Private equity firm the Riverside Co. has closed a $1.5 billion fund, the largest fund the firm has closed to date.

The fund, called Riverside Capital Appreciation Fund VI, closed 50 percent above its $1 billion target. Riverside Capital will make investments in the lower end of the middle market, targeting acquisitions of North American companies valued at up to $250 million and with Ebitda between $5 million and $25 million. The fund took Riverside just over a year to close, according to Riverside chief operating officer Pam Hendrickson.

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