Arsenal Capital Partners has closed its Arsenal Capital Fund III with $875 million of committed capital, exceeding its target of $750 million. The fund's predecessor, Arsenal Capital Partners II, closed in 2006 with $500 million in commitments. Fund III has already been used to make four platform investments and has deployed approximately $195 million of equity capital. Forbes Private Capital Group acted as a placement agent for the fund, and Kirkland & Ellis provided legal counsel. Arsenal, a New York-headquartered private equity firm, invests in lower middle-market specialty industrial and healthcare companies, with an exclusive focus on transactions with between $50 million and $250 million of enterprise value.