DFX Intelligence

Private Equity Intelligence

Firms, funds, people, portfolio companies and transactions from sworn filings and cited announcements, kept as a graph with a date and a source on every edge. Reported gross assets are never fund size, regulatory AUM is never dry powder, and a deal value prints only when someone disclosed it.

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Firms / T•• M••••••• V••• L••

T•• M••••••• V••• L••

Buyout firmUpper middle marketBoston, MAt••.comSEC registered investment adviser

THL Private Equity

Classification

Class: Buyout firmconfirmed, confidence 85%
Basis: R6: 21 of 21 distinct vehicles are sworn Private Equity Funds; 21 reported gross assets on a filing in 2022 or later
Size band: Upper middle marketdefined by: proxy: $14.39bn Private Equity Fund GAV on the Form ADV filed 2024-10-15

Classification history (1)

Sep 13, 2026
Buyout firm (confirmed, 85%, cls-pe-1)
R6: 21 of 21 distinct vehicles are sworn Private Equity Funds; 21 reported gross assets on a filing in 2022 or later

Regulatory footprint (Form ADV)

Adviser type: registered investment adviser
Form ADV filings: Apr 17, 2014 to Oct 15, 2024
RAUM: $14Bregulatory assets under management of the adviser; not dry powder, not a fund size
PE funds, latest filing: 20
PE fund GAV, latest filing: $14Breported gross assets (Form ADV), not fund size
All private fund GAV: $14Bevery private fund type, latest filing
2024 PE fund GAV: $14Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
PE share of funds, lifetime: 100%
Fund type mix: filed 2024-10-15, latest gav Private Equity Fund $14B, latest counts Private Equity Fund 20, lifetime distinct Private Equity Fund 21
Employees: 157
Headquarters: Boston, MA
Office address: 100 FEDERAL STREET, Boston, MA, 02110
Business phone: 617-227-1050

Stated criteria beside observed behaviour

no observed deals yet

Stated by the firm

Sectors: technology, healthcare, manufacturing, agriculture
Geography: not stated or not yet read
Revenue: not stated or not yet read
EBITDA: not stated or not yet read
Enterprise value: not stated or not yet read
Equity check: not stated or not yet read
Control: not stated or not yet read
Thesis: Decisions about where to invest are not ones we make lightly—they’re built on thousands of hours of research and pressure testing.

Observed from deals on record

Nothing observed yet. Behaviour is computed from transactions and portfolio relationships, which have not been collected for this firm.

