Private equity firm Northrim Horizon hit a $153 million final close for its second fund – Northrim Horizon Fund II, L.P -, above its $120 million target.

The new vehicle is more than triple the size of Northrim’s debut fund and will continue to target deals in the business, software and tech-enabled and healthcare services.

Arizona-based Northrim said the latest fund benefitted from strong re-up rates from returning investors, while adding new institutional investors including leading fund-of-funds, insurance companies and family offices.

“We are excited to announce the completion of Fund II and grateful for the support of our investors as we continue to pursue our mission of investing in and building exceptional businesses,” said Brad Gulbrandsen, Managing Partner of Northrim.

Over the past three years Northrim has invested in 20 service companies, including five platforms and 15 strategic add-on acquisitions.

Fund II has already made its first platform investment in ITC In-Home Personal Care, a provider of non-medical home care and community-based services to elderly and intellectually and developmentally disabled clients in Arizona.

Northrim targets mature, cash-generative businesses with EBITDA between $1 million and $5 million.

DLA Piper served as legal counsel.