Los Angeles private equity firm Brentwood Associates has closed a fund with $688 million in capital commitments, during one of the best fundraising environments in years.  

The fund, Brentwood Associates Private Equity V LP, surpassed its $500 million target. The firm's previous fund closed with $439 million in commitments.

The firm has already made several investments from the fund, including Allen Edmonds, Lazy Dog Restaurants, Marshall Retail Group, which Brentwood picked up in August, and Z Gallerie, which the firm invested in in October.

Brentwood now manages more than $1.2 billion in capital. The firm focuses on consumer investments in the specialty retail, branded consumer products, consumer services, direct marketing, education, health and wellness and restaurant sectors.

For more on consumer goods and retail, see Retail Reboot: Investors Snatch Up E-Commerce Services. 

Other private equity firms are also finding fundraising success. Chicago PE firm Cressey & Co. announced it closed a $615 million fund, also on Dec. 8.