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Private Equity
thl.com

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Investments

47

Portfolio Exits

50

Funds

24

Partners & Customers

3

Service Providers

3

About Thomas H. Lee Partners

Thomas H. Lee Partners invests in growth-oriented businesses, headquartered primarily in North America, across three sectors: Business & Financial Services, Consumer & Healthcare, and Media & Information Services. Its teams partner with portfolio company management to identify and implement operational and strategic improvements to accelerate sustainable revenue and profit growth.

Thomas H. Lee Partners Headquarter Location

100 Federal St. 35th Floor

Boston, Massachusetts, 02110,

United States

617-227-1050

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Latest Thomas H. Lee Partners News

The Lone Family Office Backing Venturi, an RIA Striving For $10 Billion Under Management

Nov 19, 2021

Kent Weldon, a longtime partner at private equity firm Thomas H. Lee Partners, explains why he’s investing his own money in Venturi Private Wealth Management. Russ Norwood and Kent Weldon (Courtesy photos) A longtime partner at private equity firm Thomas H. Lee Partners has invested in Venturi Private Wealth, an Austin-based RIA managing $2 billion and aspiring to reach $10 billion or more. Kent Weldon, an advisory partner at THL who has worked at the private equity firm for 30 years, is investing his own money in Venturi through Bravura Capital, an investment vehicle of his family office. Bravura was the only party that contributed to Venturi’s capital raise that was announced Thursday. Weldon will be a minority owner of the RIA. Terms of the deal were not disclosed. “I really believe in what they have built, where they are going with the company, [and] their aspirations with organic growth,” Weldon told RIA Intel. Assets under management at Venturi had a compound annual growth rate (CAGR) of 30 percent over the past five years, Venturi CEO and founder Russell Norwood said. About half of that growth can be attributed to rising markets, he added. That means Venturi is growing faster than most RIAs. Schwab’s 2021 RIA Benchmarking study found the median RIA grew assets under management 14.5 percent last year , but that growth included the appreciation of assets due to markets. Venturi works primarily with high-net-worth individuals , many who are business owners (or sold their business) and have suddenly become especially wealthy. The firm’s investment management is one of the reasons those investors are choosing it, according to Norwood. Venturi believes alternative investments should account for roughly 25 percent of portfolios, that it’s choosing good asset managers, and successfully sourcing deals itself on behalf of clients. And it continues to invest in that capability. Earlier this year, Venturi hired Christopher Schelling to be its director of alternative investments. Schelling was previously the director of private equity for the Texas Municipal Retirement System, the deputy chief investment officer at Kentucky Retirement Systems, and taught at an alternative investments course at the University of Kentucky. (He’s also a columnist at Institutional Investor.) Norwood said Venturi is “well-funded and very profitable” but the RIA wanted to find an investor like Weldon to fund and help guide it through future growth. Venturi’s strategic plan leads it down a path to managing $5 billion and then $10 billion, or more, in the next several years, Norwood said. [Like this article? Subscribe to RIA Intel’s' thrice-weekly newsletter.] Venturi chief operating officer Sylvia Bell, who was previously the COO of the Teacher Retirement System of Texas investment management division, where she helped oversee the $180 billion public pension and more than 800 employees, is already encouraging the firm to think even bigger, Norwood said. But Venturi is unwilling to grow at the expense of its culture or clients. It didn’t want a strategic investor pushing it to acquire other wealth managers that weren’t the best fit. Weldon said he could be an investor “for an indefinite period of time.” “They are very thoughtful about growth and they invest basically ahead of the growth that is coming. The depth and breadth of the firm is pretty impressive,” Weldon said. Venturi has acquired one other wealth manager but plans to do more deals in the future, which Weldon’s capital will help fund. Norwood said he plans to focus on growing the company in the southwest but would consider acquiring businesses across the country. “Venturi Private Wealth stood out immediately. Venturi’s strategy of building an integrated, market-leading regional company serving clients in the Southwest is different than many other growth strategies I see in the independent [RIA] space today,” Weldon said. Venturi is also already benefiting from Weldon’s experience working at THL, Norwood said. In 2020, Venturi partnered with the University of Texas to create a wealth management program, part of an effort to get more students and young professionals interested in the profession that badly needs them . Michael Thrasher ( @Mike_Thrasher ) is the editor of RIA Intel and based in New York City. Subscribe to RIA Intel’s thrice-weekly newsletter and follow the publication on Twitter and LinkedIn . Related Content

Thomas H. Lee Partners Investments

47 Investments

Thomas H. Lee Partners has made 47 investments. Their latest investment was in Odessa as part of their Private Equity on September 9, 2021.

