Marshall & Ilsley Corp. said it has received approval from the Federal  Reserve Board to form a $150 million private equity fund. 
The fund, to be called Mason Wells, will be used to invest in leveraged  buyouts, recapitalizations, and growth financings that require $3 million   to $15 million in equity, the bank said.   
  
Mason Wells expands the reach of Milwaukee-based Marshall & Ilsley  Capital Markets, and creates the biggest private equity fund in Wisconsin. 
"It gives us an opportunity to continue the momentum that we have and to  continue to serve our customer base," said John T. Byrnes, president of   Marshall & Ilsley Capital Markets.   
  
Private equity is nothing new for the bank; it has made modest  investments-less than $5 million each-in middle-market manufacturing   companies since 1983. In all the fund has invested $100 million in 60   transactions, including deals for H.K. Systems Inc. and Great Lakes   Packaging. The bank has worked with private equity firms like William Blair   Capital Markets and Robert W. Baird Capital Partners.         
In the past the fund has taken only minority positions in transactions,  using the bank's balance sheet.