Technology-focused private equity firm Accel-KKR closed its fifth buyout fund, Accel-KKR Capital Partners V LP, valued at $1.3 billion.

The fund received capital from previous investors as well as new ones. In addition, the firm’s general partners have also committed $100 million to the new fund, marking it the largest general partner commitment in Accel-KKR’s history.

Accel-KKR managing director Rob Palumbo says the general partner commitment will strengthen the firm’s relationship with limited partners. “One of the many ways we seek to achieve this alignment is by making very significant financial commitments to invest alongside of our limited partners,” notes Palumbo.

Accel-KKR began raising capital on its fifth fund in 2015 and closed it earlier in September. The new fund will focus on investing in middle-market and lower middle-market technology companies. Alongside a buyout fund, Accel-KKR also has a growth capital fund for minority investments. The firm closed its second growth capital fund, at $350 million, in 2014.

Earlier in 2015, Accel-KKR-backed Olidex bought Automatic Data Processing Inc.'s (Nasdaq: ADP) procure-to-pay business, which provides finance services to the oil and gas industry.

For more on middle-market deals in the software space, see Thoma Bravo & Others Bet Big On the Cloud.

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