(Bloomberg) — Bain Capital has raised more than $2 billion for its latest Tech Opportunities Fund and plans to use some of the investment to expand its operations in Europe.
The private equity firm has exceeded its $1.5 billion target for the fund and plans to close in the near future, a person familiar with the matter said, asking not to be identified as the plans are private. That’s up from the $1.3 billion Bain raised for the first US-focused fund, which launched in 2019.
The Boston-based buyout firm also hired investors in London this year, the industry’s first international outpost of investing in tech opportunities, led by partner James Stevens, Bain executives said. The group invests in areas such as financial technology and application software.
“The technology environment is more global now and we’re seeing some really exciting software opportunities in Europe,” said Bain Chief Executive Darren Abrahamson. “Since the launch of our first fund, 20% of the transactions we see are in Europe.”
Bain’s technology opportunity strategy has supported companies in Europe such as British fintech SumUp. Investors are interested in sectors where they believe Europe produces global leaders such as payments and cybersecurity, Bain executives said.
The team conducts later-stage private company investments and buyouts and seeks companies with recurring annual revenue in its target area.
“There are a growing number of companies in Europe in our target range of $20 million north of $100 million ARR,” Chief Executive Philip Meicler said. “Tech companies appreciate our partnership model and our ability to help them seize growth opportunities in their country and in the United States.”
©2022 Bloomberg LP