Palladium Equity Partners LLC has closed a $1.14 billion fund that will focus on investments in the U.S. Hispanic marketplace.

The fund, called Palladium Equity Partners IV LP, exceeded the firm's $800 million target. Palladium's previous fund, Palladium Equity Partners III LP, was created to invest in lower middle-market companies, also focusing on the U.S. Hispanic market. That fund closed at $775 million.

The firm has been focused on the Hispanic marketplace for about 10 years, says Palladium CEO Marcos Rodriguez (pictured). "We saw it as an area of the U.S. market that was growing very quickly," Rodriguez says.

Palladium is "looking at companies that will benefit from the growth in the U.S. Hispanic market," says David Perez, Palladium COO.

Investors in the new fund include corporate and public pension plans, family offices, funds of funds, insurance companies and retirement plans.

Palladium's current investments include DolEx Dollar Express Inc., Mission Community Bank and Taco Bueno.