Century City-based private equity firm Varsity Healthcare Partners has announced the closure of its investment fund with total capital commitments of $700 million, which exceeds the firm’s designated hard cap of $650 million.

Varsity Healthcare Partners, a lower middle-market firm focused on health care services, has been raising funds to invest into smaller businesses in the form of founders, entrepreneurs and management teams. According to Varsity, the firm’s fund attracted a diverse mix of foreign and domestic clients including insurance companies, pensions, endowments, foundations, and sovereign wealth funds, all of which hope to benefit from VHP’s investments.

The firm solely targets multisite health care provider platforms or businesses providing outsourced services, technology or tools to health care providers and payers.

The firm has already begun to use its fund; it recently invested in a strategic growth plan with Evanston, Illinois-based biopharmaceutical consulting firm Beghou Consulting, which was its first listed investment of the year. Terms of the deal were not disclosed.

Beghou has more than 250 employees across eight offices. It specializes in helping emerging biopharma companies with their commercial operations and marketing.

“Over the past 30 years, we have established ourselves as trusted advisors for emerging pharmaceutical companies, helping commercial teams plan and execute successful product launches of life-changing therapies,” Beth Beghou, founder and chief executive of Beghou, said in a statement. “The Varsity Healthcare Partners team brings valuable resources and industry expertise that our firm can leverage to strengthen our services, enhance the value we provide clients, and give our talented people additional opportunities to grow.”

“Emerging pharma is a hotbed of patient-centered innovation,” she added. “We and the Varsity team see great opportunity to enhance our support of these companies by continuing to build out our capabilities in omnichannel optimization, precommercial analytics, patient journey analytics, and more.”

Varsity has also invested in companies including Orthopedic Care Partners, a provider of integrated orthopedic surgical care and ancillary patient treatment services; Ideal Option, a medication-assisted treatment and opioid behavioral counseling provider; and Gastro Care Partners, which focuses on gastroenterology and ancillary treatment services.

Varsity said it plans to continue its utilization of the firm’s latest fund to invest in companies along its “buy and build” model.

The firm, which was founded in 2012, has grown to have offices in Century City, Chicago and Stamford, Connecticut. It targets equity investments in the $30 million to $100 million range. It will also do larger-scale investments with partners, it said.