TA Takes Stake In Fund Of Funds Evanston

Jan 4 2011 | 1:28pm ET

TA Associates, a private equity fund with a taste for asset managers, has added another to its stable.

The Boston-based firm has taken a minority stake in fund of hedge funds Evanston Capital Management. Terms of the deal were not disclosed, but TA said that "there are no changes planned to Evanston Capital's investment philosophy and process, day-to-day operations or personnel.

Evanston, based in the Chicago suburb of that name, was founded in 2002 by former Northwestern University chief investment officer David Wagner. It has some $4.2 billion in assets in two commingled funds of hedge funds.

Wagner and Evanston's other principals have signed multi-year contracts and non-compete agreements as part of the deal.

"Evanston Capital has a blue-chip management team with a long track-record of successfully investing in hedge funds," Todd Crockett, the TA managing director who will represent the firm on Evanston's board of managers, said. "Based on a proven and rigorous investment process, the firm is focused on delivering top-tier results and high-touch investor service and reporting."

Evanston joins some 13 other asset managers TA has invested in over the past two decades, among them hedge funds Jupiter Fund Management, K2 Advisors and AIM Management Group. TA has also invested in Affiliated Managers Group, which itself invests in hedge funds and other asset managers.

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