TPG The Rise Fund, a fund managed by TPG Growth, LLC & TPG The Rise Fund, Investment arm and Investcorp Holdings B.S.C., signed a definitive agreement to acquire an unknown majority stake in Outcomes First Group Holdings Ltd. from The National Fostering Agency Limited on December 12, 2023. The Rise Fund is making a majority investment in Outcomes First with Investcorp making a minority investment. Moelis & Company (NYSE:MC) acted as financial advisor to The Rise Fund and Investcorp.

Ropes & Gray LLP acted as legal advisor to The Rise Fund. Nicholas Tomlinson of Gibson, Dunn & Crutcher LLP acted as legal advisor to Investcorp. Rothschild & Co SCA acted as financial advisor to Stirling Square.

Milbank LLP and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisors to Stirling Square. DLA Piper UK LLP acted as legal advisor to Outcomes First. Jamieson Corporate Finance LLP acted as financial advisor to Outcomes First.