Sweetwater Private Equity has announced it has closed its debut multi-client fund, Sweetwater Secondaries Fund II.

The fund closed on its hard cap of $350 million of total capital commitments. It will focus exclusively on buyer-led secondary opportunities.

Sweetwater Private Equity, based in Encinitas, Calif., describes itself as a boutique private equity manager that invests in companies alongside private equity and venture capital firms. The firm focuses on venture capital, growth equity and small buyout opportunities, with an emphasis in healthcare and a few other sectors.