What the investment will do is provide a way for the partners to value and monetize their stake, provide CAA employees a bonus payment at every level and most importantly place the agency on a stronger financial footing at a time its clients' traditional businesses -- movie, TV and music production and distribution -- are under pressure and in some cases declining owing to factors including the global economic downturn, dilution of the marketplace with the growth of new media and falling DVD sales.
What is much harder to see is how the acquisition benefits TPG. If the agency is a collection of individual agents, then each agent has to be paid their marginal value, lest they walk out the door with their clients. So the brand "CAA" doesn't carry much economic value. Furthermore, if you weaken the incentive compensation that ownership stakes for the partners implies, then they may start shirking.
If anyone can "see" what I am missing (how does this merger create value), I would love to become enlightened.