Advent, Blackstone team up to take on other buyout firms in Munder Capital bidding

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dotcom internetPrivate equity firms Advent International and Blackstone have reportedly teamed up to bid for Munder Capital Management, the formerly high-flying fund manager which crashed to earth following the dotcom bubble at the start of the century.

Lightyear Capital, Genstart Capital and Thoma Bravo are also expected to bid up to $400m for the Crestview Capital-owned business according to Reuters, which cited three sources familiar with the deal.

It said Blackstone and Advent were keen to pick up the technology fund manager with a view to creating a multi-boutique asset manager.

Crestview picked up Munder in 2006, well after the firm’s peak in 2000 when its NetNet Fund was the world’s largest internet fund with $11.5bn of assets.

It has hired Goldman Sachs to run the sale process.

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