U.K.-based Rutland Partners has closed its second fund at £322 million (US$664 million). Rutland Fund II, which had a target of £250 million (US$515 million), held a first close at £312 million (US$643 million) in December following four months of fundraising.

Commitments were received from a wide range of investors including pension funds, funds of funds, insurance companies, endowments and foundations from the U.K., Europe and North America. “The high level of interest we have received from investors is a strong endorsement of our niche investment focus and the long-term stability of the Rutland Partners team,” Michael Langdon, chairman, said.

“Although over-subscribed, we have achieved an excellent blend of investors for our second fund and we look forward to the challenge ahead.”

Rutland Fund II will continue with the same investment focus as the first fund, which is to invest in underperforming U.K.-based companies.