Private equity giant Advent International Corp. is close to pulling in $2 billion for its latest technology fund, Reuters reported, citing people familiar with the matter.
The sources told the news outlet that the fund is poised to achieve its hard cap and will co-invest alongside Advent International GPE IX LP, which closed at $17.5 billion in June. The technology fund will also execute its own deals, the sources reportedly said.
Advent disclosed in February that it brought in Bryan Taylor from TPG Capital Management LP to lead its technology investment team that will be based in California's Silicon Valley and will seek buyout transactions in North America and Europe.
An Advent spokesman declined to comment, according to Reuters.