What Peppertree Capital Management does

Peppertree Capital Management, now operating as TPG Peppertree, is a specialized digital infrastructure private equity firm founded in 2004 and headquartered in Chagrin Falls, Ohio. The firm pursues a growth equity strategy focused on communication infrastructure assets, including wireless towers, distributed antenna systems (DAS), communication rooftop developers, fiber network operators, and wireless spectrum holdings. Its core investment thesis is that mobile data demand will continue to overwhelm wireless networks, creating durable demand for the physical assets that Peppertree finances.

The firm executes investments across the capital stack with check sizes ranging from a few million to several hundred million dollars, taking a hands-on and patient approach to portfolio construction. Since inception Peppertree has executed more than 180 investments through ten sequential flagship private equity funds, with virtually all capital sourced from institutional limited partners including insurance companies and university endowments. The investment team includes Co-Managing Partners Ryan Lepene and F. Howard Mandel, both partners since the firm's 2004 inception, alongside Managing Directors and Principals with operating experience at telecom operators such as Uniti Group, Open Mobile, and Softcard.

In May 2025 TPG Inc. (NASDAQ: TPG) acquired Peppertree for up to $960 million in cash, equity, and earnouts, integrating the firm into TPG's $253.6B alternative asset management platform. Post-acquisition, TPG Peppertree continues its specialized digital infrastructure mandate, most recently announcing a $1 billion partnership with Connected Infra Group in February 2026 to expand US telecom infrastructure holdings. Revenue is generated through conventional private equity economics, including management fees on committed capital and carried interest from successful realizations.

Name

Peppertree Capital Management

Legal name

TPG Peppertree

Website

https://peppertreecapital.com

Company type

Private

Founded year

2004

Operating status

Acquired

Headcount range

11–50 employees

Short description

TPG Peppertree is a specialized digital infrastructure private equity firm investing growth equity into US communication infrastructure assets including wireless towers, fiber networks, DAS systems, and spectrum holdings on behalf of institutional limited partners.

Ownership category

akta.pro rank

Product category

Alternative Asset Management - Digital Infrastructure Private Equity

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Telecom, Networking & Infrastructure Growth Equity (FSANACAJ)

Keywords

• Private equity management
• Communication infrastructure investing
• Growth equity funds
• Digital infrastructure investment
• Alternative asset management

Headquarters

HQ city

Chagrin Falls

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Alternative Asset Management: TPG Peppertree operates as a specialized digital infrastructure investment strategy within TPG, generating revenue through management fees on AUM and performance-based carried interest from its private equity funds. With $8.0B+ in AUM across ten flagship funds, the firm earns fees from managing institutional investor capital focused on communication infrastructure.

Go-to-market motion1 record

Core offering

TPG Peppertree operates a specialized growth equity private equity strategy focused on digital and communication infrastructure, deploying capital from institutional investors into companies that own wireless towers, distributed antenna systems (DAS), communication rooftops, fiber networks, and wireless spectrum assets. The firm manages more than $8.0 billion in assets under management across ten flagship funds and has made more than 180 investments since 2004. Capital is sourced from institutional limited partners and deployed flexibly across check sizes ranging from a few million to several hundred million dollars.

Product overview

TPG Peppertree is a specialized digital infrastructure investing strategy within TPG, a leading global alternative asset management firm. With more than $8.0 billion in assets under management, TPG Peppertree focuses on growth equity investments in communication infrastructure companies. The firm's core investment thesis centers on the premise that demand for data will overwhelm wireless networks for the foreseeable future. TPG Peppertree invests in companies that own the towers, wireless spectrum, and fiber networks that enable mobile communications. The firm sponsors tower, DAS and communication rooftop developers, fiber network operators, and spectrum auction participants. The company operates as a unified investment platform, currently investing out of its tenth private equity fund and having made more than 180 investments since its founding in 2004.

Differentiator

Problem solved

Functional benefit

Products and services

• TPG Peppertree Digital Infrastructure Growth Equity Fund Flagship private equity fund strategy providing growth equity capital to companies in the digital and communication infrastructure sector, including tower, DAS, fiber, and spectrum assets. Capital is sourced from institutional investors and deployed flexibly across check sizes from a few million to several hundred million dollars.
• Wireless Tower Investments Growth equity investments in companies that own and operate wireless communication tower infrastructure supporting mobile network deployment.
• Fiber Network Investments Growth equity investments in fiber optic network operators that provide the backbone infrastructure for high-speed data transmission supporting mobile and broadband communications.
• Wireless Spectrum Investments Growth equity investments in wireless spectrum assets and participation in spectrum auctions that support mobile network capacity expansion.
• DAS and Rooftop Developer Investments Growth equity investments in distributed antenna systems (DAS) and communication rooftop developers that enable wireless coverage in challenging environments including dense urban areas and large venues.

Quantifiable outcome

• 180+ investments made since 2004
• +1 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Connected Infra GroupmajorStrategic or Co-development Partner · 17 February 2026TPG Peppertree announced a $1 billion investment partnership with Connected Infra Group, led by industry veteran Bernard Borghei, focusing on telecom infrastructure across the US. Connected Infra Group, based in South Florida, manages telecommunications real estate assets including towers. The partnership aims to support the growth and expansion of telecom infrastructure assets nationally.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• DigitalBridge Group: DigitalBridge is a leading digital infrastructure investment manager focused on towers, fiber, data centers, and small cells — the most direct strategic comparable to Peppertree's digital infrastructure mandate and competitive for the same assets and deals.
• Stonepeak Infrastructure Partners: Stonepeak is a specialist infrastructure private equity firm investing heavily in communications infrastructure including fiber, towers, and data centers, making it a direct competitor for digital infrastructure growth equity opportunities in North America.
• Grain Management: Grain Management is a private equity firm focused exclusively on broadband and communications infrastructure investments, closely overlapping Peppertree's tower, fiber, and spectrum investment thesis.

Broad incumbents

• Brookfield Infrastructure Partners: Brookfield Infrastructure is one of the largest global infrastructure investors with significant communications infrastructure exposure, serving as a mega-fund incumbent competing for the same digital infrastructure assets at scale.
• KKR Global Infrastructure: KKR's infrastructure platform invests across digital and communications infrastructure including towers and fiber, competing with Peppertree for institutional capital and large transactions.
• Macquarie Asset Management: Macquarie is the world's largest infrastructure manager with significant telecom infrastructure exposure; it competes both for digital infrastructure assets and for the institutional LP allocations that fund growth-equity strategies like Peppertree's.

Emerging players

• I Squared Capital: I Squared Capital is a global infrastructure investor with meaningful digital infrastructure exposure; comparable to Peppertree as a mid-sized specialist with overlap in communications-related investments.
• ArcLine Capital: ArcLine Capital focuses on digital infrastructure investments including fiber and wireless assets, making it a niche specialist comparable to Peppertree's focused investment universe.

Others

• SBA Communications: SBA Communications is one of the largest publicly traded tower companies and a frequent counterparty / portfolio context for Peppertree's tower investments; relevant as a market participant rather than a direct investor peer.
• American Tower Corporation: American Tower is the largest publicly traded REIT of communications real estate and serves as a key strategic acquirer / market reference point for the digital infrastructure assets Peppertree invests in.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Peppertree Capital Management