[1] The firm, based in New York City, was founded in 1994 by the four senior members of Lehman Brothers' merchant banking group, Jim Stern, Jeff Hughes, Jamie Singleton and David Spalding.

[3] In 1999, the firm completed fundraising for Cypress Merchant Banking Partners II, with $2.5 billion of investor commitments.

However, a series of weak investments, particularly in Cypress II, severely impacted the firm's plans to raise a third fund.

David Spalding assumed a role at his alma mater Dartmouth College and Jamie Singleton still remains on the firm's board.

In October 2009, the firm's Cypress Merchant Banking Partners II will reach the end of its original 10-year term.