Thomas H. Lee Partners, the veteran private equity firm based in Boston, has reached a final close on a its sixth fund.
Thomas H. Lee Equity Fund VI held a final close on $8.1 billion in October. An additional $2 billion in committed co-investment capital has been raised to bring Thomas H. Lee’s current pool of capital above the $10 billion marker.
Thomas H. Lee Partners is led by co-presidents Anthony DiNovi, Scott Schoen and Scott Sperling, who joined the firm in 1988, 1994 and 1986, respectively. The firm has an additional 12 managing directors.
The firm was founded in 1974 by Thomas H. Lee. Early last year, Lee finalised an agreement with his namesake firm to exit the partnership. Lee’s involvement with Thomas H. Lee Partners had been decreasing for years, according to people close to the firm. Lee moved from Boston to New York in the mid-1990s. Last year, he formed a firm called Lee Equity Partners.
Lee has no involvement with Thomas H. Lee Equity Fund VI.
With $10.1 billion in committed capital, Thomas H. Lee Partners has among the largest vehicles dedicated primarily to North American buyout deals.
The firm’s most recent deal was the $5.3 billion acquisition of Ceridian, a business services company, in partnership with Fidelity National Financial. The firm is also part of a consortium in the process of buying media conglomerate Clear Channel Communications.
Thomas H. Lee Partners’ last fund closed on $6.1 billion in 2000.
Law firm Weil Gotshal & Manges advised the firm on the fundraising.