Technology and software-focused private equity firm Diversis Capital Management has raised its second fund at $675 million. The fund was oversubscribed and surpassed its target of $500 million, and exceeded its inaugural fund of $255 million that was raised in 2019. 

“We have remained extremely active during the pandemic by adding four new platform investments in addition to several highly strategic add-on acquisitions,” says Diversis co-founder and managing partner, Ron Nayot. “This shows our ability to adapt to various economic climates and find success for our LPs and portfolio companies despite a turbulent backdrop.”

Diversis focuses on investing in lower middle-market software and technology-enabled businesses. It recently invested in Adlib, a provider of content intelligence cloud services.

Evercore Private Funds Group acted placement agent and Kirkland & Ellis served as legal counsel on the fundraise.