Private equity advisory firm Apax Partners LLP has raised a technology-focused fund, called Apax Digital, with 1 billion dollars in capital commitments. The fund’s first investment has gone towards online retail platform Moda Operandi.

The Anglo-American private equity firm has raised and advised more than 48 billion dollars in assets under management since inception. Normally focusing on the technology and telecommunications, business services, healthcare and consumer goods sectors, Apax’ new fund, Apax Digital, will make minority and buyout investments in high-growth tech and consumer internet businesses globally.

As explained by the company in a corporate release, Apax Digital fund, advised by a dedicated team of 14 investment professionals based in New York and London, will target individual equity investments between 30 million and 150 million dollars. The capital raise of Apax Digital follows the close of Apax IX in December 2016 with 9 billion dollars in capital commitments.

Apax Digital’s first investment has been awarded to Moda Operandi Inc. The online luxury retailer has secured 165 million dollars in growth capital from the newly created fund.

Apax Digital’s investment in Moda Operandi will be used to help “fuel continued international growth and increased development across several key business verticals.”

Additionally, the funding will help accelerate improvements in mobile tech, customer acquisition programs, and marketing strategies. Prior to this round of funding, New York-based Moda Operandi has raised more than 132 million dollars since inception in February 2011.