The firm bought the stake from TSG Consumer Partners and the company’s founders.
TPG did not disclose the financial terms of the deal, but it was previously reported that the business could be valued at $200m to $300m in a deal.
Existing management will continue to have “a meaningful investment in and an ongoing role with the company,” TPG said in a statement.
TPG Growth principal John Bailey said, “Through its differentiated approach, e.l.f.’s offering has resonated among a key segment of the cosmetics market.
“We believe that many opportunities lie ahead, and are happy to partner with e.l.f. to build the Company and accelerate its already impressive growth trajectory.”
TPG closed its most recent growth equity fund on $2bn back in August 2012. Investors in the new fund included the California Teachers’ Retirement System.
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