Vx Capital Partners (Vx), a privately held aviation company announced the successful close of its first private equity fund, Vx Freighter Investment Fund (VXF).

Vx held a final close on February 2, 2017. The fund was oversubscribed, exceeding its fundraising target of $100 million.

The fund’s current portfolio already includes 10 freighters on lease and another 10 aircraft undergoing or awaiting cargo conversion.

The San Francisco-based firm says that the Vx Freighter Investment Fund (also known as VXF) and its offshore affiliate will acquire mid-life narrowbody aircraft for subsequent conversion from passenger to cargo configuration.

Vx’s placement agent for the transaction was BNP Paribas and its legal counsel was Kirkland & Ellis.