Even Hollywood can’t avoid being hit hard by the awful economy. Powerhouse agency CAA has just formed a non-controlling 35% partnership with TPG Capital to the tune of $500 million. The fund will of course serve to pay for future acquisitions and also help continue to grow the business. The deal has all CAA partners agreeing with the cash infusion (no brainer) and with signing a new contract which keeps them all in place for another five years. Plus every employee in the agency from top agent to valet will reap the benefits and get a check from this new investment. And TPG better known as Texas Pacific Group, one of the largest private equity firms globally, gets to hob knob with all CAA clients anytime they want. I knew I should have become a valet in Beverly Hills.