Venture capital firm Frontier Capital has closed on a $115 million second fund, beating its target by $15 million.

The Charlotte-based company has already made two investments out of the fund.

"We are pleased with our success in raising Fund II and are proud to be associated with such high caliber institutional investors,” said managing partner Andrew Linder. “Our ability to attract these investors with our second fund is a testament to the value of our investment strategy and the dedication and talent of our team.”

Investors in the Frontier Fund II include Lockheed Martin Corporation Master Retirement Trust, Alpheus Group, Parish Capital, the Duke Endowment, Brooke Private Equity Advisors, Little Hawk Capital Management, Pittco Management and Keystone Private Equity. The firm’s operating partners also invested as did other individuals and family.

Frontier’s first fund totaled $45 million in 1999.

The first investments out of the second fund include Ryla Teleservices in Kennesaw, Ga. And Conclusive Marketing in Franklin, Tenn.

Frontier focuses on traditional and technology-enabled services company investments. Investments range from $5 million to $10 million.