(Bloomberg) -- Silver Lake is nearing the close of its sixth flagship fund that will raise about $18.75 billion, according to people with knowledge of the matter.

At that level, it would be the largest fund raised by the firm, which was founded in 1999 and is known for technology investing. Discussions are continuing and the size of the fund could still change, the people said, asking not to be named because the information isn’t public.

Silver Lake, which acquired stakes in Twitter Inc. and Expedia Inc. in recent months, is facing a sleepy dealmaking landscape as travel restrictions and uncertain economic outlook slowed traditional buyouts.

A total of $1 trillion of mergers and acquisitions were announced this year through July, compared with $1.9 trillion from the same period in 2019, according to data compiled by Bloomberg. Yet private capital firms have been raising billions this year, hoping to deploy funds at cheaper valuations.

A representative for Menlo Park, California-based Silver Lake declined to comment.

The firm appointed Egon Durban and Greg Mondre as joint chief executive officers late last year in a shake-up that expands its footprint beyond the tech deals.

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