TA Associates
Global alternative investment firm
Boston, MA

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Review

Overall Rank: 4
Category: Mid/Large Cap Growth
Category Rank: 4

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Profile

Founded in 1968, TA Associates is one of the leading global growth private equity firms. Over more than 50 years, TA has helped hundreds of profitable, growing companies in five target industries – technology, healthcare, financial services, consumer and business services – reach their full potential. TA’s international team of more than 100 investment professionals seeks to invest in companies with high-quality business models and opportunities for sustainable growth across North America, Europe and Asia. The firm has offices in Boston, Menlo Park, London, Mumbai and Hong Kong.


As an active investor, TA partners with owners and management teams of its portfolio companies, leveraging its experience, broad network of global resources and value-add capabilities to help drive growth and build lasting value. In 2018, its 50th year, TA Associates reached the milestone of having made 500 investments.


www.ta.com


Awards

2022 Top 25 Private Equity Firms

2022 Top Women in Growth Investing, Amara Suebsaeng

2021 Top 25 Growth Equity Firms

2021 Top 25 Software Investors, Hythem El-Nazer

2021 Top 25 Private Equity Firms for Growth Companies

2020 Top 25 Growth Equity Firms

2020 Top 40 Under 40 Growth Investors, Amara Suebsaeng

2020 Top 25 Software Investors, Hythem El-Nazer

2019 Top 25 Business Services Investors, M. Roy Burns

2019 Top 25 Software Investors, Hythem El-Nazer

2016 Top 40 Under 40 Growth Investors, Jason Werlin

2015 Top 40 Under 40 Growth Investors, Roy Burns

2014 Top 40 Under 40 Growth Investors, Roy Burns

2013 Top 15 Growth Equity Investors

Key People

Brian J. Conway, Chairman

Brian is Chairman of TA’s Executive and Management Committees. He joined TA in 1984, became a Managing Director in 1989, Chairman in 2014 and Managing Partner in 2017. Brian was actively involved in approximately 100 closed growth company investments for TA, as a sponsor and as a member of the company-specific Investment Committees. Brian’s featured investments include Sophos, Globe Op and Intra Links. Brian has an MBA from the Stanford Graduate School of Business and a BA, magna cum laude, Economics and English from Amherst College.

Ajit Nedungadi, Chief Executive Officer

Ajit guides TA’s investment strategy and is responsible for firm management. Joining in 1999, Ajit has been at TA for 22 years. He was named Managing Partner in January 2017, CEO in January 2021, has chaired the firm’s Investment Committee since 2016 and has been on the Executive Committee since 2009. Ajit’s featured investments include AVG Technologies, The Access Group and Jupiter Fund Management. Ajit received an MBA from Harvard Business School, where he was a Baker Scholar. He received a BS, magna cum laude, Phi Beta Kappa, Electrical Engineering and Economics from Yale University.

Michael S. Berk, Managing Director, Co-head of North America Services Group

Michael is co-head of TA’s North America Services Group and focuses on investments in business and financial services companies. Michael is a member of TA’s Management, Core Investment and Portfolio Committees, and he also has responsibility for supporting TA’s Hong Kong office. He joined TA in 2004 and has more than 23 years of experience in the private equity industry. Michael’s primary focus is on the business services industry, but he has also sponsored investments in healthcare, telecommunications, consumer and financial services sectors during his career. Michael has partnered with dynamic management teams to drive growth and value creation, both organically and through add-on acquisitions. Michael’s featured investments include AboveNet, Backstage and The Benecon Group. Michael received his MBA from Harvard Business School. He also has a JD, cum laude, from Harvard Law School, and an AB, magna cum laude, in East Asian Studies from Harvard College.

