US-based private equity firm TA Associates has made an undisclosed investment in Vastu Housing Finance, an affordable housing finance player in India.

According to media reports, TA Associates has invested $400 million in Vastu at a valuation of Rs 10,000 crore.

Headquartered in Mumbai, Vastu provides affordable housing finance to lower- and middle-income segments and loans against properties to micro, small, and medium enterprises (MSMEs) in India. The company has 230 branches spread across 13 states in India.

Other investors in the firm include Multiples Alternate Asset Management, Norwest Venture Partners, Creation Investments, 360 ONE Asset Management, and Faering Capital.

Last year, the International Finance Corporation, a member of the World Bank Group, invested $40 million in Vastu.

Founded in 1968 in Boston, TA Associates has invested in over 560 companies operating in its target industries. It has raised $65 billion in capital to date and its current portfolio of more than 150 companies is being managed by a global team of over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong.

TA Associates has invested in over 17 companies in India including National Stock Exchange and nutraceutical ingredients player OmniActive, among others. Of these, it has made partial or full exits from as many as 10, including Idea Cellular, fertility clinic Indira IVF, Fractal Analytics, and Dr Lal PathLabs.