New Delhi, June 19 -- Private equity firm TA Associates, which has been relatively quiet in the recent past and had struck its last India deal over a year ago in the technology domain with a growth stage bet on AI-powered product and data engineering solutions provider Nous Infosystems, has trimmed its stake in a six-year-old bet in India with a neat profit.

The firm has sold a small tranche of shares in the National Stock Exchange (NSE) in yet another partial exit from India's largest bourse.

It has encashed Rs 62.4 crore (around $6.6 million) by selling shares of privately-held NSE to Spark Private Wealth Management.

This follows a series of share sales by the firm from NSE over the last three years.

It had pocketed Rs 141 crore early this year by selling to the same buyer. During 2025, it had pulled out Rs 346 crore in total exits by selling to wealth management wings of Motilal Oswal and Spark.

Two years ago, TA Associates had pulled out Rs 431 crore. In 2023, it pulled out around Rs 886 crore.

As a result, it has taken out more than twice its principal investment amount. The firm had picked up around 2.3% stake in NSE six years ago from Ithan Creek, Bay Pond and Tiger Global among others.

Its remaining 1.4% stake in NSE is now worth around Rs 6,900 crore.

In rupee terms, it has pulled out 4.5x to date, while the returns in dollar terms are a tad lower due to depreciation of the Indian currency.

Its realised internal rate of return (IRR) in local currency is pegged at around 45%, as against the 20% benchmark that PE firms typically aim for in domestic currency, as per VCCircle's estimates.

The eventual exit from NSE would mean the biggest exit for the PE firm in India, easily surpassing the sign off from Indira IVF.

NSE is in the process of floating its long-delayed public float and TA Associates would be hoping that its eventual exit tops the $1-billion milestone in total exit value, assuming the bourse manages a positive listing and the share price gains in the future.

NSE has filed its draft documents which primarily comprises an offer for sale including 2 million shares to be tendered by TA Associates. The PE firm is expected to pull out another Rs 400 crore in the issue.

TA Associates' other exits, new deals

TA Associates, which opened its Mumbai office in 2009, has made more than 20 investments in the country across five core sectors: technology, tech-enabled business services, financial services, healthcare and consumer.

In 2024, it bought a controlling stake in Vee Healthtek. In early 2025, it made a growth-stage investment in Nous Infosystems.

In 2023, TA Associates struck a clutch of exits, harvesting over $500 million from India, including the sale of Indira IVF. It was among the most active in monetising its bets in the country that year.

It made some liquidity transactions in 2024, too, including the spectacular exit from Prudent Corporate Advisory, generating a multiple on invested capital (MOIC) of 7x and an IRR of around 50%.

However, it was not so lucky in its exit from TCNS Clothing, the firm behind womenswear label W, which was acquired by Aditya Birla Fashion & Retail.

Last year, the firm also signed off from AU Small Finance Bank, generating a MOIC of about 3.5x and an IRR, or annualised return, of around 19-20% in rupee terms, the estimates show.

Published by HT Digital Content Services with permission from VC Circle.