US-based TA Associates has defied the tough environment for attracting new money to complete the second-largest fund close this year in the private equity industry, where new investment remains at a third of 2008 levels.

TA Associates closed the $4bn (€2.8bn) fund $500m above its initial target, according to a statement from the group yesterday. The fund will invest in companies in the technology, financial services, healthcare and consumer industries and will aim to write equity cheques of between $60m and $350m for each deal. The firm's previous fund, which closed in 2006, raised $3.5bn.