Chicago-based Keeley Asset Management is launching its second fund, the Keeley Mid Cap Value Fund.

Chief Investment Officer John Keeley, Jr. will manage the new fund, which will use a similar strategy to Keeley's other Small Cap Value Fund. The money manager plans to hunt for companies with market capitalizations between $1.5 billion and $10 billion that are going through corporate spin-offs, emerging from bankruptcy, or otherwise selling at lower than perceived book value.

"We tend to invest in companies to which Wall Street pays little attention and that other value managers avoid," said Keeley.

The fund has total operating expenses of 200 basis points and a 450 basis point front-end sales charge, according to the filing. The fund's minimum investment is $1,000.

Keeley Asset Management manages approximately $2 billion in high-net worth, mutual fund and institutional money. Keeley's Small Cap Value Fund has approximately $676 million in assets under management.  

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