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Lead Edge Capital, a New York-based private equity firm, has closed its fourth fund at $520 million.

Founded in 2009, Lead Edge Capital backs growth-stage companies, and has previously invested in a number of well-known startups including China’s Alibaba, Uber, Delivery Hero, and Spotify. This latest fund brings Lead Edge Capital’s total managed capital to more than $1.5 billion.

Alongside this news, the company also announced the appointment of its fourth operating partner, Ron Gill, who previously served as CFO at NetSuite, which Oracle bought in 2016.

A number of new later-stage funds have come to fruition in the past couple of months, including Index Ventures, which announced a billion-dollar growth fund last month; Insight Venture Partners, which closed its tenth fund at $6.3 billion; and European firm Highland Europe, which closed its $540 million growth-stage fund.

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Lead Edge Capital said it will continue to focus on software, internet, and consumer-focused companies.

“Since the beginning, we’ve operated under the thesis that perseverance separates the winners from the rest, and Fund IV will accelerate that theme,” noted Mitchell Green, founder and managing partner of Lead Edge Capital. “We’re uniquely positioned to help ambitious companies scale by leveraging our unique investor base who aren’t afraid to roll up their sleeves.”

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