Odyssey Investment Partners LLC has closed a $2 billion private equity fund.

The fund, called Odyssey Investment Partners Fund V LP, will make control investments and management buyouts of U.S.-based middle market aerospace, equipment, rental, distribution, insurance, energy, packaging, safety products and automation companies. The firm typically invests in companies with between $20 million and $100 million in Ebitda.

Mergers & Acquisitions reported that the fund was raising capital in December

The fund launched in September and exceeded its $1.75 billion goal. Investors include almost all of the limited partners from the firm's fourth fund, which closed at $1.5 billion in 2009, plus several new institutional investors.

New York-based Odyssey manages more than $3 billion in capital. The PE firm previously closed a $750 million fund in 2005 and a $760 million fund in 1998. The firm is currently invested in Cross Country Pipeline Supply Co. Inc., Peninsula Packaging Co. and TNT Crane & Rigging.

Several private equity firms have closed funds recently, including Pine Brook, which closed a $2.43 billion fund in February, and Post Oak Energy Capital, which closed a $600 million fund in February.

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