Rochester, NY-based DeltaPoint Capital Management has launched its fourth fund. The firm, according to a filing with the Securities and Exchange Commission, has already raised $24.75 million of a targeted $125 million.

DeltaPoint was founded in 1996 by managing directors David Waterman and Thomas Cimino, both veterans of boutique M&A advisor Capital Formation Group, which the pair also co-founded.

DeltaPoint has bolstered its staff recently, adding Christopher Brodhead as a vice president of business development last year, in addition to two analyst hires. Kevin Halpin, a director at the firm who also came from Capital Formation Group, rounds out the team.

DeltaPoint tends to operate in the manufacturing, distribution and professional services industries, targeting control investments of between $2 million and $10 million in size. The firm's typical acquisition rarely exceeds $75 million.

In October, DeltaPoint acquired St. Joseph Packaging via an add-on deal through portfolio company Climax Manufacturing. Its latest exit, according to its website, came in 2007 when it sold PCore Electric Co. to Hubbell Inc.

Calls to DeltaPoint were not immediately returned by press time.