TA Associates closes TA XIV fund on $12.5bn

Launched in January 2021, TA XIV exceeded its $10.5bn initial target. The fund is larger than its predecessor, TA XIII, which closed on its hard-cap of $8.5bn in May 2019.

In addition, TA has closed its second-generation re-investment fund, TA Select Opportunities Fund II (TA Select Opps II). The vehicle, which was also launched in January 2021, has hit its hard-cap of $1.5bn. Its predecessor, TA Select Opportunities Fund, held a $1bn final close in November 2019.

It is expected that both TA XIV and TA Select Opps II will begin their investment periods during the second half of 2021.

Goodwin Procter acted as fund adviser for both fundraisings.

The final close of TA XIV is the last of a series of mega-funds closings that have been recorded in the last 12 months, despite initial expectations that the Covid-19 pandemic would significantly hamper fundraising.

In June 2020, Ardian Secondary Fund VIII closed on $19bn and a month later CVC Capital Partners VIII hit €21.3bn, surpassing its €17.5bn target and becoming the largest European buyout fund ever raised.

More recently, Silver Lake Partners VI held a final close on $20bn, exceeding its initial $18bn target, followed by EQT IX, which closed on €15.6bn in April 2020.

Investors
A diverse group of largely existing global investors in prior TA funds, including public pension plans, sovereign wealth funds, foundations and endowments, committed capital to TA XIV and TA Select Opps II.

Investments
TA XIV invests in companies operating within the technology, healthcare, financial services, consumer and business services sectors. The fund makes investments between $100-600m, in companies with enterprise value in the $200m-1bn range.

TA Select Opps II makes investments in independent, third-party priced recapitalisations of high-performing TA portfolio companies that the firm believes offer significant prospects for continued organic and inorganic growth.

People
TA Associates – Brian Conway (chair); Ajit Nedungadi (CEO).

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