Permira has completed a €16.7 billion ($17.7 billion) fundraising for its latest flagship fund, giving the U.K. private equity firm fresh ammunition for deals.

London-based Permira hit the final close for its eighth buyout fund, according to a statement, which confirmed an earlier Bloomberg News report. The pool is more than 50 percent bigger than its predecessor fund, and Permira beat its initial €15 billion ($15.8 billion) target.

Permira, led by managing partner Kurt Bjorklund, had already gathered €16 billion ($16.9 billion) for the fund by July last year, Bloomberg News reported at the time. It’s known for successful bets in consumer, technology, health care and services, with investments including British bootmaker Dr. Martens Plc and German software company TeamViewer AG.

The buyout firm has already deployed capital from the latest pool for its $9.5 billion takeover of software maker Zendesk Inc. last year together with Hellman & Friedman. Permira also completed a $5.8 billion takeover of cybersecurity firm Mimecast Ltd. through its eighth fund and bought control of distressed-debt information provider Reorg Research Inc. In January this year, it agreed to acquire a majority stake in business intelligence firm Acuity Knowledge Partners.

“This fundraise is a testament to the close relationships we have built with investors over nearly four decades, and an investment strategy that backs rapidly growing companies and highly resilient market leaders,” Bjorklund said in the statement.

More than 90 percent of previous investors committed to the new fund, which also attracted more than 50 new backers, according to the statement.

Permira raised €11 billion ($11.6 billion) for its last flagship fund in 2019. It completed a $4 billion fundraising for its second growth equity fund in December 2021.

Private equity fund investors have become more selective about the managers they back, as the major buyout firms shorten their fundraising cycles. That’s benefiting some of the larger buyout houses like Clayton Dubilier & Rice and Hellman & Friedman.