European private equity firm Keensight Capital said it has raised €2.8 billion ($3 billion) to invest in technology and health-care companies.

The firm, which focuses on buyouts of profitable high-growth companies, said in a statement Friday the fundraising was significantly oversubcribed. It attracted support from existing limited partners as well as new investors from Europe, North America, the Middle East and Asia.

Keensight raised €1 billion for its last vehicle in 2019. Backers of private equity funds are becoming increasingly selective about where they park their cash, turning either to firms with niche specializations or large asset managers that provide access to a wide variety of investments.

The firm typically invests in companies that generate revenues of €10 million to €400 million. Managing Partner Jean-Michel Beghin said the segment Keensight focuses on hasn’t been impacted much by the current environment.

“The value of our companies hasn’t decreased, which has made buying and selling assets easier, as there really isn’t a gap between buyers and sellers,” Beghin said in an interview. “Lenders and investors are both looking for high-cash-flow companies, with low or reasonable leverage and high revenue stability—which is exactly the type of company we invest in.”

Keensight’s recent investments include pharmaceutical company Inke, cybersecurity firm Nomios and Dutch payment service provider Buckaroo.