Amidst a trio of new appointments, TA Associates has promoted Dhiraj Poddar to director from principal in its Mumbai office, according to a company statement. Poddar’s new position was effective from 1 January 2013.
The move signifies a commitment to India from the firm despite the widespread downward sentiment about private equity opportunities in the country, Poddar told Private Equity International.
He said, “TA has been on the ground in India for about four years now and has had a good experience, so far, in finding opportunities that fall within its core investment strategy. TA remains positive on the market and is looking at ways to enhance its presence.”
Currently, TA’s investment strategy worldwide focuses on already profitable and growing companies in technology, financial and business services, healthcare, and consumer industries. In India, the firm is willing to consider investments in other areas, where the profitability and growth criteria are met.
Poddar adds that despite offering a difficult investment environment, not everyone is deserting India.
“India remains a competitive market and hence expensive – that is a challenge. However, we are seeing a healthy pipeline of opportunities in our focus areas. Many of our investment opportunities are situations where an existing stakeholder is looking for an exit – we are comfortable doing a pure secondary transaction.”
Simultaneous to Poddar’s appointment, Elizabeth de Saint-Aignan was promoted to principal from senior vice president in the firm’s Boston office and Patrick Sader was promoted to principal from senior vice president in London.
Founded in 1968, TA Associates is a mid-market growth private equity firm and has raised $18 billion in capital since inception. The firm has offices in Boston, Menlo Park, London, Mumbai and Hong Kong. Recent investments include a September 2012 acquisition of Hong Kong-based SpeedCast from Asia Satellite Telecommunications for $32 million.