AEA Investors LP closed two oversubscribed funds with about $5.68 billion of equity commitments.

AEA Investors Fund VII LP raised a total of $4.8 billion from more than 130 institutional investors, while AEA Investors SBF IV LP closed with $877 million.

Both funds make control investments in middle-market companies in the industrial, consumer and services sectors in North America and Europe.

AEA also disclosed that John Garcia will step down as chairman and CEO. He will remain executive chairman and continue to serve on the investment committees of all AEA funds. President Brian Hoesterey will become CEO.

Kirkland & Ellis was fund counsel.