Chicago Growth Seeks $400M For Fund III

Firm: Chicago Growth Partners

Fund: Chicago Growth Partners III LP

Target: $400 million

Placement Agent: MVision Private Equity Advisers

Chicago Growth Partners is out fundraising for its third fund, according to a source and an SEC filing. The private equity firm is seeking $400 million for the pool, say the person and the filing dated April 23. Chicago Growth Partners III LP has a $500 million target, the source told sister Web site peHUB.

MVision Private Equity Advisers is the placement agent, the filing said.

Fund III is looking to raise the same amount as CGP’s prior fund. Chicago Growth had a $400 million target for its second fund, which ended up closing at its hard cap of $500 million in 2008, according to a press release from that time.

Chicago Growth focuses on companies in sectors including education, health care, tech-enabled services and industrial technology. CGP seeks to invest $15 million to $75 million per deal, according to the firm’s Web site.

In March, the firm said it closed a second dividend recap of World 50, which calls itself a “private community” for senior executives to share ideas. Chicago Growth that month also completed a dividend recap of Advanced Pain Management, a pain management group in Greenfield, Wis. The firm partnered with Trident Capital in January to buy a controlling stake in 2Checkout, an online payment processor.

Chicago Growth couldn’t be reached for comment.

Luisa Beltran is a senior writer for peHUB.