Todd R. Crockett, Managing Director, Co-Head of North America Services Group

Todd is a member of TA’s Management, Core Investment and Portfolio Committees and is co-head of TA’s North America Services Group, focusing on investments in financial and tech-enabled services companies. Over his career, Todd has sponsored 13 investments in financial and tech-enabled services companies and has completed more than 20 add-on acquisitions for the portfolio. Todd’s featured investments include Orion Advisor Solutions, Russell Investments, and ZoomInfo. Todd received his MBA from Harvard Business School and has BA in politics from Princeton University.

Christopher Parkin, Managing Director, Co-head of European Services Group

Chris is co-head of TA’s European Services Group and focuses on investments in financial and business services companies across Europe. Chris joined TA in 2006 and has 17 years of experience in the private equity industry. During this time, Chris has closed 20 investments for TA constituting several billion euros of equity capital. Chris focuses on the financial services industries, for example wealth management and insurance brokerage, as well as spending time in general business services sectors spanning everything from Education to Ingredients. In particular, Chris’ portfolio companies are often themselves very acquisitive platforms, with TA playing an active role in helping originate and execute these important add-on deals. Chris’ featured investments include Babilou, Odealim Group and Solabia Group. Chris received his MBA from Harvard Business School and has a BA, with honors, in mathematics from Oxford University.

Patrick Sader, Managing Director, Co-head of European Services Group

Patrick is co-head of TA’s Europe Services Group. He also leads the firm’s effort in France and Southern Europe. Patrick joined TA in 2011 and has more than 19 years of private equity and financial services experience. He has led investments in business and tech-enabled services, financial services, software, ingredients, specialty manufacturing, consumer healthcare, education, food and pet food companies. Patrick’s featured investments include DNCA Finance, Meridian Global Investors and Hanna Group. Patrick has a BA in finance and accounting from ESSEC Business School

M. Roy Burns, Managing Director, Co-head of North America Financial Services

Roy is co-head of TA’s North America financial services investing efforts, and leads investments in financial services and financial technology, including electronic payment, investment management and wealth management end markets. Roy joined TA in 2001 as an Associate in the Boston office until 2004, and returned to TA in 2006 following graduate school. Over his career, he has partnered with founders and high-energy executives to sustain and improve rapid organic growth and use M&A to increase portfolio company capabilities. Roy’s investments include Featured investments include Affinipay, BluePay and Wealth Enhancement Group. Roy received his MBA (Arjay Miller Scholar) from Stanford Graduate School of Business and a BS, with Special Attainments, Business Administration from Washington and Lee University.

Mark H. Carter, Managing Director, Co-head of North America Healthcare Group

Mark is co-head of TA’s North America Healthcare Group and focuses on investments in healthcare companies. Mark is a member of TA’s Management, Core Investment and Portfolio Committees. He joined TA in 2005 and has more than 23 years of experience in the private equity and investment banking industries. While at TA, Mark has been responsible for leading numerous healthcare investments in a variety of verticals. He has partnered with founders and management to accelerate growth through acquisitions, new product development and organic initiatives. Mark’s investments include Aldevron, InHealth MD Alliance and Netsmart Technologies. Mark received his MBA from Columbia Business School and a BE, magna cum laude, mechanical engineering from Vanderbilt University.

Jennifer M. Mulloy, Managing Director, Co-head of North America Healthcare Group

Jennifer is co-head of TA’s North America Healthcare Group and a member of TA’s Executive and Management Committees. Jen joined TA’s Boston office more than twenty years ago in 1998 with a focus on investing in growing healthcare companies, and moved to TA’s Menlo Park office in 2005. Today, she is a member of TA’s Executive and Management Committees, Menlo Park Office Head and co-heads the North America Healthcare Group. She has invested across a broad spectrum of healthcare companies throughout her tenure at TA. Her investments include Cypress Pharmaceutical, MedRisk and Navia Benefit Solutions. Jennifer received an MBA from Harvard Business School and an AB, with Honors, in economics from Stanford University.

