San Francisco middle-market private equity firm Genstar Capital has completed a new fund, Genstar Capital Partners VII, which is at valued at $2 billion.

The new capital raise has exceeded the initial target range of $1.5 billion, the firm says.  Genstar’s limited partners include university endowments, pension funds, financial institutions and family offices. The PE firm focuses on the financial services, technology and health care sectors.

Some of Genstar’s investments include wealth manager Mercer Advisors, which it is buying from Lovell Minnick Partners for undisclosed terms.

Genstar is also investing in sealing company Boyd Corp., announced in April.

“This new capital positions us well to pursue the strong pipeline of investment opportunities we have identified and we are confident we have the team to execute our strategy and continue delivering value for our investors,” says Genstar managing director Ryan Clark.

Other PE firms that have raised capital recently include San Francisco-based FFL Partners, which closed a $2 billion in June and Carlyle Group (Nasdaq: CG) closed a $716 million technology-focused in May.