Alternative assets manager TPG has closed its second fund – TPG Tech Adjacencies II – at $3.4 billion for both the fund and related vehicles, more than doubling the capital raised for its debut fund in 2018.

The strategy, which is an offshoot of its technology practice, provides “flexible capital solutions” to the technology industry. The aim is to recognize opportunities for value creation as more technology companies opted to stay private through more advanced stages of growth. Investments are made across all growth stages through structured and opportunistic minority investments.

“The modern era of technology investing requires flexible capital with a full suite, full cycle approach to investing,” said Nehal Raj, a co-managing partner for TTAD, who also co-leads the firm’s investment activities in software and enterprise technology across its private equity platforms. “

The strategy is “purpose-built” for the evolving tech sector, which has been an area of expertise for the $135 billion San Francisco-based TPG, which was founded in 1992.

The fund has developed a portfolio of tech companies, including Dream11, India’s largest daily fantasy sports platform; FreedomPay, a cloud-based integrated payments platform; and Kaseya, an infrastructure software company that provides comprehensive IT management solutions, among others.