TVC Capital LLC, a San Diego private equity firm focused on software investments, said it closed on a $75 million growth equity and buyout fund, TVC Capital II.

The firm said it received strong support from both new and existing investors that include institutional asset managers, private equity fund of funds, and family offices.

TVC said the new fund will remain focused on investments and acquisitions of software companies and service firms. The firm targets companies that are at or nearing profitability, and seeking capital to accelerate growth.

TVC Capital I had two successful exits last year: the sale of Accordent Technologies to Polycom Inc., and the sale of Del Mar Datatrac to Ellie Mae Inc.

TVC was founded by the current managing partners, Jeb Spencer and Steve Hamerslag, in 2006.