Canadian private equity manager Novacap has closed buyout fund Novacap TMT VI at $1.9 billion.
The closing well exceeded the fundraising target of $1 billion, according to a news release Wednesday. The previous fund, Novacap TMT V, closed at $840 million in 2017.
The fund invests in technology-related businesses, such as business services, e-commerce, internet infrastructure and software.
Investors include the $65.4 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.
Officials at Novacap could not be immediately reached for further information.
