David Schuppan, who left Cressey & Co after nearly 18 years, has landed at Vistria Group.
Schuppan in September joined Vistria, where he is a partner, his LinkedIn profile said. Vistria is a Chicago middle-market PE firm focused on deals in education, healthcare and financial services.
Schuppan, responding to Buyouts’ questions, said he has known certain Vistria partners for nearly 20 years. He said he “looks forward to bringing the firm’s Fortune 500 resources and relationships to our management and portfolio partners.”
Schuppan departed Cressey in 2016 after nearly two decades, Buyouts reported. He didn’t disclose why he left the healthcare-focused PE firm, where he started in 1999 as an associate.
Martin Nesbitt, the Chicago businessman who served as CEO of Parking Spot for more than a decade, founded Vistria in 2013. He launched the firm with Kip Kirkpatrick, the co-founder of Water Street Healthcare Partners, according to the Chicago Tribune. Kirkpatrick is co-CEO of Vistria, his LinkedIn profile said.
Nesbitt is a longtime friend of former President Barack Obama and served as national treasurer for Obama’s two presidential campaigns.
The name Vistria is a combination of the Latin words for power and three, which reflect the firm’s focus on regulatory, financial and operating expertise.
The PE firm was out fundraising in 2015 for its second fund, Buyouts said. Vistria Fund II, which has a $600 million target, has received two commitments of $75 million each from Illinois Municipal Retirement Fund and Maryland State Retirement and Pension System, Preqin said. Fundraising for Vistria’s second pool is nearly complete, a source said.
Earlier this month, Vistria acquired a majority stake in St. Croix Hospice.
Action Item: Contact Martin Nesbitt at +1 312-626-1101
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