Welsh, Carson, Anderson & Stowe closed its latest buyout fund, WCAS XIII, at its hard cap of $4.3 billion, according to a news release.
The fund exceeded its $3.5 billion fundraising target and was oversubscribed. Welsh, Carson, Anderson & Stowe committed more than $700 million to the fund.
The fund invests exclusively in health-care and technology companies, primarily based in the United States.
Roughly 95% of the fund's commitments were from existing limited partners, with about $700 million committed by new investors. The six largest investors in WCAS XIII increased their commitments by 25% from the prior fund in the series, the news release said.
Investors in the fund include the $236.9 billion California State Teachers' Retirement System, West Sacramento; $34 billion Connecticut Retirement Plans & Trust Funds, Hartford; and $97.1 billion Minnesota State Board of Investment, St. Paul.