Ex-KKR healthcare chief Jim Momtazee launches own shop, TA’s new partnership with Clearlake values Ivanti at $2bn-plus, TH Lee seeks more time to manage HighTower Advisors through single-asset secondary

THL is working on a secondary process to extend its hold over HighTower Advisors and KKR's former healthcare chief launches his own shop.

Morning!

We got another 50/50 deal in the market, part of a trend we’ve been seeing all year of GPs (mostly tech-focused shops) selling partial stakes in portfolio companies to other firms while still holding exposure to the investment. In many cases, the firms end up as 50/50 partners in the company.

TA Associates and Clearlake Capital recently did this in IT software provider Ivanti. The deal values Ivanti at more than $2 billion, writes Milana Vinn on PE Hub.

Clearlake and TA have a history of working together. The firms are both investors in DigiCert, a provider of certificate management platforms. Clearlake joined TA on its existing investment in the company in July 2019.

Read it here on PE Hub.

Top Scoops
We’ve been waiting to see where Jim Momtazee, KKR’s former healthcare chief, would end up. Turns out he’s launched his own shop. Momtazee announced the formation of Patient Square Capital to partner with management teams in healthcare companies. He is joined by ex-KPMG executive Maria Walker, partner and CFO. Read more here on PE Hub.

Thomas H. Lee Partners is working on a secondary process to extend its hold over portfolio company HighTower Advisors, I reported on Buyouts. The deal would move HighTower out of the firm’s seventh fund and into a continuation vehicle, giving TH Lee more time to manage the asset. LPs would have the option to cash out of their exposure to the company, or role their interests into the continuation fund. Read more here on Buyouts.

Have a great day! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.