Lee Equity Partners has announced the closing of a new fund with total capital commitments of approximately $1.3 billion.

The fund, Lee Equity Partners Fund IV, was oversubscribed and exceeded its $1.0 billion target.

The fund will be used to continue Lee Equity’s strategy of investing in companies in healthcare and financial services.

Lee Equity is a New York-based private equity firm that focuses on control buyouts and growth capital financings in the middle market. Founded in 2006, the firm prefers to make more substantial investments in companies with EBITDA between $10 million and $30 million.