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Major defection at Madison Dearborn

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Tim Hurd leaving to form new fund.

FORTUNE -- Tim Hurd has left Chicago-based buyout firm Madison Dearborn Partners, where he was in charge of financial services investments. Also gone is Eddie Magnus, a director focused on financial services.

The pair plan to form a new firm called BlueSpruce Investments, which already has a one-page website. What follows is an email recently sent by Hurd to friends and colleagues, and obtained by Fortune:

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