New Mountain Capital LLC has announced the final closing of its fourth private equity fund, New Mountain Partners IV LP.

The New York private equity firm had set a target to raise $3 billion, but oversubscribed with $4.13 billion in equity capital commitments.  

When held up against previous campaigns, the fourth fund is roughly 20 percent less than New Capital's third fund, which raised $5.12 billion in 2008.

Limited partners contributed $4 billion to the fourth fund, while general partners and affiliated backers committed more than $130 million.

The announcement comes during one of the best fundraising environments since the recession.

So far, New Mountain tapped into Fund IV for three transactions, including the $416.5 million purchase of Alexander Mann Solutions from Graphite Capital in October.

In November, it acquired regulatory consultancy firm ACA Compliance Group, followed by Medical Specialties Distributors in December. Price tags for those deals remain undisclosed.

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