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Putnam, Buyout Firm Join Efforts

Putnam Investments of Boston has joined with the Thomas H. Lee Company of Boston, a venture capital firm, to form a partnership which will permit Putnam to sell stakes in venture capital funds and other investment products to institutions and advisors serving high-net-worth investors. The partnership, to be known as TH Lee, Putnam Capital, plans to offer its first fund by Dec. 31. Putnam will have a 25 percent stake in the partnership, with Lee owning the balance. Putnam also has acquired a stake in Lee. Terms of that arrangement were not disclosed.