Riordan, Lewis & Haden, a Los Angeles-based PE firm, has closed its RLH Investors III fund with total commitments of $380 million. The fund was oversubscribed and represents a more than 40% increase from the committed capital of RLH's prior fund. Focused on companies in the business services, healthcare and government services sectors, RLH looks to invest in high-growth, profitable companies with $20 million to $150 million of annual revenue. The firm typically invests via recapitalizations that provide liquidity for entrepreneurs, and then helps the portfolio company continue to achieve rapid growth. Its most recent five exits yielded an average gross multiple on investment (MOI) of 6.7x, with MOIs ranging from 4.0x to 10.6x.