TA Associates, a US-based private equity firm that has backed Indian companies such as the National Stock Exchange and Billdesk, has raised approximately USD 16.5 billion for its latest PE fund, which, like its previous funds, will invest in companies in the technology, healthcare, financial services, consumer, and business services sectors.
According to the private equity player, the TA XV fund, which debuted in November of last year, was oversubscribed, exceeding its initial target size. However, the initial size could not be determined.
TA Associates stated that this fund’s limited partners (LPs) comprised public and private pension funds, sovereign wealth funds, asset managers, endowments, foundations, family offices, and insurance companies.
The previous fund, TA XIV, closed at USD 12.5 billion in June 2021, according to the US-based investor.
With the completion of the latest fund, BillDesk-backer has cumulatively raised a total of USD 65 billion, with about 120 active portfolio investments, including ACT Fibrenet, Dr Lal PathLabs, Vodafone Idea, Indira IVF, Shilpa Medicare, and TCNS Clothing, among others.
According to media reports, the private equity firm and other investors are aiming to sell a 47 per cent share in Indira IVF, a fertility clinic chain valued at USD 1-1.2 billion. In 2019, TA Associates acquired a minority investment in the fertility clinic network for an undisclosed amount.
The private equity fund was in the hunt to purchase a majority position in drugmaker Synokem Pharmaceuticals in January. It is expected that the US private equity fund will invest roughly USD 100 million in Synokem, a contract manufacturer of pharmaceutical formulations such as tablets, capsules, liquid orals, and ointments situated in Delhi.