Lariat Partners LP, a lower middle-market private equity firm, has closed its debut fund with $118 million in capital commitments, during the best fundraising climate PE firms have seen in years. 

Denver-based Lariat plans to make five platform investments out of the fund. In March, the firm paid $100 million to acquire Newpark Environmental Services LLC, which provides drilling fluid products, through newly-formed company Ecoserv LLC. The firm has also acquired wheat seed distribution company Northern Seed LLC and Subsea Global Solutions LLC, which provides underwater repair services.

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