TPG Growth has closed a $3 billion fund that will invest in small and mid-sized companies.

The fund, based in San Francisco, surpassed the fundraising goal of $2.75 billion, and was raised in three months. Investors include public and private pension funds, foundation and endowments, insurance companies and high net-worth individuals. More than 80 percent of the fund's investors invested in previous funds.  

TPG Growth's recent investments include Beautycounter, a beauty e-commerce business that the firm invested in in December, and Angie's Artisan Treats, a snack company TPG invested in in October. The firm has about $7 billion in assets under management and committed capital.

TPG Growth is the middle market and growth equity investment platform of TPG, the Fort Worth, Texas-based private equity firm that has more than $67 billion in assets under management.  

Several private equity firms have raised funds recently, including Lexington Partners, which closed a secondaries fund with $10.1 billion earlier in April, and Sterling Partners, which closed a $200 million, education-focused fund, also in April. 

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