Private equity firm Veritas Capital Fund Management has hit the $1.87bn hard cap for its fifth fund, comfortably exceeding its $1.5bn target.
Veritas Capital Fund V was significantly oversubscribed and reached its hard cap in one closing after around four months on the road.
The fund will target mid-market companies that provide products and services to government customers in sectors such as aerospace and defense, healthcare, technology, national security, communications, energy and education.
Veritas’ previous vehicle was closed with commitments of $1.2bn in July 2010.
LPs that backed Fund V include Philadelphia Board of Pensions and Retirement, which agreed to invest up to $60m.
Last month AltAssets reported that Veritas planned to wrap up the fundraise within 12 months.
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