Funds

22 on record

Fund	Vehicle	Vintage	Reported gross assets (Form ADV), not fund size	GAV by year	Form D sold	Lifecycle
T•• A••••••••• P••••••• F••• I•• L••• ADV: Private Equity Fund	Feeder or parallel	2024 first reported on Form ADV	$716M as of Oct 15, 2024		no Form D	Unknown
T•• A••••••••• F••• I•• L••• ADV: Private Equity Fund	buyout or unlabelled	2024 first reported on Form ADV	$80.6M as of Oct 15, 2024		no Form D	Unknown
T•• A••••••••• E•••••••• F••• I•• L••• ADV: Private Equity Fund	Feeder or parallel	2024 first reported on Form ADV	$36.8M as of Oct 15, 2024		no Form D	Unknown
T•• A•• P••••••• S••• L••• ADV: Private Equity Fund	Feeder or parallel	2023 first reported on Form ADV	$734M as of Oct 15, 2024		no Form D	Early deployment
T•• A•• S••• L••• ADV: Private Equity Fund	buyout or unlabelled	2023 first reported on Form ADV	$556M as of Oct 15, 2024		no Form D	Early deployment
T•• E•••••••• F••• I•• L••• ADV: Private Equity Fund	Feeder or parallel	2022 first reported on Form ADV	$154M as of Oct 15, 2024		no Form D	Unknown
T••••• H• L•• P••••••• F••• I•• L••• ADV: Private Equity Fund	Feeder or parallel	2021 first reported on Form ADV	$3.6B as of Oct 15, 2024		no Form D	Unknown
T••••• H• L•• E••••• F••• I•• L••• ADV: Private Equity Fund	buyout or unlabelled	2021 first reported on Form ADV	$1.8B as of Oct 15, 2024		no Form D	Unknown
T•• H• P••••••• S••• L••• ADV: Private Equity Fund	Feeder or parallel	2021 first reported on Form ADV	$1.0B as of Oct 15, 2024		no Form D	Active deployment
T•• H• S••• L••• ADV: Private Equity Fund	buyout or unlabelled	2021 first reported on Form ADV	$846M as of Oct 15, 2024		no Form D	Active deployment
T•• A••••••••• P••••••• F•••• L••• ADV: Private Equity Fund	Feeder or parallel	2020 first reported on Form ADV	$562M as of Oct 15, 2024		no Form D	Harvest
T•• A••••••••• F•••• L••• ADV: Private Equity Fund	buyout or unlabelled	2020 first reported on Form ADV	$82.5M as of Oct 15, 2024		no Form D	Harvest
T•• A••••••••• E•••••••• F•••• L••• ADV: Private Equity Fund	Feeder or parallel	2020 first reported on Form ADV	$55.5M as of Oct 15, 2024		no Form D	Harvest
T••••• H• L•• E••••• F••• V• •••••• L••• ADV: Private Equity Fund	buyout or unlabelled	2019 year in the fund name	$434M as of Jan 10, 2022		no Form D	Wound down
T••••• H• L•• P••••••• F••• V•••• L••• ADV: Private Equity Fund	Feeder or parallel	2018 first reported on Form ADV	$1.8B as of Oct 15, 2024		no Form D	Harvest
T••••• H• L•• E••••• F••• V•••• L••• ADV: Private Equity Fund	buyout or unlabelled	2018 first reported on Form ADV	$1.0B as of Oct 15, 2024		no Form D	Harvest
T•• E•••••••• F••• V•••• L••• ADV: Private Equity Fund	Feeder or parallel	2018 first reported on Form ADV	$80.9M as of Oct 15, 2024		no Form D	Harvest
T•• E•••••••• F••• V••• L••• ADV: Private Equity Fund	Feeder or parallel	2017 first reported on Form ADV	$43.5M as of Oct 15, 2024		no Form D	Harvest
T••••• H• L•• P••••••• ••••••• F••• V••• L••• ADV: Private Equity Fund	Feeder or parallel	2015 first reported on Form ADV	$471M as of Oct 15, 2024		no Form D	Harvest
T••••• H• L•• E••••• F••• V••• L••• ADV: Private Equity Fund	buyout or unlabelled	2015 first reported on Form ADV	$445M as of Oct 15, 2024		no Form D	Harvest
T••••• H• L•• P••••••• F••• V••• L••• ADV: Private Equity Fund	Feeder or parallel	2015 first reported on Form ADV	$351M as of Oct 15, 2024		no Form D	Harvest
T•• M••••••• V•• F••• X•	buyout or unlabelled	unknown	unknown	no reporting	no Form D	Unknown

Team

8 current, 7 former

Managing partner (2)

S•••• M••••••• S••••••• · Co-Chief E•••••••• Officer · since Mar 1, 2014 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
T••• M••••• A••••••• · Co-Chief E•••••••• Officer · since Mar 1, 2014 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Partner (4)

D••••• G••••••• J•••• · Managing Director · since Jan 1, 2023 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
G••••••••• B• R•• · Managing Director · since Jan 1, 2023 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
J•••• C••••••••• C••••••• · Managing Director · since Jan 1, 2023 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
J••••• M•••••• N••••• · Managing Director · since Jan 1, 2023 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Platform (2)

M••••• N•• G••••••• · Chief Compliance Officer; Regulatory Counsel · since Dec 1, 2023 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
S•••• H••• W••••• · General Counsel; Managing Director · since Mar 1, 2014 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

7 former (kept with end dates)

A•••••• J••••• D••••• · Chairman; Managing Director · Mar 1, 2014 to Jan 31, 2023 Inference
K••• R•••••• W••••• · Managing Director · Mar 1, 2014 to Dec 26, 2019 Inference
S••• W•••••• L•••• · Managing Director · Mar 1, 2014 to Mar 31, 2017 Inference
S•••• L••••• O•••• · Managing Director · Mar 1, 2014 to Dec 26, 2019 Inference
T••••• M••••• H•••••• · Managing Director · Mar 1, 2014 to Jan 31, 2023 Inference
A••••• B•••••••• P•••• · Chief Compliance Officer; Assistant General Counsel; Managing Director · Mar 1, 2014 to Jan 4, 2024 Inference
C•••••• P•••••• H••••• · Chief Financial Officer; Managing Director · Mar 1, 2014 to Dec 26, 2019 Inference

Portfolio

0 relationships, 0 platforms, 0 add-ons

No portfolio relationship collected for this firm yet. They arrive from the firm’s portfolio page, deal announcements and filings.