Birker B. Bahnsen, Managing Director, Head of Europe Healthcare Group

Birker is head of TA’s Europe Healthcare Group. Birker joined TA in 2009 and has more than 15 years of private equity experience. He has led six investments while at TA and has extensive experience across the healthcare space. Birker has partnered with many founders and management teams to accelerate organic and acquired growth, and focus on innovation. Birker’s investments include Inspired, Amann Girrbach AG and Elos Medtech. Birker received an MSc, behavioral and cognitive science from the University of Oxford. He also holds an MEng, manufacturing engineering and a BA, engineering from the University of Cambridge.

Jeffrey S. Barber, Managing Director, Head of North America Consumer Group

Jeff is head of TA’s North America Consumer Group and focuses on investments in consumer products, services and related companies. He joined TA in 2001 and has more than 20 years of private equity experience. Jeff’s featured investments include Amplify Snack Brands, Paula’s Choice, and Hanna Group. Jeff received his MBA with Honors, Beta Gamma Sigma Scholar, from Columbia Business School. He also has a BA, with all University and Departmental Honors, political science from Johns Hopkins University

William D. Christ, Managing Director, Co-Head of North America Consumer Group

Bill is co-head of TA’s North America consumer investing efforts, and focuses on investments in consumer products, retail and education / services companies. Bill is a brand-centric investor and actively seeks to partner with both emerging and market leading brands. He joined TA in 2003 and has more than 15 years of private equity experience. Bill’s featured investments include Kiwoko, Amplify Snack Brands and Microban. Bill has an MBA, The Amos Tuck School of Business at Dartmouth College where he was an Edward Tuck Scholar with High Distinction. He received a BS, summa cum laude, with Special Attainments, Phi Beta Kappa, in business administration from Washington and Lee University.

Hythem T. El-Nazer, Managing Director, Co-Head of North America Technology Group

Hythem is a member of TA’s Executive, Management, Core Investment and Portfolio Committees and is co-head of TA’s North America Technology Group. He has more than 21 years of experience working with and investing in some of the leading technology companies in the world. Since joining TA in 2004, he has been involved in more than 20 platform investments. These investments have been in North America, Europe, India and the Middle East. Hythem has deep domain expertise across both application and infrastructure software businesses. He has partnered with founders and management teams with an aim to accelerate organic growth and transform companies through strategic acquisitions. His featured investments include AboveNet, Digicert and Miratech. Hythem received an MBA from Columbia Business School, an AB in economics from Brown University, and attended the London School of Economics.

Jason Werlin, Managing Director, Co-Head of North America Technology Group

Jason is co-head of TA’s North America Technology Group and a Member of TA’s Management Committee. He focuses on investments in technology and technology-based services companies. Jason joined TA Associates in 2003. He has been involved in the sourcing or execution of 16 investments at TA, and has represented TA on the Board of 12 investments, 7 of which have been successfully exited. Jason’s featured investments include ZoomInfo, Insight Software and Arcserve. Jason has an MBA from Stanford Graduate School of Business, and graduated with a BA, magna cum laude, Phi Beta Kappa from Colby College.

J. Morgan Seigler, Managing Director, Co-head of Europe Technology Group

Morgan is co-head of TA’s Europe Technology Group. He joined TA in 2002 and has more than 16 years of private equity experience. He helped start TA’s Europe office and now co-leads TA’s European technology effort. Morgan has led investments in software, financial technology, online/e-commerce, and semiconductor companies. He is deeply involved in driving both organic growth as well as complementary acquisitions for all of his portfolio companies. Morgan has successfully exited numerous investments through strategic sales and public offerings. His featured investments include Compusoft, WorkWave and Priority Software. Morgan has an MBA from Stanford Graduate School of Business and a BA in economics from Yale University.

