TA Adds to Warchest

Following Buyouts West last month, I asked the following question: I shared the stage with seven people at the conference, but only one of them works at a firm that closed a fund yesterday. Can you name that firm?

Someone finally got it right yesterday, so the answer is…

TA Associates, which has quietly closed its sixth Atlantic & Pacific fund with $1.75 billion. The A&P family of funds traces its roots back to the early 1980s, when tax laws made it difficult for private equity firms to raise funds that included both U.S. and foreign limited partners. So TA just created separate pools for each, which co-invest alongside with one another. Its current “U.S.” fund is capped at $3.5 billion, and closed last year.

The prior A&P fund closed in 2004 with $800 million, compared to a $2 billion “general” fund. Like its predecessor, A&P VI is denominated in dollars, although don’t be surprised if LPs ask for euros the next go-around.