The asset manager more than doubles its predecessor fund.

The new Brookfield Capital Partners V reached total equity commitments of $9 billion, according to Brookfield Asset Management. The company released a statement this week outlining the goals of the private equity fund and its type of investors.

The firm cited strong investor demand that allowed it to outpace its planned $7 billion fundraising target. BCP V’s predecessor fund closed in 2016 with $4 billion of total capital commitments.

Brookfield Capital Partners V Fund Investors

Meanwhile, the fund describes investors as a diverse group. These investors include institutional investors, including public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, family offices, and private wealth investors. Brookfield Business Partners committed $3 billion to the Fund, underscoring the alignment of interests with other investors.

“We are pleased to have reached this milestone based on the ongoing strong support we have received from our investors,” said Cyrus Madon, head of Brookfield’s private equity business. “We have already deployed capital into a number of high-quality businesses. [We] look forward to continuing to prudently invest where we can bring our operating capabilities, global scale, and expertise…”

Finally, Brookfield Capital Partners V has committed approximately $2.5 billion to acquire businesses. It further seeks investments with high barriers to entry, low production costs, and the potential for enhanced cash flow generation. The list also includes an automotive battery business and a large private hospital operator in Australia.