Chicago private equity firm raises $3 billion for new fund

A Chicago private equity firm with ties to Barack Obama has closed on a new $3 billion fund, adding to the list of investors in the Windy City who raised money last year.

Vistria Group’s Fund V will invest in sectors including U.S. health care and financial services, according to a statement Thursday. The financing will bring total assets under management at the firm, which was founded by Kip Kirkpatrick and Marty Nesbitt, to approximately $16 billion. Marty Nesbitt is a longtime Obama ally and his treasurer during both presidential campaigns.

The move adds to a series of financings the Chicago-based private equity firm has made over the past year. Shore Capital Partners, led by billionaire Justin Ishbia, raised $1.9 billion for three new funds in October. Pritzker Private Capital, owned by Illinois Gov. JB Pritzker and his brother Tony, was raising $3 billion for its third fund last year.

“The support from our existing limited partners and the interest in Fund V from new limited partners from around the world underscores our unwavering confidence in our investment philosophy,” said Kirkpatrick.

Vistria focuses on mid-sized businesses and has been expanding its operations over the past year. The firm hired former Massachusetts Gov. Deval Patrick last year and named him senior partner in November.

The Wall Street Journal earlier reported the closing of Vistria’s latest fund. The firm raised $2.68 billion for its fourth fund in 2021, more than double the $1.1 billion for its third fund.

The Chicago-based company also faces litigation over its investment in a home hospice company. Last month, the Delaware Chancery Court ruled that Vistria and another firm, Nautic Partners LLC, helped officials of a hospice company illegally set up a rival business.

This article was generated from automated news agency feeds without modifications to the text.