The Boston-based buyout shop closed Thomas H. Lee Partners Fund VI late last month, with $8.1 billion committed to its core fund and an additional $2 billion in a co-investment vehicle. The prior fund, which closed in 2001, secured $6.1 billion in commitments.
The firm points to two main factors for why fund-raising stretched out more than two years. First, portfolio company Refco Inc., a futures trader, filed for Chapter 11 in 2005, which the firm says tainted returns and absorbed the attention of the LBO shop’s team. Second, though it had been years in the planning, founder Thomas H. Lee left the firm in March 2006, passing the reins to the trio of Scott Sperling, Scott Schoen and Anthony DiNovi. The three have been leading the firm’s investments for a decade. Lee is now raising a fund under a new shingle,
Despite not closing its sixth fund until last month, Thomas H. Lee Partners has been busy doing deals out of the fund for some time, including some blockbusters. Deals over the past year include the pending buyout of Clear Channel Communications and the purchase of Univision Inc.
Shareholders of radio giant Clear Channel have voted in favor of that $19.5 billion deal, done in conjunction with
This fall, Thomas H. Lee Partners announced the formation of a credit fund, THL Credit Group, earmarked for leveraged finance, structured credit and minority equity transactions. The fund has raised at least $500 million. The division is led by CEO James Hunt. —Mark Cecil
Pegasus raises $750M
Pegasus is a middle-market private equity firm with offices in New York City and Cos Cob, Conn. The firm raised more than $300 million for its third fund, which closed in 2002. Unlike the first three funds, .which focused on turnaround companies, fund IV will invest in general private equity deals, and what the firm calls businesses with “positive attributes.”
Cartesian Group nets $1B for inaugural fund
Cartesian was formed by former AIG Capital Partners pros Peter Yu and Bill Jarosz.
Chrysalix teams with Robeco
Canadian cleantech investor
The effort, called
Limited partners include Delta NV and Essent NV. The fund’s independent management team is headed up by CEO Rene Savelsberg, who previously led the corporate venture arm of Philips.
Marlin targets a variety of industries, with a focus on technology, consumer and health care businesses. Marlin raised $64 million for its debut fund in 2005. Probitas Partners served as placement agent for fund II.
CVC seeks $2B
It will be run by CEO Stephen Vineburg, who previously was head of global infrastructure investment at Colonial First State Global Asset Management, a unit of Commonwealth Bank of Australia.
The Tokyo-based fund, which was formed in 1999 as a joint venture between Citi and CVC Capital Partners, is aiming to raise at least $4 billion for CVC Capital Partners Asia Pacific Fund 4.
CVC Asia and Citi parted ways in August, just as CVC Asia Pacific was planning to start fund-raising for the pan-Asian buyout fund. Citi, however, has invested $150 million in the Asian fund, which invests in Australia, Hong Kong, Japan, Singapore, South Korea and Taiwan.
Wind Point aims for $1B
The Southfield, Mich.-based firm raised $700 million for its sixth fund, which closed in 2005.
The firm was formed in 2005, when it spun off from Dallas-based Hicks Muse Tate & Furst and raised about $1 billion for its first independent effort.