Boston-based growth buyout firm Great Hill Partners has closed its fifth investment fund at $1.1 billion, beating its $1 billion target.
Great Hill Equity Partners V L.P. will focus on investing in growing middle market companies whose revenues range between $25 million and $500 million.
The limited partners of Fund V were mostly return investors.
In early 2009, Great Hill said it raised $1.1 billion for its fourth fund.
Fund IV generated an average IRR of 23.85 percent and an average multiple of 1.64 x as of September 30, 2014, according to performance data provider Bison.
The firm invests in business-to-business and business-to-consumer sectors such as software, financial and healthcare technology, digital media, ecommerce and internet infrastructure.
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