US-based private equity firm TA Associates, which has been investing in Asia since 2006, has closed its fifteenth global flagship fund, TA XV, at the hard cap of $16.5 billion, according to a press release.
TA XV, which was launched in late November 2022, was oversubscribed and exceeded its initial target size.
“Amid a period of macroeconomic uncertainty, our investors’ continued trust and confidence in our investment strategy is particularly energizing. We embrace the opportunity to further our strategy, partnering with forward-thinking founders and management teams to build lasting value in exceptional businesses,” TA Associates CEO Ajit Nedungadi said in the statement.
TA XV is the latest instalment in the fund series following its precursor TA XIV, which closed at $12.5 billion in June 2021.
Following the predecessor, TA XV will focus on equity investments in businesses with the potential of delivering sustainable growth. The fund will primarily target companies operating in sectors, including technology, healthcare, financial services, consumer goods, and business services.
The latest vehicle secured capital commitments from both existing and new limited partners including public and private pension funds, sovereign wealth funds, asset managers, endowments, foundations, family offices, and insurance companies.
Founded in 1968 in Boston, TA Associates has invested in over 560 companies operating in its target industries to date. Its current portfolio of more than 120 companies is being managed by a global team of over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong.
In Asia, the PE firm set up its Mumbai office in 2009 and then opened another in Hong Kong two years later.
As reported by DealStreetAsia earlier, TA Associates has invested in over 17 companies in India including National Stock Exchange, fertility clinic Indira IVF, and nutraceutical ingredients player OmniActive, among others. Of these, it has made either partial or full exits from as many as 10, including Idea Cellular, Fractal Analytics, and Dr Lal PathLabs.