Thomas H. Lee Partners completed the acquisition of a majority stake in Standish Management from Vitruvian Partners for $1.6bn.

Thomas H. Lee Partners, a private equity firm, completed the acquisition of a majority stake in Standish Management, a provider of administrative services such as accounting and reporting to investment funds, from Vitruvian Partners, a private equity firm, for $1.6bn. The management team and other Standish employees, who collectively own 65% of the company, will retain a 45% stake, with THL holding the remainder.