Growth equity firm PSG closed its debut Europe-focused fund Providence Strategic Growth Europe LP, at €1.25 billion ($1.5 billion) ahead of its €1 billion target, a spokesman said.
The fund invests in lower middle-market software and technology companies.
Investors in the fund included the $31.7 billion Pennsylvania State Employees' Retirement System, which committed €64 million in December.
To date, PSG has made seven platform investments in Europe as well as 12 closed add-on acquisitions, a news release said Tuesday. PSG's European portfolio consists of companies with operations across 14 European countries.