Naveen Wadhera, Managing Director, Co-head of Europe Technology Group

Naveen is co-head of TA’s Europe Technology Group, as well as actively involved in growth investments across India and other emerging markets. He joined TA in 2001 and has more than 21 years of experience in private equity and financial services. He has been heavily involved in the firm’s international expansion having co-founded TA’s European and Asian efforts and sponsored and led investments in several geographies across technology, financial services, healthcare and consumer businesses. Naveen is actively engaged in driving portfolio company growth initiatives, both organic and through acquisitions. Featured investments for Naveen include Atria Convergence Technologies, Fincare and IndiaIdeas.com (Billdesk). Naveen received an MBA from Wharton School of Business and has a BSc in systems engineering from the University of Pennsylvania.

 

Funds Raised

TA has grown remarkably over the years, supported by a meritocratic culture, which helps drive high sustained retention among its investment professionals and many examples of junior professionals rising to the most senior levels. To date, TA has raised $47.5 billion in capital and is committing to new investments at the pace of over $3 billion per year.

In June 2021, TA announced the completion of its fundraising for TA XIV with total commitments at the hard cap of $12.5 billion. TA XIV was launched in January 2021 and quickly became significantly oversubscribed, with demand exceeding its original $10.5 billion target. In addition, TA announced the closing of TA Select Opportunities Fund II (“TA Select Opps II”), also launched in January 2021, with total commitments at its hard cap of $1.5 billion. TA XIV is the successor fund to TA XIII, an $8.5 billion private equity fund that commenced investing in July 2019. TA Select Opps II is the successor fund to TA Select Opportunities Fund, a $1 billion private equity fund that commenced investing in February 2020.

Fund Name Size Date
TA Associates XIV $12.5B Jun 2021
TA Select Opportunities Fund II $1.5B Jan 2021
TA Select Opportunities Fund $1B Feb 2020
TA Associates XIII $8.5B May 2019
TA XII-B, L.P. $4.9B Feb 2017
TA Atlantic & Pacific VII LP $1B May 2012

Key Investments

In terms of TA’s investment pace and performance over the past year, the firm remained diligent in seeking new investment opportunities and supporting its portfolio companies in their growth journey. TA generally invests in companies with valuations between $100 million and $3 billion. These investments provide liquidity for stakeholders, working capital for growth, and financing for acquisitions. The Company takes both minority and majority positions, with ownership ranging from 15% to 90%. The typical investment size is $70 million to $500 million in equity and $10 million to $50 million in subordinated debt transactions.

Paula’s Choice, LLC: Exited August 2021, acquired by Unilever
Sector: Consumer Products

Paula’s Choice is a leading developer, distributor and marketer of skincare and cosmetics products founded in 1995 by internationally-renowned beauty and skin care expert, Paula Begoun. Paula’s Choice was acquired by Unilever (NYSE: UL) in August 2021.

Elos Medtech AB: Invested July 2021
Sector: Healthcare, Medical Technology

Elos Medtech is a leading innovative full-service contract development and manufacturing organization (CDMO) in the global medical device market. The company offers vertically integrated development and manufacturing capabilities to medical device companies, focused on the dental, orthopaedic and life science markets.

Stackline: Invested June 2021 ($130M)
Sector: Ecommerce

Stackline is an all-in-one ecommerce platform for brands and retailers. By combining market intelligence, advertising automation, workflow management and operational analytics into a single platform, Stackline delivers an industry-leading operating system for companies to scale their online retail business globally.

Mitratech: Exited May 2021, acquired by OTPP.
Sector: Software

Mitratech is a leading provider of legal, compliance and risk management software to global enterprise. The company’s portfolio of software solutions offer end-to-end matter management, spend management, e-Billing, legal hold, contracts management, GRC and reporting solutions. The company was acquired by Ontario Teachers’ Pension Plan Board in May 2021.

Exeter Property Group: Exited April 2021, acquired by EQT
Sector: Investment Management, Real Estate

Exeter Property Group is a vertically-integrated real estate private equity firm that specializes primarily in industrial real estate across the U.S. and Europe through an array of Value-Add and Core return investment vehicles, as well as managed accounts. The company executes nearly all of the functions required to manage properties, including property management, leasing and construction management. The company was acquired by EQT in April 2021.

