Stephen G. Pagliuca, Co-Chairman, Bain Capital. Photo credit: World Economic Forum / Mattias Nutt, under Creative Commons license

Bain Capital, the famed private equity firm, has made a relatively big bet on cloud computing Nutanix. The Boston, Massachusetts-based investment firm has announced that it’ll purchase $750 million in convertible notes issued by Nutanix to support its growth initiatives. The investment coincides with Nutanix announcing the departure of its CEO, Dheeraj Pandey, after 11 years of leading the company. Pandey’s departure and imminent replacement is apparently being done to prepare Nutanix for a new face in the face of business struggles.

“Bain Capital Private Equity has deep technology investing experience and a strong track record of helping companies scale,” Pandey said in a press statement. “Bain Capital Private Equity’s investment represents a strong vote of confidence in our position as a leader in the hybrid cloud infrastructure (HCI) market and our profound culture of customer delight.”

Bain Capital isn’t anyway new to investing in the technology sector. The private equity firm over its history has bet big funds on technology companies including BMC Software, Symantec, Applied Systems, KIOXIA (formerly known as Toshiba Memory Corp.), NortonLifeLock Inc, and Rocket Software. Altogether, Bain Capital manages approximately $100 billion across its funds which spans many sectors.