Lower-middle-market private equity firm LLR Partners Inc.'s LLR Equity Partners V LP fund raised $1.2 billion at its final close.

The fund aims to invest $15 million to $100 million in companies with up to $100 million in annual revenue. It is targeting investments in the education, fintech, healthcare, security and software sectors and will invest in minority or majority equity positions through growth capital, recapitalization and buyout transactions.