Boston private equity firm TA Associates has closed an investment in NorthStar Financial Services Group LLC.
NorthStar has more than $300 billion in assets under management, and mainly provides support services to registered investment advisors, independent broker-dealers and investment management firms.
NorthStar's subsidiaries include: CLS Investments LLC, an ETF strategist in the U.S.; the Gemini Cos., which develop services relate to pooled investment products; and Orion Advisor Services LLC, a software provider for registered investment advisors.
Two managing directors at TA Associates, M. Roy Burns and Todd Crockett, joined NorthStar's board as part of the deal.
TA Associates has raised more than $18 billion in capital and invested in more than 450 companies. The firm focuses on technology, financial services, business services, health care and consumer businesses. TA Associates' other recent transactions include an investment in business management software Access Technology Group, and travel software RateGain.
Dealmakers have been expecting more M&A in the financial services sector, according to our Mid-Market Pulse index, a forward-looking sentiment indicator published in partnership with McGladrey LLP.