Lightyear Capital has announced it has closed its fifth flagship private equity fund, Lightyear Fund V, with approximately $1.6 billion in capital commitments.

The firm indicated that this figure is 25% larger than the $1.25 billion target and more than 60% larger than the $957 million raised in Lightyear Fund IV.

Lightyear, based in New York, is private equity firm focused on healthcare financial services and other sectors. Founded in 2000, Lightyear prefers to make control investments in North America-based middle-market companies.

Lightyear states its investment funds have completed more than 50 investments since the firm’s inception.