Chicago private equity firm Valor Equity Partners has closed a $490 million fund.

Valor surpassed its fundraising target of $350 million for its third fund. All of the institutional pension and large family office investors from the firm's second fund invested in the third fund. About 32 percent of the new fund's capital is already deployed.

The firm, which manages about $1 billion in capital, from the third fund, has already invested in: investment management technology business Addepar; food-delivery newtork Fooda; home improvement-help site; renewable energy operation Renovate America; and rocket and spacecraft developer SpaceX.

Kirkland & Ellis LLP advised Valor.

Several other private equity firms have recently closed funds. In May, the Carlyle Group (Nasdaq: CG) closed a technology-focused fund, Carlyle Europe Technology Partners II. Before that, SFW Capital Partners closed a $345 million fund to invest in analytical tools. 

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