Union Capital Associates, a lower-middle-market private investment firm, has closed its fund, Union Capital Equity Partners III LP at its hard cap of $309 million.

Fund III will invest in U.S. founder-owned businesses where Union Capital is typically the first institutional investor. The firm has already invested approximately 25 percent of fund III into three portfolio companies.

“We believe the success of this capital raise is testament to the strength of our team, the soundness of our investing approach, and our track record of delivering meaningful results for our investors,” says Bill Ogden, managing partner at Union Capital. “It has been truly gratifying to see the interest in fund III and we thank our new and returning investors for their support and trust in Union Capital.”

Monument Group acted as placement agent for the fund.