Corten Capital, founded by ex-Warburg Pincus dealmakers, has closed its debut fund above target at €392m, defying expectations that first-time funds would be pushed aside by investors amid the coronavirus pandemic.

Based in London, the firm, which specialises in business software and services investments, was set up last year by two former Warburg Pincus executives, Joseph Schull and Simon Begg, who were head of Europe and European COO, respectively, at the private equity firm.