TA Associates buys stake in Prudent Corp

MUMBAI: US private equity firm TA Associates has acquired a significant minority stake in Prudent Corporate Advisory Services, an Ahmedabad-based independent distributor of mutual funds in a deal worth $40 million.

“TA’s investment is a critical milestone for Prudent as we embark on our next phase of growth and seek to deepen our presence across multiple states and untapped markets,” Sanjay Shah, founder of Prudent Corporate Advisory Services, said on Friday. Prudent provides personal and corporate investment planning services through distribution of mutual funds, bonds, broking and insurance services.

Dhiraj Poddar, country head of India at TA Associates Advisory Private Limited, will soon join the Prudent board of director.