Spell Capital Partners, a Minneapolis-based buyout firm, said Wednesday it has closed its new leveraged-buyout fund, the $25 million Spell Capital Partners Fund I LP.

The fund will focus on leveraged acquisitions and management buyouts of established manufacturing, distribution, and service businesses in the upper Midwest. Spell expects to invest the $25 million in five or six transactions over the next 36 to 42 months.

Limited partners in the fund include Massachusetts Mutual Life Insurance Company, GE Capital Corp., First Source Financial Inc., U.S. Bancorp, Northern States Power Company, and Investment Advisors Inc.

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