TPG Capital and Rory McIlroy's Investment Fund Bought Into Golf Management Giant Troon in 2021. Here Is Where Things Stand.

What Happened

In November 2021, Scottsdale-based Troon announced that TPG Capital had signed a definitive agreement to make a significant strategic investment in the company. Joining TPG was Symphony Ventures, the personal investment fund of professional golfer Rory McIlroy. Existing investor Leonard Green & Partners retained a significant stake in the business, according to the announcement published by Leonard Green & Partners.

No purchase price or valuation was disclosed in the announcement. The deal structure was described as a strategic investment, not a buyout, meaning TPG came in alongside LGP rather than replacing them.

The Business Behind the Deal

At the time of the announcement, Troon managed more than 620 golf and leisure facilities globally. The company's services range from agronomy and course development to membership sales, marketing, and community association management. It also owns or leases more than 50 courses directly, with Troon North Golf Club in Scottsdale as its flagship.

That scale matters. Golf management at Troon's size is a recurring-revenue, service-contract business, not a real estate play. Private equity likes that model: predictable fees, low capital intensity relative to owning the land, and room to grow by adding management contracts.

Troon CEO Tim Schantz called the TPG investment "a testament to the quality and strength of our offering" and said the company would use the capital to accelerate growth and add resources for clients, according to the Leonard Green & Partners announcement.

Why TPG and Why McIlroy

TPG Capital Partner Paul Hackwell said Troon had "developed a trusted brand that delivers differentiated value to its clients." TPG Co-Managing Partner Jeff Rhodes pointed specifically to the golf participation surge, noting that "both new and long-time golfers are spending more time on the course." A real trend that accelerated sharply during the COVID-19 pandemic as outdoor recreation boomed.

McIlroy's involvement through Symphony Ventures reflects a strategic fit. A world No. 1-caliber golfer investing in the dominant golf management company is coherent on multiple levels: McIlroy plays courses, understands what premium golf experiences look and feel like, and carries brand weight that no TPG press release can buy. His quote was brief — "They really understand what makes golf special" — but the logic of a touring pro anchoring a consumer-facing sports investment is straightforward.

The Strongest Skeptical Case

The strongest concern a critic could raise: private equity investment in golf management concentrates pricing power. When one firm manages 620-plus facilities, it has leverage over vendors, suppliers, and potentially over the clubs themselves if management contracts become difficult to exit. Golfers who pay premium fees at a Troon-managed course may be funding returns for LGP and TPG, not reinvestment in the course. Market concentration in any service industry can erode competition over time.

The counter is structural. Troon doesn't own most of what it manages. Club owners and municipalities can and do switch management companies. The management contract model is inherently competitive because the underlying asset stays with the owner. If Troon raises prices or cuts quality, the club fires Troon.

The Broader Context in June 2026

The 2021 deal is now nearly five years old. LGP partner Kris Galashan noted at the time of the deal that LGP had been part of the Troon family for approximately four years, during which Troon grew its employee base from approximately 13,700 to 24,400 and managed facilities from nearly 300 to over 620. LGP has now held its stake for several additional years alongside TPG.

The golf participation surge that TPG's Rhodes cited in 2021 was real, and it shaped the investment thesis. Whether demand sustained through 2023–2026 at the same clip, or whether the pandemic-era golf boom partially normalized, shapes what Troon's revenue trajectory actually looks like. Neither the announcement nor any subsequent source here answers that question.

The unresolved question for Troon's investors as of June 26, 2026: LGP has held its stake for several years alongside TPG, and the typical private equity hold period of four to seven years puts any exit conversation for LGP's original position in a plausible window. Whether that means a full sale, an IPO, or a secondary stake transfer has not been publicly signaled by any of the parties in the available sourcing.