Brothers Jeffrey and Kenneth Drazan made quick work of Bertram Capital's debut fund, as the firm is back in the market raising its follow-up effort, Bertram Growth Capital II, seeking $500 million.

Bertram's first effort took shape rather quickly. The debut vehicle initially raised $250 million in 2006, but added another $100 million in July of 2007.

While Bertram describes itself as a middle-market growth buyout fund, the firm in a lot of ways resembles a private equity/venture capital hybrid. Jeff Drazan's track record was largely built at Sierra Ventures, a firm he co-founded after stints at AT&T and Bell Laboratories. Dr. Ken Drazan, meanwhile, was a surgeon before founding Arginox Pharmaceuticals.

Bertram, however, has a strong preference for control and looks to back management buyouts, liquidity events, corporate divestitures and PIPEs. A typical equity commitment resides between $20 million and $90 million for companies with revenues ranging from $20 million to $150 million, and Ebitda of at least $3 million.

Add-ons are a major component to the firm's strategy, as all but one of its portfolio companies have completed multiple deals. Bertram's portfolio includes investments in self-publishing company Author Solutions, cargo seal manufacturer TydenBrooks, ASC revenue cycle services outfit Genascis and Power Distribution Inc., a maker of equipment for the data center industry.

Past investors in Bertram's debut fund include, Neuberger Berman, LACERA, CalPERS, and The John D. and Catherine T. MacArthur Foundation, among others. According to CalPERS' website, Bertram's first fund is showing a 1.4x return on capital and 23.6% net IRR, as of the end of September.

A placement agent was not listed in the filing. The firm will be assessing a 2% management fee on committed capital. A call to the firm was not immediately returned by press time.