(Bloomberg) -- Bain Capital has raised more than $2 billion for its latest Tech Opportunities Fund and plans to use part of the investment to expand its dealmaking in Europe. 

The private equity firm has surpassed its $1.5 billion target for the fund and expects to close in the near future, a person familiar with the matter said, asking not to be identified because 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 company has also hired investors in London this year, the tech opportunities investment arm’s first international outpost, led by partner James Stevens, Bain executives said. The group invests in fields such as financial technology and application software.

“The tech environment is more global now and we’re seeing really interesting software opportunities in Europe,” said Bain managing director Darren Abrahamson. “Since the launch of our first fund, 20% of deals we see are in Europe.”

Bain’s tech opportunities strategy has backed companies in Europe such as UK fintech company SumUp. Investors are interested in sectors where they believe Europe is producing global leaders such as payments and cybersecurity, Bain executives said.

The team makes later-stage private company investments and buyouts, and is looking for companies with annual recurring revenue in its target zone. 

“There’s a growing number of companies in Europe in our target $20 million to north of $100 million ARR range,” said managing director Philip Meicler. “Tech companies like our partnership model and ability to help them capture growth opportunities at home and in the US.”

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