Clearlake Capital Group L.P. on Thursday said that it had closed fundraising for its third private equity fund with more than $785 million in equity commitments.

The Santa Monica investment firm, which specializes in special situation buyouts and other acquisitions of companies in a range of industries, said that its initial target for the fund had been $600 million. Contributors included pension funds, foundations and insurance companies.

Clearlake, founded in 2006, now has $1.4 billion in capital under management. Its 16-company portfolio includes hot tub maker Jacuzzi, software developer Mformation and security service provider Solutionary.

“In this difficult fundraising market, we are grateful to receive such significant support from returning and new investors for our third private investment fund,” José E. Feliciano, Clearlake founding partner, said in a statement.

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