(Bloomberg) — Advent International Corp. has raised $4 billion for its second global technology fund, double the size of its predecessor, according to a statement Thursday.
Advent Global Technology II, which had set out to raise $3 billion, has already signed four investments, including the deal to take cybersecurity firm McAfee Corp. private.
The fund will continue to be led by Bryan Taylor, managing partner and head of Advent’s technology team who also manages the firm’s technology investments from its flagship fund.
Advent’s first technology fund raised $2 billion in 2019 and invested in companies such as NielsenIQ, Definitive Healthcare and Xplor Technologies. A majority of the targets are based in the U.S. but Europe is also increasingly becoming an attractive spot for tech investing, Taylor said in an interview.
“For the longest time, Europe was a bit of a tech backwater,” Taylor said. “In the last several years, that’s gone through a real change.”
Health-care information technology, payments and cybersecurity will be the focus of the second fund, Taylor said.
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