Apax Partners has closed its debut growth capital fund, Apax Digital, at $1bn (€848.1m).

The fund surpassed its $800m target. It will pursue investments in the enterprise technology and consumer internet sub-sectors globally, writing cheques of between $30m and $150m.

The Apax Digital strategy is run by a 14-person team based in New York and London. It is led by Marcelo Gigliani, who has been with the firm since 1999 and worked on deals including Trader Corporation and Dealer.com, and Daniel O’Keefe, who rejoined Apax last year from Technology Crossover Ventures, where investments included Spotify and Vice Media.

Furthermore, the digital team will welcome Silver Lake dealmaker Mark Beith in January. He will join Apax’s London office as a managing director.

Apax Digital has marked the fund close by inking its first deal, backing US online luxury retailer Moda Operandi.

Apax has co-led a $165m funding round alongside Hong Kong entrepreneur Adrian Cheng.

Moda Operandi offers consumers full immediate access to runway collections. It has grown more than three-fold since its last round of investment in 2014.

Moda Operandi plans to use the backing to increase its presence in Asia and the Middle East and improve its mobile technology, marketing and customisation offering.

Apax closed its last flagship fund 12 months ago at $9bn. Through this vehicle it acquired Matchesfashion, another technology-driven fashion retailer, in September.