Elsewhere Partners Tuesday announced it has closed on its third fund with $285 million in capital raised.

The firm, based in Austin, plans to invest the Elsewhere Partners Fund III in business-to-business software companies.

The early-stage private equity firm, founded in 2016, has made 17 investments to date. It was founded by Chris Pacitti and John Thornton, both formerly worked at Austin Ventures.

“Over the years, our vision to become a reliable feeder system for later-stage financial sponsors has crystalized due to the success of our early portfolio,” Pacitti said in a news release. “We found a gap in the VC/PE ecosystem and have developed a low-risk/high-reward investment model and transformational playbook to become the ‘Series A’ private equity investor for B2B software companies. With the support of our new and existing limited partners, we look forward to continuing to fuel strategic growth in the software sector in both U.S. and international markets.”

Elsewhere Partners makes investments ranging from $20 million to $50 million in growth-ready software companies led by strong technical founders that have scaled to $3 million to $12 million in revenue.

Elsewhere partners invest in software companies in North America, Europe, and Israel.

With its third fund, Elsewhere Partners has invested $25 million into London-based Deskpro. Brad Murdoch, an operational adviser to Elsewhere Partners, also joined Deskpro as CEO. Deskpro also opened its North American headquarters in Austin.