TA Associates Tops $1B For A&P Fund VII

TA Associates has raised more than $1 billion for its latest buyout and growth equity fund reserved for non-U.S. backers, TA Atlantic & Pacific VII, sister magazine Buyouts reported earlier today, citing recent regulatory filings.

The firm is raising the fund in two parts, TA Atlantic & Pacific VII-A LP and TA Atlantic & Pacific VII-B LP, which have raised $435.58 million and $611.22 million, respectively, according to the filings. UBS Securities LLC is helping the firm raise the capital, which includes 23 investors so far, according to the filings.

The fund is earmarked for equity investments of $50 million to $600 million in profitable companies in growth industries such as technology, financial services, business services, health care and consumer products, according to the firm’s description of previous TA Atlantic & Pacific and affiliated funds.

The target for the pair of funds is unclear, but the tally already committed puts the Boston-based firm well on its way toward the $1.75 billion it raised for TA Atlantic & Pacific VI, which closed in 2007. Prior to that, the firm had raised $800 million in commitments for TA Atlantic & Pacific V in 2004.

Founded in 1968, TA Associates manages $16 billion and employs more than 70 investment professionals in Boston, Menlo Park, London, Mumbai and Hong Kong.

The firm announced on May 16 it was helping to arrange a $150 million senior financing package as part of Kohlberg Kravis Roberts & Co.’s $150 million investment in European stock photography Web site Fotolia. In April the firm made a minority investment in BillDesk, an online payment services company in India.

Through a press liaison, the firm declined to comment.

Bernard Vaughan is a senior editor at Buyouts Magazine. Follow his tweets @BVaughanReuters. Follow Buyouts tweets @Buyouts.