Ridgemont Equity Partners (REP) has announced the closing of a new fund.

The fund, Ridgemont Equity Partners V, closed at its hard cap of $3.975 billion. It was oversubscribed, surpassing the initial target of $2.75 billion.

REP, founded in 1993 and based in Charlotte, North Carolina, is focused on investing in middle market companies to secure majority ownership or be the lead minority investor. The firm prefers to make more substantial investments from a dollars perspective in several sectors, including healthcare.