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Thomas H. Lee Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/15/2021

Private Equity

Odessa

Yes

3

3/24/2021

Series D

FourKites

$100M

Yes

4

2/8/2021

Private Equity

Ashling Partners

Yes

1

12/3/2020

Private Equity

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$99M

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10

9/22/2020

Series C

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$99M

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10

Date

9/15/2021

3/24/2021

2/8/2021

12/3/2020

9/22/2020

Round

Private Equity

Series D

Private Equity

Private Equity

Series C

Company

Odessa

FourKites

Ashling Partners

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Amount

$100M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

4

1

10

10

Thomas H. Lee Partners Portfolio Exits

50 Portfolio Exits

Thomas H. Lee Partners has 50 portfolio exits. Their latest portfolio exit was AutoStore on October 20, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/20/2021

IPO

$991

3

9/9/2020

Acquired

4

7/1/2020

IPO

$991

3

00/00/0000

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$991

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10

00/00/0000

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$991

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10

Date

10/20/2021

9/9/2020

7/1/2020

00/00/0000

00/00/0000

Exit

IPO

Acquired

IPO

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Companies

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Valuation

$991

$991

$991

$991

Acquirer

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Sources

3

4

3

10

10

Thomas H. Lee Partners Acquisitions

61 Acquisitions

Thomas H. Lee Partners acquired 61 companies. Their latest acquisition was Brooks Automation - Semiconductor Solutions on September 20, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/20/2021

$991

Acquired Unit - Fin

3

9/13/2021

Acq - Fin

1

3/26/2021

Take Private

$991

$20.8M

Acq - Fin

2

3/11/2021

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$99M

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10

9/22/2020

Acq - Fin - II

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$99M

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10

Date

9/20/2021

9/13/2021

3/26/2021

3/11/2021

9/22/2020

Investment Stage

Take Private

Acq - Fin - II

Companies

Subscribe to see more

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Valuation

$991

$991

Total Funding

$20.8M

$99M

$99M

Note

Acquired Unit - Fin

Acq - Fin

Acq - Fin

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Subscribe to see more

Sources

3

1

2

10

10

Thomas H. Lee Partners Fund History

24 Fund Histories

Thomas H. Lee Partners has 24 funds, including Thomas H. Lee Equity Fund IX.

Closing Date

Fund

Fund Type

Status

Amount

Sources

10/4/2021

Thomas H. Lee Equity Fund IX

$5,600M

3

11/16/2020

THL Automation Fund

$900M

5

2/7/2020

THL Credit Direct Lending Fund IV

Private Debt (Other)

$782M

1

5/14/2019

Thomas H. Lee Equity Fund VI (2019)

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$99M

10

10/30/2018

Thomas H Lee Fund VIII

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$99M

10

Closing Date

10/4/2021

11/16/2020

2/7/2020

5/14/2019

10/30/2018

Fund

Thomas H. Lee Equity Fund IX

THL Automation Fund

THL Credit Direct Lending Fund IV

Thomas H. Lee Equity Fund VI (2019)

Thomas H Lee Fund VIII

Fund Type

Private Debt (Other)

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Status

Amount

$5,600M

$900M

$782M

$99M

$99M

Sources

3

5

1

10

10

Thomas H. Lee Partners Partners & Customers

3 Partners and customers

Thomas H. Lee Partners has 3 strategic partners and customers. Thomas H. Lee Partners recently partnered with Professional Physical Therapy on December 12, 2016.

Date

Type

Business Partner

Country

News Snippet

Sources

12/19/2016

Partner

Professional Physical Therapy

United States

Professional Physical Therapy Partners with Thomas H. Lee Partners for...

Professional Physical Therapy , the Northeast 's largest private outpatient physical therapy provider , with over 100 locations throughout New York , New Jersey and Connecticut , announced today its new strategic partnership with Thomas H. Lee Partners , one of the world 's oldest and most experienced private equity firms .

2

Partner

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10

Partner

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10

Date

12/19/2016

Type

Partner

Partner

Partner

Business Partner

Professional Physical Therapy

Country

United States

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News Snippet

Professional Physical Therapy Partners with Thomas H. Lee Partners for...

Professional Physical Therapy , the Northeast 's largest private outpatient physical therapy provider , with over 100 locations throughout New York , New Jersey and Connecticut , announced today its new strategic partnership with Thomas H. Lee Partners , one of the world 's oldest and most experienced private equity firms .

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Sources

2

10

10

Thomas H. Lee Partners Service Providers

11 Service Providers

Thomas H. Lee Partners has 11 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Barclays Capital

Acq - Fin

Investment Bank

Financial Advisor

Acq - Fin

Commercial Bank

Financial Advisor

Kirkland & Ellis

Acq - Fin, and Series D

Counsel

General Counsel, Financial Advisor

Service Provider

Barclays Capital
Kirkland & Ellis

Associated Rounds

Acq - Fin

Acq - Fin

Acq - Fin, and Series D

Provider Type

Investment Bank

Commercial Bank

Counsel

Service Type

Financial Advisor

Financial Advisor

General Counsel, Financial Advisor

Partnership data by VentureSource

Thomas H. Lee Partners Team

33 Team Members

Thomas H. Lee Partners has 33 team members, including current Managing Director, Todd Abbrecht.

Name

Work History

Title

Status

Todd Abbrecht

Managing Director

Current

Mark L Benaquista

Managing Director

Current

Michael Borom

Managing Director

Current

Josh Bresler

Managing Director

Current

Richard Bressler

Managing Director

Current

Name

Todd Abbrecht

Mark L Benaquista

Michael Borom

Josh Bresler

Richard Bressler

Work History

Title

Managing Director

Managing Director

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

Current

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