TA Associates, a global growth private equity firm, closed its thirteenth private equity fund, at $8.5 billion.
Launched in the first quarter of 2019, TA XIII exceeded its original $7.5 billion target. Commitments came from a group of existing investors, including public pension plans, sovereign wealth funds, foundations and endowments.
The fund will focus on equity investments in middle-market growth companies, with high quality, profitable business models around the world within the technology, healthcare, financial services, consumer and business services industries, primarily in opportunities originated and led exclusively by TA.
Investments will range from $75-$500m in equity.
It is expected that TA XIII will commence its investment period during the second half of 2019.
The fund is the successor fund to TA XII, a $5.3 billion private equity fund that began investing in March 2016, and TA Atlantic and Pacific VII, a $1.4 billion private equity fund that began investing in January 2014.
The firm has a team of more than 85 investment professionals based in Boston, Menlo Park, London, Mumbai and Hong Kong.
Goodwin Procter LLP served as fund counsel for TA XIII.