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American Industrial Partners raises $3 billion with 7th buyout fund

American Industrial Partners held a first and final close on its seventh middle-market buyout fund, the private equity firm said in a news release.

American Industrial Partners Capital Fund VII closed at its hard cap with $3 billion in commitments. The fund targets North America-based industrial companies.

The $69.3 billion Massachusetts Pension Reserves Investment Management Board, Boston, is among investors in Fund VII.

The previous fund in the series, Fund VI, closed in 2015 with $1.8 billion in commitments.

American Industrial Partners spokesman Ben DeRosa could not be immediately reached for additional information.