Russia and CIS-focused private equity firm Elbrus Capital has reached a final close on Elbrus Capital Fund II with US$550 million in capital commitments, exceeding its target of US$500 million and hitting its hard cap. In addition, the fund secured US$150 million in financing from U.S. development finance institution Overseas Private Investment Corporation, which will bring the total capital available for fund investments to US$700 million upon finalization of legal documentation later this year. Investors in the fund include institutional investors from Europe, the United States, the Middle East and Asia. The fund has a buy-and-build strategy, making control investments in companies within fragmented markets, and has already invested over US$200 million in six platforms.