Unit4: TA completes strategic growth buyout (>$2B) in March 2021
Sector: Technology, Software

Unit4 is a global leader in enterprise cloud software for people-centric organizations. The company is a global provider of next-generation enterprise solutions that power many of the world’s most people-focused mid-market services organization. The company serves more than 6,000 customers in industries including professional services, public sector, non-profit and education.

Backstage: Invested February 2021
Sector: Internet Marketplace

Backstage is the leading online subscription talent platform offering a two-sided marketplace serving the entertainment and creative industries. For more than 50 years, Backstage has helped creators connect with the talent and crew they need for a multitude of projects, including commercials, branded content, catalog and e-commerce photography and video, independent and studio films, TV series and theater productions.

The Benecon Group: Invested December 2020
Sector: Insurance Services

Benecon provides self-funded medical benefit programs for public and private sector employers. The company provides self-funded medical benefit programs, offering a full suite of actuarial, compliance, finance and producer services. Benecon’s subsidiary, ConnectCare3, provides wellness consulting and clinical services, including patient advocacy, nurse navigation and chronic disease management.

Wealth Enhancement Group: Invested July 2019
Sector: Wealth Management

Wealth Enhancement Group is an independent, comprehensive wealth management firm that provides team-based financial planning, estate planning, retirement income planning, insurance, tax strategies and investment management services.

Aptean: Invested February 2019
Sector: Software

Aptean, Inc. is a leading global provider of mission critical, vertical-market ERP software designed for the manufacturing end-market. Aptean’s highly-specialized products serve four core segments: process manufacturing, discrete manufacturing, distribution and plant management, and compliance. Aptean supports over 2,500 global clients by providing financial management and accounting, inventory management, sales and pricing, supply chain and PLM, and quality management solutions.

Hana Group: Exited 2019, acquired by Permira
Sector: Consumer, Restaurants

Hana Group is a France-based operator of in-store Asian cuisine corners. Hana Group prepares fresh and ready-to-go meals in front of the customers in large grocery chains. The company currently operates a large network of corners in 12 countries in Western and Eastern Europe, Asia and North America under the Genji brand it acquired in June 2016. Hana Group was acquired by Permira in May 2019.

 

Capital Responsibility

TA’s organization and culture are built around meritocracy, and entrepreneurial hustle and decisiveness, with a focus on transparent communication, integrity and intellectual honesty. The firm knows for whom it works, its Limited Partners, and believes in doing good by doing well. TA seeks to integrate ESG principles into its activities. In line with these efforts, in June, TA announced the launch of TA-CORE, a partnership with Evercore to expand investment banking and private equity career opportunities for traditionally underrepresented minority candidates. The program seeks to advance the diversity pipeline by providing education, access, and career development opportunities to junior Black, Hispanic and Native American professionals interested in investment banking and private equity. Over five years of mentorship, the program provides participants with exposure to marquee transactions, enables them to build subject matter expertise in an entrepreneurial and developmental environment, and offers an early advantage for a private equity career.

CEO Reviews

John Rante, Executive Chairman of BluePay

“TA has been instrumental in helping our team take BluePay to the next level. We’ve built a world-class board of directors, recruited top-notch senior executives and closed four acquisitions, all while accelerating our organic growth rate. Roy Burns and Roger Kafker have worked collaboratively with BluePay to build value for all of our stakeholders.”

Pierre-Jean Beylier, CEO of Speedcast

“Despite owning a controlling share, TA has always approached our relationship as a partner, not an ‘owner’, allowing us to run the business day-to-day. Since partnering with TA, Ed Sippel, Michael Berk and Tony Marsh have helped us complete 11 acquisitions, five debt deals, and an IPO.”

Chris Bayne, Chief Executive Officer of The Access Group

“Morgan Seigler and Ajit Nedungadi have helped drive and support our growth in a number of ways, including identifying and recruiting an outstanding team, executing on multiple accretive acquisitions and strategically improving operations.”