Tech-focused PE firm raises $2 billion

The firm — which has offices in San Francisco and London — began raising the fund in early 2008 with a reported target of between $2 billion and $2.5 billion. It’s unclear if the $1.9 billion represents a final close, or if additional commitments could be forthcoming.

Francisco did not respond to requests for comment. [Update: Francisco just announced the fund, with a final close on $2 billion]

According to past investor CalPERS, Francisco’s $2.5 billion first fund (2000) had a net internal rate of return (IRR) of 4.8%, while its $2.3 billion second fund (2006) had a 9.6% IRR. Decent in both cases, but hardly spectacular — perhaps explaining why it’s raised less capital with each successive fund.

Francisco most recently made news last fall, when portfolio company Attachmate acquired Novell for approximately $2.2 billion. Other Attachmate shareholders include Golden Gate Capital and Thoma Bravo.