Specialty finance company CapX Partners has closed its latest fund with total commitments of $225 million. CapX IV closed at the end of 2012 with $75 million of private capital. With its SBIC Debenture License, CapX IV now has access to an additional $150 million in debenture leverage funding from the SBIC.

Propel Fuels, a retailer of alternative fuels and clean mobility solutions, has closed on the initial phase of its Series D round of funding with $11 million from existing investors Nth Power, Craton Equity Partners, and @Ventures as well as a new investor, Gentry Venture Partners. The company has also secured $10 million in debt financing from CapX Partners.

Peter Washington has joined CapX Partners as a senior associate. He previously was with Northern Trust Company.

CapX Partners, a Chicago-based provider of debt to the lower middle-markets, plans to target around $225 million for its fourth fund, according to LBO Wire. It is currently investing out of a $150 million third fund that closed in 2005. www.capxpartners.com