The Finnish pension fund in September sold a bundle of stakes to Partners including interests in Graphite Capital, Abingworth, Nexit Ventures, Indigo Capital and IK Investment Partners funds. Subsequent filings released in early November showed Keva also transferred one stake in TA XI and another stake in TA Atlantic & Pacific VI to Partners.
The firm used its Partners Group Falcon Access, Partners Group Great Barrier Reef 7 and Partners Group Private Equity vehicles to acquire the interests.
TA XI is a 2009-vintage fund that closed above its $3.5 billion target on $4 billion, according to PEI’s Research and Analytics division. The fund targets buyouts in industries including technology, financial services, healthcare and consumer and makes investments from between about $60 million to $350 million, according to its website.
The fund had a net internal rate of return of 17.3 percent as of 31 March, according to the California State Teachers Retirement System, an investor in TA XI.
TA Atlantic & Pacific VI closed on $1.75 billion in November 2007 to invest in mid-market and mature companies in industries similar to TA XI. Both TA XI and TA Atlantic & Pacific VI were reportedly used to invest in hedge fund of funds manager Evanston Capital Management in 2011, which is still held by the firm, according to its website.
Boston-based TA Associates leads buyouts and minority recapitalisations of profitable growth companies and has invested in over 450 companies globally, according to its website. The firm, which also has offices in Menlo Park, London, Mumbai and Hong Kong, has about $18 billion in assets under management, according to PEI data.
Partners declined to comment. TA Associates and Keva did not immediately return requests for comment.