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Advent pulls in $2B for tech-focused private equity fund

Advent International Corp. raised $2 billion for Advent Global Technology LP, hitting its hard cap in just six months in the market and surpassing its $1.6 billion target.

The technology-focused investment vehicle is a companion fund to the firm's Global Private Equity program, under which Advent International GPE IX LP has raised $17.5 billion in capital commitments.

The fund will be able to make smaller investments from $50 million in emerging businesses and will also co-invest with GPE IX in midsized to large technology companies. The two funds will enter into minority growth equity investments, public-to-private transactions, control buyouts and corporate carve-outs, among other transactions.

The technology fund has already deployed capital in two businesses with GPE IX: Definitive Healthcare LLC, which provides data, intelligence and analytics services to the healthcare market, and Transaction Services Holdings Ltd., which offers business management software and integrated payment solutions to health-and-fitness and childcare sectors.

Advent added that it has set up an office in Palo Alto, Calif., and has expanded its technology investment team.