TA Associates closes $1.75bn fund

The private equity firm has raised $1.75 billion for its sixth Atlantic and Pacific fund, a vehicle for non-US limited partners.

TA Associates has closed its sixth Atlantic and Pacific fund on $1.75 billion (€1.19 billion), more than double its predecessor, which closed on $800 million in 2004, confirmed a spokesman.

The US firm’s Atlantic and Pacific funds are designed for non-US investors. TA AP VI will co-invest alongside the firm’s current US fund, which closed on $3.5 billion last year.

TA Associates declined to comment on the new fund’s strategy, but its domestic counterpart makes investments of between $50 million and $300 million per deal, primarily in North America, but will also invest in Europe.

The Boston-based firm was founded in 1968, and currently manages about $11 billion in capital. TA Associates focusses on technology, financial and business services, healthcare and consumer businesses.

The firm’s recent investments include the secondary buyout of UK online and mail order retailer M and M Direct, and the acquisition of a minority stake in graphic printers and ink maker Gandinnovations. Last month the firm earned a 4 times return from the sale of UK financial software business SmartStream Technologies for £200 million ($409 million; €278 million) to Middle Eastern investment firm DIFC Investments.