Private equity firm Spell Capital Partners said it has raised $32 million for its fourth fund.
"In this current economic environment, raising capital for private equity has proven to be difficult for most folks," said Bill Spell, the firm's founder and president. "We're delighted to be able to pull another fund together and continue to invest."
The Minneapolis-based firm acquires controlling interest in industrial manufacturing businesses in transactions less than $30 million, Spell said.
Spell said the firm has already closed on the $32 million and plans to finish finalizing commitments to the fund in late April.
