Waterland Private Equity Investments, a mid-market private equity fund focused on the Rheinland, a geographic area comprising the Netherlands, Belgium and North Rhein-Westphalia, has closed its second fund at €170m ($205m).

Waterland Private Equity Fund II, launched during the first half of last year with a target size of €150m, raised commitments from institutional investors in continental Europe, the UK and the US including ATP Private Equity Partners, JP Morgan Fleming Asset Management, Delta Lloyd Private Equity and Horsley Bridge International, the private equity funds of funds investor.