Patient Square Capital, a healthcare investment firm headquartered in Menlo Park, Calif., has closed its inaugural fund, Patient Square Equity Partners, with approximately $3.9 billion in total capital commitments.

The fund is the largest first-time fund ever raised by a healthcare-focused private equity firm, according to Patient Square. The firm invests across the healthcare industry, including therapeutics, pharmaceuticals, medical devices, diagnostics and life science tools, healthcare providers and technology-enabled services. The fund surpassed its $3 billion target and brings Patient Square’s total assets under management to approximately $5.9 billion.

PJT Park Hill served as placement agent, subject to certain exclusions; Kirkland & Ellis served as legal counsel.