Chicago has emerged as a powerhouse for private equity, hosting renowned firms like GTCR, Madison Dearborn Partners, and Thoma Bravo. These firms leverage the city’s robust financial infrastructure, strategic Midwest location, and deep talent pool to drive investment excellence across diverse sectors. From technology to healthcare, Chicago’s private equity landscape offers unparalleled opportunities for transformative growth. Interested in connecting with industry leaders? Join our community at alexejpikovsky.com/community and expand your professional network.
GTCR
Investment Style: GTCR, known as “The Leaders Strategy™,” focuses on investing in transformative growth companies in the industries of business & consumer services, financial services & technology, healthcare, and technology, media & telecommunications.
Portfolio Companies: GTCR’s portfolio includes Resonetics (medical device manufacturing), Maravai LifeSciences (life sciences), CommerceHub (e-commerce network), and RevSpring (revenue cycle management and billing solutions).
Founding Date: 1980
Number of Investment Professionals: Over 80
Assets Under Management: Approximately $35 billion
Key Investment Professionals:
- Craig Bondy, Managing Director: Focuses on investments in the technology, media & telecommunications sector.
- Collin Roche, Managing Director: Specializes in business & consumer services and technology investments.
Recent Exits: Maravai LifeSciences went public, and CommerceHub was sold to Insight Partners.
Recent Investments: Investments in Fairway Lawns and Corza Health.
Office Locations:
- Chicago (Headquarters): 300 North LaSalle Street, Chicago, IL
Website: www.gtcr.com
Quote: “Our Leaders Strategy™ is about identifying and partnering with exceptional management leaders to build franchises and transform industries.” – Craig Bondy, Managing Director
Madison Dearborn Partners
Investment Style: Madison Dearborn Partners specializes in management buyouts and growth equity investments in sectors such as financial & transaction services, health care, basic industries, business & government software and services, and telecom, media & technology services.
Portfolio Companies: Includes Multi-Color Corporation (label solutions), Navacord (insurance brokerage), and Ankura (business advisory and services).
Founding Date: 1990
Number of Investment Professionals: Over 50
Assets Under Management: Approximately $28 billion
Key Investment Professionals:
- Paul Finnegan, Co-CEO: Focuses on overall strategy and management of the firm.
- Samuel Mencoff, Co-CEO: Plays a critical role in investment decision-making and strategic initiatives.
Recent Exits: Invested in The Topps Company which was sold to Fanatics.
Recent Investments: Acquired a significant stake in Benefytt Technologies, a health insurance technology company.
Office Locations:
- Chicago (Headquarters): 70 West Madison Street, Suite 4600, Chicago, IL
Website: www.mdcp.com
Quote: “We are committed to building enduring value through thoughtful and strategic partnerships with our portfolio companies.” – Paul Finnegan, Co-CEO
Thoma Bravo
Investment Style: Thoma Bravo is a leading private equity firm with a focus on software and technology-enabled services sectors. They employ a proactive, operational approach to improve companies and drive substantial growth and returns.
Portfolio Companies: Current holdings include Coupa (business spend management software), Proofpoint (cybersecurity), and Qlik (data analytics).
Founding Date: 2008 (Firm roots trace back to 1980)
Number of Investment Professionals: Over 110
Assets Under Management: Over $120 billion
Key Investment Professionals:
- Orlando Bravo, Founder and Managing Partner: Known for his contributions to the software investment landscape.
- Seth Boro, Managing Partner: Focuses on application, infrastructure, and security software investments.
Recent Exits: Sold Barracuda Networks to KKR, and Ellie Mae was acquired by Intercontinental Exchange.
Recent Investments: Acquired Talend and Anaplan.
Office Locations:
- Chicago: 150 North Riverside Plaza, Chicago, IL
- Additional Offices: San Francisco, Miami
Website: www.thomabravo.com
Quote: “At Thoma Bravo, we believe in investing in innovation and creating lasting value in the software sector.” – Orlando Bravo, Founder and Managing Partner
Waud Capital Partners
Investment Style: Waud Capital Partners focuses on middle-market growth equity and buyout investments primarily in the healthcare services and business and technology services sectors.
Portfolio Companies: Includes Ivy Rehab Network (physical therapy), Heartland Dental (dental support), and CHG Healthcare (healthcare staffing).
Founding Date: 1993
Number of Investment Professionals: Over 40
Assets Under Management: Over $3 billion
Key Investment Professionals:
- Reeve Waud, Founder and Managing Partner: Drives strategic direction and investment focus of the firm.
- Chris Graber, Partner: Specializes in business services investments.
Recent Exits: Sold Acadia Healthcare Company.
Recent Investments: Invested in Ivy Rehab and Ivy Ventures.
Office Locations:
- Chicago (Headquarters): 500 West Madison Street, Suite 2900, Chicago, IL
Website: www.waudcapital.com
Quote: “Our focus is on partnering with exceptional executive talent to build market-leading companies in healthcare and business services.” – Reeve Waud, Founder and Managing Partner
Water Street Healthcare Partners
Investment Style: Water Street specializes in healthcare investments, with a focus on mid-market companies in healthcare services, medical products, and pharmaceuticals & life sciences.
Portfolio Companies: Includes Convergint Technologies (security solutions), BioClinica (clinical trials), and HealthPlan Services (third-party administrator).
Founding Date: 2005
Number of Investment Professionals: Over 25
Assets Under Management: Over $3 billion
Key Investment Professionals:
- Tim Dugan, Managing Partner: Focuses on strategic oversight and development of portfolio companies.
Recent Exits: BioClinica was sold to ERT.
Recent Investments: Acquired Breg, a leading player in the orthopedic solutions market.
