L Catterton closed its eighth buyout fund at $2.75 billion, spokeswoman Julie Oakes said.
L Catterton Partners VIII's fundraising target was $2.5 billion, according to documents filed with the Securities and Exchange Commission.
The fund is expected to invest in consumer-oriented companies in North America. In January, private equity firm Catterton Partners merged with L Capital, the private equity business of money manager partnered LVMH.
Catterton Partners' prior flagship fund, Catterton Partners VII, closed in September 2013 with $1.68 billion.
Investors in the current fund include the $48.5 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, and $6.2 billion Missouri Local Government Employees Retirement System, Jefferson City.