Private equity firm SK Capital Partners has closed a $1 billion fund during one of the best fundraising environments we've seen in years. 

The fund, SK Capital Partners IV LP, closed in five months. Investors include endowments, foundations, insurance companies, state and corporate pension plans, fund of funds and large family offices. Mergers & Acquisitions reported the firm was fundraising in November. 

The PE firm's previous fund closed with $500 million in commitments in August 2011.

SK Capital focuses on corporate carve-outs. The New York and Boca Raton, Florida-based firm generally invests in specialty materials, chemicals and health care companies.

The firm's portfolio companies include Archroma, a Swiss chemical company that acquired operations from BASF SE (FRA: BAS) in October. The firm picked up Anchroma, which was formerly a unit of Clariant AG, in October 2013. SK Capital also backs Addivant, an additives company, and TPC Group, which makes products derived from petrochemical minerals. 

Kirkland & Ellis LLP provided legal advice on the new fund. UBS Securities assisted SK Capital with the fundraising process. 

SK Capital's fund close comes during one of the frothiest fundraising climates in years. Other firms that have closed funds recently include Hellman & Friedman, which closed a $10.9 billion fund in November, and Advent International, which closed a $2.1 billion fund in November that will focus on investments in Latin America.