Ted Kellner, the founder of Milwaukee-based financial management firm Fiduciary Management Inc., and Paul Sweeney, the co-founder of Milwaukee-based PS Capital Partners, LLC have raised a $9.5 million fund, called Coyote Fund, LLC, according to a recent filing with the U.S. Securities and Exchange Commission.
The fund will invest in a company. In an interview with BizTimes Milwaukee, Sweeney declined to disclose the name of the company or how much would be invested in it.
“It’s a single purpose fundraising for a private offering in another company,” he said.
The $9.5 million in equity was raised from 19 investors and the minimum investment for the fund was $10,000, according to the SEC filing.
Kellner is the retired founder and portfolio manager with Fiduciary Management, which manages nearly $17 billion assets and was founded in 1980.
Kellner, who has owned and founded several businesses, is currently a principal with Milwaukee-based Lakeview Equity Partners, LLC, a $40 million private equity firm that provides capital for traditional Midwest-based, middle market companies.
Before forming PS Capital, Sweeney was a founding partner at Horizon Partners, Ltd., a middle market buyout firm.
Sweeney currently serves on all of the boards of the PS Capital Partners portfolio companies including Milwaukee Composites, Waukesha Metal Products, PAX Holdings, International Thermal Systems, JTS Direct, CM Global, Sussek Machine Company, Engineered Custom Coatings and Pack Logix. He also serves on the board of Wisconsin Bank & Trust, Novo Group, InControl Medical, Milwaukee World Festival Inc., Metropolitan Milwaukee Association of Commerce, MMAC’s Council of Small Business Executives, Milwaukee Scholars Charter School, the Greater Milwaukee Committee and Children’s Hospital and Health Systems.