Blackstone Veteran’s SQ Capital Backs TeamDynamix Secondary Deal

Blackstone Inc. veteran Mustafa Siddiqui’s new secondaries firm is the lead investor in a continuation fund led by K1 Investment Management, which backs enterprise software firms.

Siddiqui’s SQ Capital is investing in K1’s single-asset continuation fund, according to people familiar with the matter. The vehicle has raised $160 million and allows K1 to extend its hold on a stake in work-management software provider TeamDynamix.

This investment marks the first transaction for SQ Capital. The firm’s inaugural fund is expected to raise as much as $1 billion, the people said, asking not to be identified because the details ...