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Private Equity

Charlesbank closes ninth fund at $2.75 billion

Money creation- 3d rendering.

Charlesbank Capital Partners closed the $2.75 billion Charlesbank Equity Fund IX, reaching its hard cap, said Maura M. Turner, spokeswoman.

Total capital raised in Charlesbank Equity Fund IX exceeded its $2.5 billion fundraising target, as well as the $1.75 billion raised by its eighth fund, which closed in July 2014.

Charlesbank invests in middle-market and growth capital financing, between $50 million and $250 million per investment. An overage allocation program that Charlesbank established alongside the launch of the ninth fund in June would allow the manager to commit larger amounts if needed.

Investors include the $67 billion Massachusetts Pension Reserves Investment Management Board, Boston, and the $1.3 billion El Paso (Texas) Firemen & Policemen Pension Fund.