Advent International closed Advent Global Technology, the inaugural technology-focused companion fund to its global private equity program, at $2 billion, spokesman Andrew Johnson said.
The buyout fund closed at its hard cap, well exceeding its $1.6 billion fundraising target. It invests in software and technology-enabled service industries in North America and Europe.
The most recent fund in Advent's global private equity program — Advent Global Private Equity IX — closed at its hard cap of $17.5 billion earlier this year.
Investors in Advent Global Technology include the $18 billion Los Angeles City Employees' Retirement System.