Apax Partners has hit the $1.75bn hard cap for its second fund dedicated to high-growth tech dealmaking.
The firm had set out with a $1.5bn target for Digital Fund II, already 50% larger than the its $1bn debut tech-focused fund closed in 2017.
That vehicle also reached its hard cap, and has been used to make investments of between $30m and $150m in businesses across the software, data, analytics, tech-enabled services, marketplace and disruptive ecommerce sectors.
In the summer AltAssets revealed that the Kentucky Teachers’ Retirement System had come on board with a $50m commitment to Apax Digital Fund II, just a few days after listed vehicle Apax Global Alpha agreed a $90m commitment.
Apax says it has invested about $16bn in more than 200 companies within the tech sector since it was founded in 1969.
A statement from Apax Digital managing partners Marcelo Gigliani and Dan O’Keefe said, “We are grateful for the confidence of our investors, many of whom backed the predecessor fund.
“As demonstrated by ADF I, our deep technology expertise, the strength and scale of Apax’s global platform, and the value creation driven by Apax’s operational team, allow us to empower the companies we work with to go farther, faster.”
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