Iowa-based private equity firm Midwest Growth Partners announced Monday the completion of fundraising for its third investment fund. The firm exceeded its initial fundraising goal with $170 million raised.

Midwest Growth Partners has served lower middle market companies seeking succession planning liquidity or growth investment since 2013. The firm focuses on companies in food and agriculture, manufacturing, and distribution industries, often in rural, underserved areas.

Across the firm’s three funds, over $140 million has been directly invested into 29 private businesses. It also helped aggregate more than $500 million within those transactions in additional private co-investment capital. Over the next five years, the firm will make 10 to 15 investments with Fund III.

“Since starting MGP, the achievements we’ve realized here and within our portfolio companies have been remarkable and are the result of working with people who share our values of hard work and integrity. Closing our third and largest fund is a huge milestone, and we’re looking forward to the next chapter,” John Mickelson, co-founder and managing partner at Midwest Growth Partners, said in a prepared statement.