Siguler Guff, a private markets investment firm, has completed fundraising for its Small Buyout Opportunities Fund V LP.

The fund closed oversubscribed and exceeded its target of $1.65 billion, closing above its hard cap of $1.97 billion. The fund will target established, founder-led firms with niche market-leading positions.

“We are pleased to have closed our fifth small business buyout fund, our largest ever, and gratified to have received such strong support from our limited partners for this exciting investment strategy that has created tremendous value for all stakeholders,” added Kevin Kester, managing director and co-portfolio manager of the fund, and head of Siguler Guff’s small business investment strategy. “With over 400,000 companies, representing approximately 96% of all businesses in America, small businesses are the engine that drives the U.S. economy.”