New Capital Partners has announced the close of its oversubscribed third PE fund at $232 million in commitments, reaching its hard cap after surpassing its $200 million target. Fundraising began in March and ultimately eclipsed the combined total of the firm's previous two PE vehicles (its first closed at $85 million in 2001 and its second raised $140 million several years later). NCP focuses on lower-middle-market investments in healthcare services and IT, financial services and IT, and general business services. The fund will invest primarily in the Southeast U.S. and Texas, targeting growth equity and small buyout opportunities. Lazard served as placement agent, while Proskauer Rose acted as fund counsel and legal advisor.