NovaQuest Private Equity has closed its newest fund, NovaQuest Private Equity Fund II, with $500 million, according to a news release.

The fund was closed at its hard cap, exceeding the initial target of $425 million.

NQPE is a private equity firm that invests in lower middle market healthcare services and technology companies primarily in North America. It’s the private equity group of NovaQuest Capital Management, which is based in Raleigh, N.C., and was formed in 2000.