Software and services-focused private equity firm Alpine Investors hit a mammoth $4.5 billion final close for its ninth technology buyout fund, Alpine Investors IX, reaching the vehicle’s hard cap.

Fundraising for Fund IX launched with a target of $3.75 billion and was oversubscribed. The fund is double the size of Alpine’s predecessor fund, which was similarly oversubscribed and closed at its hard cap of $2.25 billion in August 2021.

San Francisco-based Alpine plans to invest the capital in control buyouts of software and services businesses with total enterprise values of up to $1 billion and focus on add-on acquisitions for high-performing platform investments.

“We are thrilled with this outcome, particularly in a very challenging fundraising environment,” said Graham Weaver, Founder and CEO of Alpine Investors.

Investments made by in the last year include FEV Tutor, a K-12 research and evidence-based online tutoring platform, and Medusind, a provider of revenue cycle management services to the healthcare industry.

The firm also recently expanded ASG, its software business that buys vertical SaaS companies and builds them into market leaders, and established the Trilon Group, an engineering services platform, with 15 acquisitions including Alta Planning + Design, Inc., an active mobility and sustainability consulting firm.

Founded in 2001, Alpine Investors has over $15 billion in assets under management. That company has made more than 50 acquisitions since inception.

Evercore acted as placement agent for the Fund IX raise, and Kirkland & Ellis served as legal counsel.