diff --git a/fixtures/fixture.py b/fixtures/fixture.py
index 550aadb..437ef97 100644
--- a/fixtures/fixture.py
+++ b/fixtures/fixture.py
@@ -204,14 +204,18 @@ def setUp(self):
             else:
                 details = self.getDetails()
             errors = [err] + self.cleanUp(raise_first=False)
-            try:
-                raise SetupError(details)
-            except SetupError:
-                errors.append(sys.exc_info())
-            if issubclass(err[0], Exception):
-                raise MultipleExceptions(*errors)
-            else:
-                six.reraise(*err)
+        else:
+            return
+
+        # If we got here it means we have handled an exception above.
+        try:
+            raise SetupError(details)
+        except SetupError:
+            errors.append(sys.exc_info())
+        if issubclass(err[0], Exception):
+            raise MultipleExceptions(*errors)
+        else:
+            six.reraise(*err)
 
     def _setUp(self):
         """Template method for subclasses to override.
diff --git a/fixtures/tests/test_fixture.py b/fixtures/tests/test_fixture.py
index 6767921..370dd41 100644
--- a/fixtures/tests/test_fixture.py
+++ b/fixtures/tests/test_fixture.py
@@ -240,6 +240,10 @@ def _setUp(self):
         self.assertIsInstance(e.args[0][1], ZeroDivisionError)
         self.assertIsInstance(e.args[1][1], fixtures.SetupError)
         self.assertEqual('stuff', e.args[1][1].args[0]['log'].as_text())
+        # The SetupError is not raised during the exception handling of the
+        # original _setUp exception. We use getattr since __context__ is
+        # there only for Python 3 exceptions.
+        self.assertIsNone(getattr(e.args[1][1], "__context__", None))
 
     def test__setUp_fails_cleanUp_fails(self):
         # when _setUp fails, cleanups are called, and their failure is captured