US-based private equity player TA Associates, a backer of Indian companies like the National Stock Exchange and Billdesk, has mopped up about $16.5 billion for its latest PE fund, which, like its previous funds, will invest in companies operating in technology, healthcare, financial services, consumer and business services sectors.
According to the PE player, the TA XV fund, launched in November last year was oversubscribed, thus exceeding its initial target size. The initial size, could, however, not be ascertained.
Without disclosing any names, TA Associates said that limited partners (LPs) for this fund included public and private pension funds, sovereign wealth funds, asset managers, endowments, foundations, family offices and insurance companies.
“Amid a period of macroeconomic uncertainty, our investors’ confidence in our investment strategy is particularly energising. We embrace the opportunity to further our strategy, partnering with forward-thinking founders and management teams to build lasting value in exceptional businesses,” Ajit Nedungadi, chief executive officer at TA Associates said.
For its previous fund, TA XIV, the US-based investor marked the final close of the vehicle in June 2021 at $12.5 billion.
With the latest fund’s closing, the BillDesk-backer has cumulatively raised $65 billion, so far, with about 120 active portfolio investments, that include ACT Fibrenet, Dr Lal PathLabs, Vodafone Idea, Indira IVF, Shilpa Medicare, TCNS Clothing, among others.
The PE major and some other investors, according to a recent report by The Economic Times, are looking to offload a 47% stake in fertility clinic chain, Indira IVF, which is valued at an estimated $1-1.2 billion. TA Associates picked a minority stake at an undisclosed amount in the fertility clinic chain in 2019.
VCCircle also reported in January that the PE firm was in the fray to acquire a controlling stake in drugmaker Synokem Pharmaceuticals. It said that the US private equity fund is likely to invest around $100 million in Delhi-based Synokem, a contract manufacturer of pharmaceutical formulations such as tablets, capsules, liquid orals, and ointments.
