Madison Dearborn Partners closed its latest flagship private equity fund, Madison Dearborn Capital Partners VIII, at its hard cap of $5 billion, according to people familiar with the matter.

The fund closed above its fundraising target of $4.5 billion. The previous fund, Madison Dearborn Capital Partners VII, closed at $4.4 billion in 2016.

The fund pursues investments in U.S. middle-market and upper-middle-market companies.

Investors in the new fund include the $463.9 billion California Public Employees’ Retirement System, Sacramento; and the $164.9 billion Washington State Investment Board, Olympia.

Source: Pensions & Investments

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