(Bloomberg) -- Food industry entrepreneurs Henry McGovern and Steven Winegar, who’ve backed brands including craft bakery Gail’s and pasta chain Vapiano, have raised 500 million euros ($512 million) to invest in restaurants.

McGovern and Winegar have launched their McWin Restaurant Fund with primary backing from the Abu Dhabi Investment Authority, according to a statement Tuesday. It brings total capital managed by McWin, which also runs smaller food tech and ecosystem funds, to more than 1 billion euros.

The new vehicle will make equity investments of at least 100 million euros to help localized restaurant brands become more digital and expand abroad.

McGovern said there’s opportunity to invest in successful brands as the food industry adapts to new trends, including the increased use of delivery apps, as it emerges from the Covid-19 pandemic. 

“We’re in a really some ways difficult time, but strategically very interesting time, because you have to look at how to change your business model,” McGovern said in an interview. The new fund is already in discussions about a few deals, he said.

McGovern is the founder of AmRest Holdings SE, while Winegar started Restauravia Grupo Empresarial. Along with Gail’s, which they invested in alongside Bain Capital Credit, the duo have also backed meat substitute company Impossible Foods and franchisee Burger King Germany.

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