Bloomberg Newswire — Grace, a luxury jewelry firm, has purchased jewellies by Grace in its portfolio of retail brands, the company said Thursday in a statement.

Grace was founded in 1996 by her late husband, who had become a well-known investor in the jewelry industry, and she became the third largest private equity fund in the U.S. in 2016, according to a Bloomberg Billionaires Index report.

She invested in companies such as Gap Inc. and Forever 21, according the report.

Gracie has seen a surge in sales over the last decade, with more than $8 billion in annual sales and $3.3 billion in net revenue last year.

In 2017, the firm reported a profit of $10.4 million, up 22 percent from the prior year.