The Gores Group announced Wednesday that it raised $2 billion for its third private equity fund, far surpassing its original fund raising goal.

The Westwood investment firm, headed by billionaire financier Alec Gores, had expected to raise $1.5 billion. Amid a modest rebound in private equity deal-making, however, the firm encountered unexpectedly strong investor interest in its Gores Capital Partners III fund.

The new fund will target underperforming companies in the technology, telecommunications, business services, industrial, consumer and health care sectors.

“We believe that the incredible success of our fund raising efforts reflects the strength of our acquisition and operations teams as well as our unique investment strategy and approach,” Gores said in a statement.

Founded in 1987, Gores Group has become a leading local private equity firm, targeting underperforming and non-core businesses primarily in the United States and Europe.