LONDON - TH Lee, Putnam Capital LP and Group Arnault SA have started a joint venture to make private equity investments in Europe.

The companies did not disclose the financial terms of the arrangement, which was announced last Thursday.

The venture will invest across various sectors, including financial services, telecommunications, and consumer products, and will work alongside $6.1 billion-asset Thomas H. Lee Equity Partners Fund V.

TH Lee, Putnam Capital is a joint venture of Thomas H. Lee Partners LP, a Boston private equity firm, and Boston's Putnam Investments. It runs a $1.1 billion-asset private equity fund that invests in Internet-related businesses.

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