Thoma Bravo, a private equity investment firm, has entered into an agreement to invest in a Chicago-based asset management firm Segall Bryant & Hamill with more than US$9 billion in assets under management.

Under the terms of the agreement, Thoma Bravo investment will allow Segall Bryant & Hamill to close its ties with Dougherty Financial Group, a Minneapolis-based financial services firm.

As part of the deal, Segall Bryant & Hamill will create an equity incentive program, which expands ownership among the firm’s investment professionals.

Philip L Hildebrandt, the company’s chief executive officer said: "We are excited to have their support as Segall Bryant & Hamill continues to build its brand for attracting high quality investment professionals and providing consistent investment results for our clients."

For Segall Bryant & Hamill, Cambridge International Partners acts as financial advisor and Vedder Price P.C acts as legal counsel, while for Thoma Bravo Paul, Weiss, Rifkind, Wharton & Garrison is acts as legal counsel.

Financial terms of the investment were not yet disclosed and the deal is expected to be closed in January, 2014 subject to customary closing conditions.

Thoma Bravo has about US$4 billion in private company assets under management for its investors.