Kirkland & Ellis advised private equity firm Diversis Capital Management LP on the closing of its new $675 million fund focused on investing in software and technology-enabled services organizations.
The oversubscribed fund, which includes a broad group of global investors, beat its target of $500 million, according to a statement. It also topped the inaugural fund raise by Los Angeles-based Diversis of $255 million in 2019.
Diversis portfolio companies include Canada-based automation software provider Adlib Software, Cincinnati-based fintech company TruPayments, and Australia-based market research and data services company RFi Group, among others.
The new fund, Diversis’ second, continues the firm’s focus on majority private equity investments in lower middle-market companies seeking a “true partnership approach” and that require both growth capital and operational guidance, according to the statement.
The fund will invest mainly in businesses based in North America, and selectively in Europe and Australia, the statement says.