MLC sells TA Associates fund stake

MLC Australia, the wealth management division of the National Australia Bank, has sold several private equity fund stakes this year.

MLC Australia, the wealth management division of National Australia Bank, has sold another private equity fund stake to Partners Group, according to UK regulatory notices.

Most recently the firm sold its stake in TA Atlantic Pacific VI (TA AP VI), which is managed by Boston-based TA Associates.

TA AP VI is a 2008-vintage fund that raised $1.75 billion. Limited partners include Pantheon’s listed fund of funds Pantheon International Participations and Allianz, according to PEI’s Research and Analytics division.

The fund invested in global venture capital and growth equity opportunities. Targeted industries included business and financial services, consumer goods, healthcare and telecommunications. In 2011, TA reportedly used the fund to purchase a minority stake in hedge fund of funds manager Evanston Capital Management.

A spokesperson from TA did not return a request for comment by press time.

TA AP VI isn’t the first fund interest Partners Group has purchased from MLC. In June, the firm acquired three stakes in European private equity funds managed by Apax Partners and BC Partners.

It is unclear if all of the fund stakes are part of a larger portfolio sale and MLC was unavailable to comment by press time.

Partners Group is currently in market with its Partners Group Secondary 2015 which launched earlier this year. Its previous private equity secondaries fund is a 2011-vintage which closed on its €2 billion hard-cap.

Partners Group’ co-head of secondaries Philipp Schnyder is expected to leave the firm at the end of this year. He has been based at the firm’s Zug, Switzerland headquarters since 2002.

The firm declined to comment.