The team at Cyprium Partners has raised $307 million for its first fund since spinning out of Cleveland-based regional bank KeyCorp in 2011, according to documents filed with the US Securities and Exchange Commission.
The filing does not disclose a target for Cyprium Investors IV. Cyprium had not responded to a request for comment at press time.
The firm has been marketing the fund since October 2012, according to regulatory filings. Cyprium invests mezzanine and equity capital in US and Canadian mid-market companies, typically providing between $10 million and $60 million per transaction.
KeyCorp launched the team in 1998 as Key Principal Partners. The firm spun out of KeyCorp in 2011 following the passage of Dodd-Frank, at which point it assumed control of previous KPP Investor funds.
Limited partners in the firm’s $500 million predecessor vehicle include the JJJ Foundation, Quartilium/Groupama Private Equity and RWB Private Capital Fonds, according to Private Equity International's Research & Analytics division. That fund also included a $250 million commitment from KeyCorp, according to a 2011 press release.
In January, Cyprium exited its investment in Alpha Sintered Metals when the metal manufacturing company was sold to O2 Investment Partners, according to a press release. Cyprium had a subordinated debt and equity position in Alpha Sintered Metals.