Investing Firm Tortoise to Be Acquired by Group of Private-Equity Companies

Group, led by Lovell Minnick Partners, includes HarbourVest Partners and AlpInvest Partners

A group of private-equity firms led by Lovell Minnick Partners LLC has reached an agreement to buy a majority stake in income-investing specialist Tortoise, the companies said Wednesday.
Leawood, Kan.-based money manager Tortoise has about $20.2 billion in assets and runs mutual funds, closed-end funds and master limited partnerships. Under the terms of the deal, four of five Tortoise co-founders plan to sell their stakes in the company.
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