Zug-based fund manager Capital Dynamics has raised its largest secondaries fund to date, exceeding its initial target by more than $200 million.

The fund, which had a $350 million target, has closed at $564 million, having attracted capital from 70 investors across Europe, the US, Asia and the Middle East, according to a statement from the firm. Investors in the fund include pension plans, insurance companies, endowments and family offices.