Rockbridge has closed its sixth hotel fund, exceeding its initial target raise by $88m (€70.3m).
The US private equity firm said it raised $438m for the Hospitality Fund VI, which had an original $350m fund target.
Pension funds, insurance companies, endowments and foundations, family offices and international investors backed the fund, Ohio-based Rockbridge said.
The Ohio Bureau of Workers Compensation Fund and the Ohio Public Employees Retirement System have backed Rockbridge in recent years, according to previous reports.
Rockbridge has made more than 333 hotel investments in 44 states in deals worth more than $5bn.
The company typically invests for a 3-10 year period and has invested in debt and equity strategies within the hospitality sector.
Operating companies include Holiday Inn, Hilton, Hyatt and Marriott, according to its website.
Jim Merkel, Rockbridge president and chief executive, said Fund VI would focus on delivering consistently high absolute returns.
The fund, which will invest in hotels in the US, has closed on 11 investments, representing $131m of capital commitments and $515m of total capitalisation.