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Illinois fund of funds sells stake to TA Associates

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TA Associates to purchase a 49% interest in Evanston Capital.

Private equity firm TA Associates has agreed to buy a 49% stake in fund of funds Evanston Capital Management. Evanston, based in Evanston, Ill, manages $3.6 billion and primarily serves foundations and endowments. TA Associates owns minority stakes in several other traditional and alternative asset management firms, including K2 Advisors, a fund of funds in Stamford, Conn.

Evanston was founded in 2002 by David Wagner, who was previously the chief investment officer of Northwestern University. Calls to Wagner and TA Associates were not returned. A formal announcement to clients from Evanston is expected to go out this week.

The Ohio