Thomas H Lee Partners, one of private equity’s oldest firms, is exploring options to run a GP-led process on its biggest-ever fund, sister publication Secondaries Investor has learned.
The Boston-headquartered private equity firm has had preliminary discussions with the limited partner advisory committee in its 2006-vintage $8.1 billion Thomas H Lee Equity Partners VI on a potential secondaries process, according to three sources familiar with the matter.
The process is in the early stages and limited partners outside the LPAC have not been contacted, one of the sources said. The proposal could involve selling a strip of assets from Fund VI into a new vehicle, similar to Warburg Pincus’s $1.2 billion deal with a consortium of buyers led by Lexington Partners that included Goldman Sachs Asset Management in August.
Thomas H Lee joins a growing list of blue-chip primary managers who have sought to use the secondaries market to run restructurings or stapled deals on their funds, such as BC Partners, Apax Partners and EQT. Scandinavian buyout firm Nordic Capital, which launched a restructuring process on its 2008-vintage fund with Campbell Lutyens in September, is understood to be nearing a close on its deal – worth as much as €2.44 billion – backed by Coller Capital and Goldman Sachs Asset Management, as sister publication Private Equity International reported on Monday.
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