Boston-based Thomas H. Lee Partners has raised $930 million for its seventh buyout vehicle according to SEC filings.
The firm is back in market after a year in which it extended the investing period for its sixth fund which closed on $8.1 billion in 2007.
Fund VII will be smaller – targeting $3 billion, according to Private Equity International’s research and analytics division. The fund will run the same buyout strategy of predecessor funds, and is expected to invest approximately $1 billion per year.
Reported investors in the fund include Government of Singapore Investment Corp. (GIC) and the Abu Dhabi Investment Authority (ADIA).
The firm was most recently in the news for the successful re-branding of its portfolio company Clear Channel Broadcasting, which changed its name to iHeartMedia following the success of its online property iHeartRadio. Thomas H. Lee Partners invested in the Clear Channel $18.7 billion take private deal alongside Bain Capital.