitled and other talent-centric businesses to support their diverse clients in achieving their career goals.