Welsh, Carson, Anderson & Stowe (WCAS) has announced it has closed its latest fund with more than $5 billion in commitments.

The new fund, WCAS XIV, exceeded its target and the firm’s prior fund, which closed at $4 billion.

WCAS, based in New York, is a private equity firm focused exclusively on the healthcare and technology industries. Founded in 1979, the firm targets growth-oriented companies with an investment strategy that is deal-size agnostic.