Enterprise tech-focused investor Emergence has hauled in almost $1bn across two new funds, almost doubling its capital under management.

The firm has closed its latest flagship fund, Emergence Capital Partners VI, on $575m, three years after raising $435m for its predecessor. It has also closed Emergence Capital Opportunity I on $375m to seal the firm’s first fund primarily targeting follow-on rounds in existing portfolio companies.

Neither fund will be invested by Emergence founder and general partner Jason Green, the firm said, although he will remain active with his existing portfolio.The new funds will be managed by founder and general partner Gordon Ritter and general partners Kevin Spain, Santi Subotovsky, Joe Floyd, and Jake Saper, each of whom joined the firm as junior investment professionals.

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