Warburg Pincus, the private equity firm that traces its history to 1939, gathered $12 billion for a new fund six months after starting the fundraising process.

Though the buyout firm and its investors had agreed to cap the fund at $12 billion, demand exceeded that amount, New York- based Warburg Pincus said Monday in a statement. Backers for Warburg Pincus Private Equity XII, as the fund is known, include pension funds, sovereign wealth funds, insurance companies, endowments and wealthy individuals.

Private equity firms that have closed funds this year have taken 16.3 months on average to raise the money, according to research firm Preqin, compared with 11.5 months in 2007, before the financial crisis struck. A record 2,348 pools were seeking capital as of September, up from 1,304 at the start of 2008.

Ardian recently raised a $1.17 billion co-investment fund; Audax Group closed a fifth a PE fund; and Comvest Partners completed a $893 million fund.

Warburg Pincus, led by co-Chief Executive Officers Chip Kaye and Joe Landy and President Tim Geithner, plans to invest the new fund in 60 to 90 companies, according to a June presentation to the Fresno County Employees’ Retirement Association in California. The firm is known for raising multi- billion dollar global funds for leveraged buyouts, growth equity and venture capital. Last year it raised $4 billion for its first dedicated fund for energy deals.

The firm manages more than $40 billion in assets and traces its roots to EM Warburg & Co., which was founded in 1939 and acquired by Lionel I. Pincus & Co. in 1966, forming the current version of Warburg Pincus. Geithner, the former U.S. Treasury secretary, was hired in 2013 and started last year.

Earlier in 2015, Warburg Pincus sold the Mutual Fund Store to Financial Engines Inc. (Nasdaq: FNGN).

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