Bahrain-based alternative investment firm Investcorp has announced the close of its latest technology fund.

The Investcorp Technology Partners (ITP V) fund raised US$570 million, exceeding its initial target of $500 million.

The fund is a continuation of Investcorp’s lower mid-market technology strategy which was begun 20 years ago.

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It will invest in B2B technology companies within the software, data/analytics, cybersecurity and fintech sectors by taking controlling stakes in companies with around $10 million or more in revenues.

There have been four investments made to date, including German HR software company VEDA, Italian cybersecurity platform HWG Sababa as well as US-based Zift Solutions and Netherlands-based software company NetRom.

“We appreciate the support of our existing and new investors in the ITP V fundraise,” said Hazem Ben-Gacem, Co-CEO of Investcorp.

“We are looking forward to continuing to execute our tried and tested mid-market technology investment strategy that has proven successful throughout market cycles.”