TA Associates, a growth oriented private equity firm, has closed its new $4 billion private equity fund, TA XI, L.P. The fund is the successor to TA X, a $3.5 billion fund which was closed in March 2006. TA Associates has an office in Mumbai, besides offices in Menlo Park, London, and Boston.
TA Associates has been investing in India, and picked up a minority stake in Idea Cellular along with ChrysCapital in late 2006. TA Associate's managing director Ajit Nedungadi, who is based out of London, looks after investments in India and other emerging markets, besides Europe. The private equity firm also has Naveen Wadhera, a director based out of Mumbai, who was previously with Goldman Sachs' Asian Special Situations group.
The new fund will look at investments in profitable, private companies in growth industries. The fund will look to make both minority investments to buyouts with deal sizes ranging from $60 million to $350 million. TA Associates has invested in nearly 400 companies globally, and currently has over $6 billion in actively investing funds. In 2007, TA Associates closed a $1.75 billion private equity fund, TA Atlantic and Pacific VI, which was raised from non-US investors.
“Despite a challenging fundraising environment, there was notable investor interest in TA XI. We not only exceeded the original target of $3.5 billion, but also did so in a relatively short time,” said C. Kevin Landry, Chairman and Managing Director of TA Associates.