New York-based growth-focused private equity firm Bregal Sagemount has closed its Bregal Sagemount Fund III, at a hard cap of $1.5 billion, exceeding its $1.35 billion target.

The prior fund, Bregal Sagemount Fund II, closed at $960 million in February 2017.

Fund III is comprised of institutional investors with a long-term commitment to private equity, includin