Tower company Everest Infrastructure Partners has raised $500 million in new equity capital commitments for expansion in the US.

Everest announced last week that it had secured the capital commitments from TPG Peppertree.

It comes a week after Everest agreed to acquire 214 towers from ATN International for $297m.

Founded in 2015, Everest has more than 2,000 wireless towers, according to the company's website.

In the company's announcement, Everest notes that the equity will help it scale its portfolio footprint throughout the US.

“This additional equity commitment brings total capital commitments to more than $2 billion and positions Everest to continue executing our differentiated strategy that has built one of the fastest-growing wireless infrastructure platforms globally," said Mike Mackey, president of Everest.

"We are focused on the acquisition and development of wireless towers, rooftops, ground leases, indoor DAS, and other communications infrastructure. We designed our unique strategy in-house, with continual refinement over many years, and it continues to enable market leadership throughout the industry.”

The company, through its Everest Infrastructure ANZ subsidiary, completed the acquisition of tower assets from Australian telco Vertel in April of last year.

A year earlier, Everest acquired Portuguese tower company Blue Sites Telco. It represented the fourth international market that Everest has invested in after the US, where it's based, along with Australia and New Zealand.

The company also acquired 75 towers from CNS Microwave in 2024.

TPG Peppertree separately committed up to $1bn of investment to launch Connected Infra Group, a new telecoms tower firm which will be led by industry veteran Bernard Borghei.

Founded in 2004, TPG Peppertree specializes in digital infrastructure investments. At present, Peppertree has $7.9bn in assets under management. TPG, a private equity firm with $245bn in assets under management, acquired Peppertree Capital Management last year, rebranding it to TPG Peppertree.