Private equity firm Carousel Capital has closed a $265.5 million fund.

The fund, Carousel Capital Partners IV LP, attracted 25 percent more in commitments than the firm’s last fund, which closed in 2007 with $210 million in committed capital.

Investors include pension funds, endowments, foundations, insurance companies, fund of funds and other institutional investors.

The firm focuses on buying companies in the southeast U.S. Since its founding, Carousel has raised more than $750 million in commitments.

The firm announced it was buying Express Oil Change & Service Center from PE-firm Thompson Street Capital Partners. Carousel had sold Express Oil to Thompson in July 2010, and bought it back in a deal announced Jan. 9. The investment was made from the fourth fund, according to Carousel managing partner William Hobbs. 

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