TA Associates, the Boston based growth private equity firm which is invested in Indian companies such as the National Stock Exchange, said it raised commitments worth $14 billion across two funds -- the latest flagship fund TA XIV and its second re-investment fund.
TA XIV was launched in January 2021 and hit the hard cap at $12.5 billion, exceeding its original $10.5 billion target. TA’s previous global fund closed at $8.5 billion in 2019.
Separately, TA said that its reinvestment fund, TA Select Opportunities Fund II, also launched in January 2021, garnered commitments of $1.5 billion. Its first reinvestment fund, TA Select Opportunities Fund 1 in 2020, was sized at $1billion.
TA's latest fund will make investments ranging between $100 million and $600 million in companies in technology, healthcare, financial services, consumer and business services sectors, the firm said.
TA Select Opps II will make investments in independent, third-party priced recapitalizations of high-performing TA portfolio companies that the firm believes offer significant prospects for continued organic and inorganic growth, it added.
A diverse group of largely existing global investors in prior TA funds, including leading public pension plans, sovereign wealth funds, foundations and endowments, committed capital to TA XIV and TA Select Opps II, the firm said.
“Many of TA’s investors have been our partners for decades, and we are extraordinarily grateful for their long-term support. We are pleased to have earned our investors’ continued commitment to TA’s unique approach to growth private equity," Brian Conway, Chairman of TA said in a media statement.
Both TA XIV and TA Select Opps II will begin their investment periods during the second half of 2021.
“This successful fundraise is an exciting milestone that reflects investor confidence in our core investment strategy,” said Ajit Nedungadi, Chief Executive Officer of TA.
Goodwin Procter LLP served as fund counsel for TA XIV and TA Select Opportunities Fund II.
In India, TA’s most recent investment was in January 2021 when it acquired a stake in OmniActiveHealth Technologies Pvt Ltd. Before that it invested around $150mn in the National Stock Exchange. TA’s portfolio includes Atria Convergence Technologies,Indira IVF Hospital Pvt. Ltd, and Accion Labs. Last month, VCCircle reported that one of its SaaS portfolio firms was looking at a listing.