Transactions

0 on record

No transaction naming this firm has been collected yet. The deal tape is read from SEC filings and cited announcements.

Placement agents, lenders, advisers and co-investors

9 relationships

Placement agents (9)

T•••••• G•••• L•••••• 5 shared · very strong · last Jan 1, 2018
P••••••• F•••• G••••• L•• 5 shared · very strong · last Jan 1, 2018
A••••• A••••• • P••••••• P•• L••• 3 shared · strong · last Jan 1, 2015
K•••••••• A••••••••• I••••••••• A••••••• G••• 3 shared · strong · last Jan 1, 2015
O•• C••• S••••••••• L•• 2 shared · recurring · last Jan 1, 2016
M•••••• C•••••• A•••••••• L•• 2 shared · recurring · last Jan 1, 2018
K•••••••• A••••••••• I••••••••• A••••••• G••• 2 shared · recurring · last Jan 1, 2018
G•••••• S•••• • C•• L•• 2 shared · recurring · last Jan 1, 2018
F••• P•••••••• I••••• L••• 2 shared · recurring · last Jan 1, 2018

LP commitments

3 disclosed

M•••••••• S•••• B•••• o• I••••••••• in T••••• H• L•• E••••• F••• V••• L••• $100M msbi.us
M•••••••• S•••• B•••• o• I••••••••• in T••••• H• L•• E••••• F••• V•••• L••• $150M msbi.us
M•••••••• S•••• B•••• o• I••••••••• in T••••• H• L•• E••••• F••• I•• L••• $150M msbi.us

Events

4 most recent

Sep 13, 2026
Press Release | IT Operations & Data THL Completes Sale of AMI to Lattice Semiconductor
Firm newsFactInvestment organization websites (team, portfolio, strategy, criteria, news)
Sep 13, 2026
Press Release THL Partners Raises $6.35 Billion of Investable Capital for Fund X
Firm newsFactInvestment organization websites (team, portfolio, strategy, criteria, news)
Jul 2, 2026
T•• M••••••• V••• L••: Private Equity Funds on Form ADV 20 (2024 extract) -> 26 (roster 2026-09-01)
Pe fund count changedFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Apr 17, 2014
T•• M••••••• V••• L•• first filed Form ADV in the extract (IA)
First Form ADV filingFactSEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Scores and what they are made of

Freshness97 · HIGH: as of: 2026-09-19items: [{"code":"DAYS_SINCE_NEWEST_EVIDENCE","points":0.9666666666666667,"evidence":"6 method: sum of component points, capped at 1.0
model score-pe-1
Research priority59 · ELEVATED: as of: 2026-09-19items: [{"code":"SCALE_BAND","points":0.35,"evidence":"UPPER_MIDDLE_MARKET"},{"code":"Cmethod: sum of component points, capped at 1.0
model score-pe-1
Investment velocity0 · LOW: as of: 2026-09-19items: []method: sum of component points, capped at 1.0
missing: no dated transactions
model score-pe-1
Acquisition appetite25 · MODERATE: as of: 2026-09-19items: [{"code":"RECENT_FUND","points":0.2,"caution":"a recent fund is evidence of deplmethod: sum of component points, capped at 1.0
missing: no transactions on the graph for this firm yet
model score-pe-1
Profile completeness75 · HIGH: as of: 2026-09-19items: [{"code":"FIELDS_PRESENT","points":0.75,"evidence":["website","description","funmethod: sum of component points, capped at 1.0
missing: portfolio, transactions, lenders
model score-pe-1
Fund deployment activity70 · ELEVATED: as of: 2026-09-19items: [{"code":"FUNDS_DEPLOYING","points":0.7,"caution":"deployment state is read frommethod: sum of component points, capped at 1.0
model score-pe-1

Across DFX

Independent Sponsor Intelligence (matched on shared crd)

Record

First observed: Sep 13, 2026
Last observed: 6 days ago
Observations: 34
Sources: 3
Open research tasks: 3

Reading this profile

Reported gross assets are what an adviser told the SEC a fund held on a date. They are not the fund’s size and not dry powder. RAUM is a regulatory measure of the adviser, not capital available to invest.

A section that says nothing has been collected means exactly that: the graph has not read that kind of record for this firm yet.

Across the graphs

T•• M••••••• V••• L•• is the same institution as 3 records in Independent Sponsors, RIA and Wealth and Allocators.

Independent Sponsors1RIA and Wealth1Allocators1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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