(Bloomberg) -- A Chicago private equity firm with ties to Barack Obama has closed on a $3 billion new fund, adding to a list of Windy City investors to raise capital in the past year.
Vistria Group’s Fund V will invest in areas including US health care and financial services, according to a statement on Thursday. The capital raise will bring total assets under management to about $16 billion for the firm founded by Kip Kirkpatrick and Marty Nesbitt, a longtime ally of Obama and treasurer for both of his presidential campaigns.
The move adds to a number of capital raises by Chicago private equity firms over the past year. Shore Capital Partners, led by billionaire Justin Ishbia, closed on $1.9 billion for three new funds in October. Pritzker Private Capital, owned by Illinois Governor JB Pritzker and his brother Tony, was last year in the process of raising $3 billion for its third fund.
“The support from our existing limited partners and interest we received from new limited partners from around the world for Fund V underscore the strong confidence in our investment philosophy,” Kirkpatrick said.
Vistria, which specializes in mid size companies, been expanding its business over the past year. The company hired former Massachusetts Governor Deval Patrick last year and appointed him as a senior partner in November.
The closing of Vistria’s latest fund was reported earlier by the Wall Street Journal. The company raised $2.68 billion for its fourth fund in 2021, more than twice the $1.1 billion of its third vehicle.
The Chicago-based firm has also faced a lawsuit stemming from an investment in a home hospice company. Last month, Delaware’s Chancery Court ruled that Vistria and another firm, Nautic Partners LLC, helped officers from a hospice company unlawfully establish a rival business.
(Updates with other capital raises in Chicago in third paragraph.)
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