Frontier Capital said it has closed its Frontier Fund V after raising $700 million.

The fund had an initial target of $500 million when it was launched in May.

The latest fundraising brings the total capital commitments received since Frontier's inception in 1999 to $1.5 billion. The investment firm is focused on software and technology-enabled business services companies and looks to invest $15 million to $75 million per position.

Lazard acted as placement agent for Frontier Fund V and Choate Hall & Stewart provided legal counsel.