BlackRock has completed the final close of its BlackRock Private Opportunities Fund III with over $630m in total commitments from a mixture of public and private North American and European sources.

The fund represents the firm’s third direct co-investment private equity fund, and has seen “strong interest from a broad range of institutional clients in multiple geographies,” according to Russell Steinberg, managing director and global head of BlackRock Private Equity Partners.

The diversified fund, which is unconstrained by geography, strategy and industry sector targets, seeks to select buyout investments measured on a risk/return basis.

Steinburg said: “We’re looking to back strong management teams in all-weather businesses that can benefit from some sort of corporate change event but require support in transition, integration and operations to realize the full potential.”