diff --git a/CHANGELOG.md b/CHANGELOG.md
index f562aa0f..89a3371f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,12 @@
 master
 ===
 
+* Allow looking for `Gemfile` when setting up a project to fail gracefully.
+
+# 4.1.1
+
+* Fix bad code that made `/__middleman/` break.
+
 # 4.1.0
 
 * Add rewrite_ignore option to asset_hash, asset_host, cache_buster & relative_assets. This proc let's you opt-out of the extension behavior on a per-path basis.
diff --git a/middleman-core/lib/middleman-core/load_paths.rb b/middleman-core/lib/middleman-core/load_paths.rb
index c0bda7b2..af281886 100644
--- a/middleman-core/lib/middleman-core/load_paths.rb
+++ b/middleman-core/lib/middleman-core/load_paths.rb
@@ -22,7 +22,9 @@ module Middleman
 
     # Set BUNDLE_GEMFILE and run Bundler setup. Raises an exception if there is no Gemfile
     def setup_bundler
-      ENV['BUNDLE_GEMFILE'] ||= File.join(findup('Gemfile', ENV['MM_ROOT']), 'Gemfile')
+      if found_gemfile_root = findup('Gemfile', ENV['MM_ROOT'])
+        ENV['BUNDLE_GEMFILE'] ||= File.join(found_gemfile_root, 'Gemfile')
+      end
 
       unless File.exist?(ENV['BUNDLE_GEMFILE'])
         ENV['BUNDLE_GEMFILE'] = File.expand_path('../../../../Gemfile', __FILE__)