TH Lee Raises $10.1 Billion

Thomas H. Lee Partners may not cut a check for Clear Channel until next year, but at least it now has the appropriate bank account. peHUB has learned that the Boston-based firm recently closed its sixth fund with $10.1 billion, including $8.1 billion for direct investments and $2 billion for limited partner co-investments.

The $8.1 billion mark is far more than TH Lee has ever raised, but is still $400 million less than its $8.5 billion target. Blame it on an early decision to push forward with fundraising just as Refco was blowing up — a decision that caused certain LPs to pass and never look back. It also didn’t help that the firm had to explain the mess departure of namesake Tom Lee (who’s having his own fundraising difficulties at a new eponymous firm in New York).  

But no matter, because $400 million in or out isn’t going to change a very important fact: THL is now officially (still) one of the buyout big boys, as currently defined by having a double-digit billion dollar fund. And it even has broken the digital divide with a spiffy new website. When it rains, it pours…

I called a partner at the firm this morning, but have not yet heard back…  

Update: Well, this is kind of embarassing. Seems credit for the original scoop should go to my colleague — Mark Cecil over at Buyouts, who reported on the $10.1b final close in this Monday’s edition. That’ll teach me to read magazines I’m on the mastheads of…