Avance Investment Management, a private equity firm investing in founder-owned businesses in the services, technology, and consumer sectors, has closed its inaugural fund, Avance Investment Partners LP, with capital commitments of approximately $1.1 billion.

The fund exceeded its target of $500 million from pension plans, insurance companies, foundations and fund of funds, as well as industry executives and the general partner. To date, Avance has completed four investments in RIA Advisory, Synergy Infrastructure Holdings, UniVista Insurance, and Indimade.

“This is an exciting milestone for our firm, and we are grateful for the tremendous support from our limited partners, consultants and trusted advisors during these extraordinary times,” says David Perez, managing partner at Avance. “We are thankful for the hard work by our committed team and very appreciative of all who supported and encouraged us along the way.”

Greenberg Traurig LLP acted as fund formation counsel to Avance.