Great Hill Partners closes sixth fund at $1.5 billion in less than 5 months

Great Hill Partners announced Wednesday the closing of Great Hill Equity Partners VI at $1.5 billion, hitting its hard cap and surpassing its $1.25 billion fundraising target.

Fundraising for Great Hill’s sixth growth buyout equity fund began in late September.

The fund will “seek opportunities to finance the acquisition, recapitalization or expansion of rapidly growing middle-market companies ranging in size from $25 million to $500 million,” a news release from Great Hill Partners said.

The fund will invest in a range of sectors, including business and consumer services, health care, media, communications and software industries, according to the materials provided by the firm.

Portfolio investments have not yet been made.

Investors in Great Hill Equity Partners VI include the $44.4 billion Tennessee Consolidated Retirement System, Nashville; $3.6 billion San Mateo County Employees' Retirement Association, Redwood City, Calif.; and the $572 million University of Houston System endowment.

Roughly $1.3 billion of total commitments came from existing relationships and $200 million from new relationships.

Predecessor fund Great Hill Equity Partners V closed at $1.1 billion in June 2015.