Office Locations:
- Chicago (Headquarters): 444 West Lake Street, Chicago, IL
Website: www.waterstreet.com
Quote: “Our approach is dedicated to building market-leading companies that advance healthcare.” – Tim Dugan, Managing Partner
Advent International
Investment Style: Advent International is a global private equity firm with a focus on buyouts and growth equity investments across five core sectors: business and financial services; healthcare; industrial; retail, consumer and leisure; and technology.
Portfolio Companies: Include Serta Simmons Bedding (bedding manufacturing), Sovos (tax compliance and reporting software), and Olaplex (hair care products).
Founding Date: 1984
Number of Investment Professionals: Over 300 globally
Assets Under Management: Over $100 billion
Key Investment Professionals:
- David Mussafer, Managing Partner: Instrumental in the firm’s investments in the consumer sector.
Recent Exits: Sold Laird Performance Materials to DuPont.
Recent Investments: Invested in McAfee Corp, a global leader in online protection.
Office Locations:
- Boston (Headquarters): Prudential Tower, 800 Boylston Street, Boston, MA
- Additional Offices: Chicago, London, New York, San Francisco, and other major cities worldwide
Website: www.adventinternational.com
Quote: “Our global platform and sector expertise enable us to drive transformative growth across our portfolio companies.” – David Mussafer, Managing Partner
Riverside Company
Investment Style: The Riverside Company invests in growing businesses valued at up to $400 million, focusing on the smaller end of the middle market across various industries, with a preference for healthcare, education and training, and software and IT services.
Portfolio Companies: Includes Arrowhead Engineered Products (aftermarket parts), Bentley Laboratories (cosmetics and personal care manufacturing), and Dimensa (software solutions).
Founding Date: 1988
Number of Investment Professionals: Over 200
Assets Under Management: Over $14 billion
Key Investment Professionals:
- Stewart Kohl, Co-CEO: Focuses on expansion and strategic development of portfolio companies.
Recent Exits: Sold Soothe, a health and wellness company, to a strategic buyer.
Recent Investments: Acquired Burrana, an in-flight entertainment company.
Office Locations:
- New York (Headquarters): 630 Fifth Avenue, Suite 400, New York, NY
- Additional Offices: Chicago, San Francisco, Dallas, and London
Website: www.riversidecompany.com
Quote: “We are passionate about building great companies with great management teams that are leaders in their markets.” – Stewart Kohl, Co-CEO
Summit Partners
Investment Style: Summit Partners focuses on growth equity investments in companies across a wide range of industries, including technology, healthcare, and industrial products and services.
Portfolio Companies: Includes Avast (cybersecurity software), Calypso Technology (financial technology), and Vente-Privee (e-commerce platform).
Founding Date: 1984
Number of Investment Professionals: Over 100
Assets Under Management: Over $35 billion
Key Investment Professionals:
- Peter Chung, Managing Director: Specializes in technology and healthcare investments.
Recent Exits: Sold Solidifi to Real Matters.
Recent Investments: Invested in Cherwell Software, a leader in IT service management.
Office Locations:
- Boston (Headquarters): 222 Berkeley Street, 18th Floor, Boston, MA
- Additional Offices: Chicago, Menlo Park, London
Website: www.summitpartners.com
Quote: “Our goal is to partner with founders and management teams to help them realize their growth ambitions.” – Peter Chung, Managing Director
Vista Equity Partners
Investment Style: Vista Equity Partners focuses on investing in enterprise software, data, and technology-enabled businesses, leveraging their deep sector expertise to drive operational improvements and growth.
Portfolio Companies: Includes Finastra (financial software), Jamf (Apple device management), and PowerSchool (education technology).
Founding Date: 2000
Number of Investment Professionals: Over 120
Assets Under Management: Over $93 billion
Key Investment Professionals:
- Robert F. Smith, Founder, Chairman, and CEO: Drives the firm’s strategic vision and investment philosophy.
Recent Exits: Sold Ping Identity to Thoma Bravo.
Recent Investments: Acquired Alegeus, a platform for healthcare payments and consumer-directed benefits.
Office Locations:
- Austin (Headquarters): 401 Congress Avenue, Suite 3100, Austin, TX
- Additional Offices: Chicago, New York, Oakland, San Francisco
Website: www.vistaequitypartners.com
Quote: “We leverage a deep understanding of the software industry to help our companies achieve and sustain growth.” – Robert F. Smith, Founder, Chairman, and CEO
Adams Street Partners
Investment Style: Adams Street Partners is a global private markets investment management firm specializing in private equity fund of funds, secondary investments, and direct investments in growth companies across various sectors.
Portfolio Companies: Includes Ancestry (genealogy website), Grubhub (online food delivery), and DocuSign (electronic signature technology).
Founding Date: 1972
Number of Investment Professionals: Over 200
Assets Under Management: Over $51 billion
Key Investment Professionals:
- Jeffrey Diehl, Managing Partner: Leads the firm’s strategic direction and helps drive investment strategy.
Recent Exits: Sold stakes in DocuSign and Grubhub through public market sales.
Recent Investments: Invested in Cohesity, a data management company.
Office Locations:
- Chicago (Headquarters): 1 North Wacker Drive, Suite 2200, Chicago, IL
- Additional Offices: London, Menlo Park, Munich, New York, Singapore, Tokyo
Website: www.adamsstreetpartners.com
Quote: “Our focus is on creating lasting partnerships to provide our investors with strong returns and significant value.” – Jeffrey Diehl, Managing Partner
Conclusion
Chicago’s private equity landscape continues to evolve, reflecting the city’s robust economic ecosystem. The firms here demonstrate remarkable adaptability and strategic vision in navigating complex investment terrains. Their ability to identify and transform potential makes Chicago a critical hub for private equity activities.
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