Debevoise & Plimpton LLP has advised PSG, a growth equity firm partnering with middle-market software and technology-enabled services companies, in the formation of its fifth U.S. flagship fund, PSG V, closing at its hard cap with $4.5 billion in third-party limited partner commitments. The final close of PSG V brings PSG’s aggregate capital commitments across the U.S. and Europe to more than $10 billion. For more information, please see PSG’s press release.

Earlier this year, Debevoise also advised PSG in the formation of its first European-focused fund, PSG Europe, with €1.25 billion in capital commitments.

The Debevoise team was led by investment management partner Alisa Waxman and included partner Andrew Ahern and associates Xiao Luo, J. Taylor Arabian, Morgan Aveni, Amy Ross and Carly Schreiber. Tax advice was provided by partner Rafael Kariyev and associates Lena Smith and Elliott Tuchman.