Global private equity firm Advent International has pulled in $2bn for its new specialist tech fund, hot off the heels from closing its colossal $17.5bn ninth flagship fund.
Advent Global Technology was in the fundraising market for just six months and smashed its initial target of $1.6bn.
Alongside the fund close, the investor has opened a new office in Palo Alto to boost its on-the-ground presence in one of the world’s biggest centres for technology and innovation.
The firm has grown its technology investment team by more than 50% in the recent months, including the appointment of Bryan Taylor as its global head of team. Advent now has 20 technology professionals located across Palo Alto, London, and New York, and plans are to increase this to 25 over the next 12 months.
Its new vehicle will back growth-oriented companies in various software and data subsectors. Primary focus will be put on North America and Europe for investments.
This vehicle will enable Advent to make a bigger range of transactions. On its own, the fund will make investments from $50m into emerging business, but working in conjunction with the GPE IX fund, the firm can deploy up to $2bn per deal.
The firm has invested into a number of FinTech companies. The new vehicle is set to co-invest into Transaction Services Group, a business management software and integrated payment solution for health and fitness markets.
Advent managing partner David Mussafer said, “The new dedicated technology fund, combined with the scale and multisector expertise of our GPE program, allows Advent to invest broadly across the technology landscape—from smaller growth equity transactions to larger tech buyouts.
“This flexibility is vital in the technology sector, as relationships, intellectual capital and opportunities scale up and down company size.”
Earlier in the year, Advent acquired a 51% stake in Argentinian payments company Prisma Medios de Pago in a deal worth $1.42bn.
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