U.S.-based private equity firm Arcline Investment Management has landed about $1.5 billion for its North American (NA) buyout fund.
The new fund, Arcline Capital Partners LP, which had an initial target of $1.25 billion, closed at its hard capitalization limit.
The investments came from mainly university endowments, sovereign wealth funds, family offices and charitable foundations.
Arcline noted that it will continue with its strategy to buy middle-market industrial businesses with less than $1 billion in revenue, and boost earnings without using add-on acquisitions.