UK turnaround investor Endless has reached an oversubscribed first and final close for its latest fund, following strong returns for the firm and a record year for turnaround fundraising.

The Leeds-based firm, which is well known for its rescue of Crown Paints at the height of the financial crisis, has raised £525 million for Endless Fund IV - more than double the £220 million that it's third fund raised in 2011, according to a statement.