Sources familiar with the matter said on Saturday that TPG (TPG.O) has emerged as the frontrunner to acquire a minority stake in Creative Planning worth $2 billion, a deal that could value the wealth management company at over $15 billion.

This would be TPG's second bet on wealth management companies within a week, highlighting the increasing demand in the industry for deals that bring in lucrative fee income for managers. On Thursday, TPG reached an agreement to acquire a minority stake in Homrich Berg.

Sources say that TPG, based in San Francisco, will emerge victorious in the equity auction of Creative Planning, attracting interest from other acquisition companies including Permira. Due to the confidentiality of the negotiations, the sources requested anonymity. Sources added that the trade could be announced in the coming days.

If successful, TPG would become one of the owners of this wealth management company, alongside private equity firm General Atlantic, which acquired a minority stake in Creative Planning in 2020.

TPG and Permira declined to comment. Creative Planning did not immediately respond to a request for comment.

Wealth management companies have traditionally attracted strong interest from private equity firms, which like to back businesses generating stable cash flows. The industry's fragmentation also means companies can grow rapidly by acquiring competitors.

Based in Overland Park, Kansas, Creative Planning offers services including financial and tax planning, retirement plans, and corporate financial consulting. According to its website, as of the end of 2023, the company manages assets exceeding $300 billion.

Last year, Creative Planning agreed to acquire Goldman Sachs' (GS.N) personal finance division. Previously, the Wall Street bank underwent a strategic overhaul of its wealth management division, focusing on high-net-worth individuals, after exiting the consumer lending business.

TPG was founded by private equity executives Jim Coulter and David Bonderman in 1992. As of the end of June, its managed assets were approximately $229 billion, a 65% increase compared to the same period last year. The company is currently led by Jon Winkelried, and asset management-related revenue in the most recent quarter increased by 60%.