TA Associates is nearing a deal to acquire a substantial stake in Kline Hill Partners, a firm specialising in secondary market investments, according to a report by Bloomberg citing sources familiar with the matter.
An announcement could come in the next few days, barring any last-minute complications, the sources, who spoke on condition of anonymity, said.
As reported by Bloomberg News in October, other prominent bidders for Kline Hill included Sixth Street, Bridgepoint Group, First Eagle Investment Management, and Tikehau Capital, with the deal potentially valuing the Greenwich, Connecticut-based firm at approximately $500m.
Details of the transaction however remain undisclosed at this time. Kline Hill manages over $4.2bn in assets, according to its website.
The deal, led by managing partner Michael Bego and partner Jared Barlow, comes amid growing interest in secondary-focused funds, which have gained traction as private equity firms seek liquidity options while limited partners focus on distributions.
TA Associates, a private equity firm with a diverse portfolio that spans financial services, counts Cliffwater, Fisher Funds, and Yarra Capital Management among its investments, according to its website.
