Cynthia Lill Debevec

Cynthia "Cyndi" L. Debevec is the Chief Operating Officer of TPG Peppertree (Peppertree Capital Management, Inc.), a Chagrin Falls, Ohio–based private equity firm focused on communications infrastructure. She joined the firm in 2010, initially serving as Chief Financial Officer and Chief Compliance Officer, and transitioned into the Chief Operating Officer role around October 2019. In SEC Form ADV filings she has been listed as CFO/CCO, reflecting the finance-and-operations leadership track of her career; she owns less than 5% of the firm.

Before joining Peppertree, Debevec spent eight years as Chief Financial Administrator for the Ohio and Vicinity Regional Council of Carpenters. Prior to that, she spent more than ten years at Deloitte & Touche LLP, where she rose to Senior Manager in Assurance and Advisory Services. This combination of public-accounting depth and operating-CFO experience underpins her current oversight of the firm's operations, finance, and compliance functions.

Debevec holds an MBA from Lake Erie College and a BA in Accounting from Notre Dame College. She was awarded the Certified Public Accountant (CPA) designation in 1993 and holds an active CPA license issued by the Accountancy Board of Ohio. She is a member of the American Institute of Certified Public Accountants (AICPA) and the Ohio Society of Certified Public Accountants.

In 2025, TPG announced its acquisition of Peppertree Capital Management (in a deal reported at up to ~$960 million), folding the more than two-decade-old, ~$8.0 billion AUM communications-infrastructure manager into TPG's broader digital infrastructure platform under the "TPG Peppertree" brand.

• Peppertree's core thesis: data demand will continue to outpace wireless network capacity, making the physical infrastructure that carries mobile data — "the towers, the wireless spectrum, and the fiber networks that make mobile phones work" — durable, growing assets.
• Invests across communications infrastructure: wireless towers, fiber networks, DAS, small cells, spectrum auction participants, communication rooftops, and related real estate.
• Growth-equity strategy with flexibility across the capital stack; firm-level checks range from a few million to several hundred million dollars.
• Long track record: 175–180+ investments through ten flagship funds since 2004, supporting construction/acquisition of 10,000+ wireless communications infrastructure assets; Fund IX raised $1.2 billion+ for towers, fiber, and small cells.
• Capital is institutional — drawn from insurance companies, university endowments, and similar limited partners — consistent with infrastructure-scale, not angel/seed, investing.
• Debevec's own role is operational rather than deal-sourcing: as COO/former CFO and CCO, she leads finance, operations, and compliance rather than originating individual investments.