Carousel Capital is commemorating the private equity firm’s twentieth anniversary with the close its fifth buyout fund. The fund, called Carousel Capital Partners V LP, received approximately $400 million in capital commitments.

Fund V has not yet made any investments, according to managing partner Bill Hobbs, and received support from both existing and new investors including; pension funds, endowments, foundations, and insurance companies. The fund raised nearly $135 million more than the firm’s previous fund, Carousel Capital Partners IV LP, which closed at $265.5 million. The firm began fundraising for Fund IV in 2011. Carousel invested in Express Oil Change & Service Center, a car-care facility operator that it sold to Thompson Street Capital Partners and later re-purchased, with funds from Fund IV.

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