American Securities closed its latest buyout fund, American Securities Partners VIII, at its $7 billion hard cap, said spokeswoman Amy Harsch in an email.
The private equity firm began raising the fund, which had a $6 billion fundraising target, in October.
American Securities Partners VIII closed with 40% more capital than the private equity firm's prior fund, the $5 billion American Securities Partners VII, which closed in 2015.
American Securities' executives expect to invest $200 million to $600 million of equity capital in management buyouts of companies with $200 million to $2 billion of revenues and/or $50 million to $250 million of earnings before interest, depreciation and amoritization. The firm may make larger investments in companies.
Investors in American Securities Partners VIII include the $72 billion Massachusetts Pension Reserves Investment Management Board, Boston; $19.8 billion Louisiana Teachers' Retirement System, Baton Rouge; and Oklahoma State Regents for Higher Education, Oklahoma City, which invests on behalf of the regents' $661 million endowment trust fund.