U.S. venture capital firm Argonaut Private Equity has closed its new fund, Argonaut Private Equity, with commitments totaling over $230 million.

Additional commitments are expected from several limited partners after the completion of the internal review and approval processes.

The fund will continue Argonaut’s strategy of partnering with Middle America’s best-in-class operators to build strong companies that create true, long-term value.

In 2016, the company’s prior fund, Argonaut Private Equity Fund III, closed at $600 million.