TA Associates has exited an investment in hedge fund investor Evanston Capital. No financial terms were disclosed. Kirkland & Ellis LLP acted as legal advisors to Evanston while Broadhaven Capital Partners, LLC acted as financial advisor. And, Goodwin Procter LLP acted as legal advisor to TA.
EVANSTON, Ill.–(BUSINESS WIRE)–Evanston Capital Management, LLC (“ECM”), an alternative investment management firm with approximately $3 billion of assets under management, is pleased to announce its management team has completed a purchase of the minority equity stake owned by certain private investment funds affiliated with TA Associates (“TA”).
The buyout was led by ECM’s senior management team, headed by Adam Blitz, CEO and Chief Investment Officer. The entire leadership team of ECM contributed new equity capital to finance the purchase and ECM has no outstanding debt obligations. Terms of the transaction have not been disclosed.
“We have enjoyed our strong partnership with TA and are excited to again be a fully independent, employee-owned asset management firm. This management buyout allows us to maintain our culture, our identity, and our strong alignment with the interests of our clients. We appreciate TA exiting its ECM investment through a transaction which minimizes disruption for our clients,” said Blitz. “TA has been an excellent partner since forging our relationship in 2010.”
Roger Kafker, TA Associates Senior Advisor and prior ECM Board Member added, “Throughout our extended partnership with Evanston Capital’s management team, we have appreciated their diligence regarding manager selection, as well as their attention to push forth the firm’s clients’ needs and best interests first and foremost.”
Kirkland & Ellis LLP acted as legal advisors and Broadhaven Capital Partners, LLC acted as financial advisor to Evanston Capital Management in the transaction. Goodwin Procter LLP acted as legal advisor to TA.
About Evanston Capital Management
Evanston Capital Management, LLC (“ECM”) is an alternative investment management firm focused on providing multi-manager hedge fund programs and custom solutions for institutional and high net worth investors. Formed in 2002, ECM manages a variety of strategies emphasizing more concentrated portfolios, and ECM seeks to identify portfolio managers in which ECM has gained high conviction. ECM manages commingled funds and offers customized solutions to clients looking to tailor their hedge fund program. ECM has over 175 institutional investor relationships and approximately $3 billion in assets under management.
For more information, please visit www.evanstoncap.com.
About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.