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PE-backed HighTower invests in Mass.-based wealth management group

Wealth management firm HighTower Advisors LLC, which is backed by private equity firm Thomas H. Lee Partners LP, made a strategic investment in Mass.-based advisory group Lexington Wealth Management.

The transaction is expected to close in the third quarter. Lexington has $1 billion in assets under advisement and caters to entrepreneurs, executives, affluent women, high-net-worth individuals and families.

Lexington was advised by Raymond James | Silver Lane Advisors. Thomas H. Lee provided funding for HighTower's investment in Lexington and other recent strategic investments and acquisitions.