TA Associates has held an oversubscribed and hard cap close of its latest flagship fund, TA XV LP (Fund XV), with total limited partner commitments of $16.5 billion. Fundraising for Fund XV began in November 2022.
Limited partners in Fund XV include new and existing public and private pension funds, sovereign wealth funds, asset managers, endowments, foundations, family offices and insurance companies. TA’s earlier fund closed in June 2021 at its hard cap of $12.5 billion.
“We are deeply grateful for the strong support of our limited partners during the Fund XV fundraise,” said Ajit Nedungadi, the chief executive officer at TA. “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.”
Like its earlier funds, Fund XV makes equity investments in companies that are active in the technology, healthcare, financial services, consumer and business services sectors.
“At TA, we are driven by a shared desire to help exceptional businesses reach their full potential,” said Hythem El-Nazer, a managing director at TA. “With Fund XV, we will continue to leverage our decades of industry experience, strategic value-add resources and extensive global network to support portfolio company management teams as they work to accelerate profitable growth.”
“We thank our limited partners, both returning and new, for their conviction in TA’s investment strategy and culture, and for their thoughtful engagement throughout the fundraising process,” said Andrew Harris, director of investor relations at TA. “With Fund XV, we are excited to continue our focus on transparency and alignment with our limited partners as we seek to deliver exceptional results.”
TA Associates makes equity investments of $100 million to $600 million in middle-market growth companies that are valued from $150 million to over $3 billion. Sectors of interest include technology, healthcare, financial services, consumer, and business services. Since the firm’s founding in 1968, TA has invested in more than 560 companies across its target industries, with over 120 companies in the portfolio today.
Goodwin Procter provided legal services to TA on this fundraise.
© 2023 Private Equity Professional | June 21, 2023
