Vistria, out fundraising, promotes Schuppan to senior partner

David Schuppan was promoted to senior partner after less than two years. He is a longtime friend of former president Barack Obama.

Vistria Group, the private equity firm headed by Martin Nesbitt, promoted David Schuppan to senior partner after less than two years.

Schuppan joined Vistria in September 2017 as a partner, Buyouts reportedHis LinkedIn now lists him as a Vistria senior partner. A well-known healthcare investor, Schuppan left Cressey & Co  in 2017 after nearly 18 years, Buyouts said in 2016.

Vistria is a Chicago middle-market PE firm focused on deals in education, healthcare and financial services. Last month, Centerbridge Partners and Vistria closed their $1.4 billion buy of Civitas Solutions, which provides home and community health services to people with disabilities.

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.

Nesbitt is a longtime friend of former President Barack Obama and served as national treasurer for Obama’s two presidential campaigns.

Schuppan’s promotion comes as Vistria is out fundraising for its third fund. The buyout shop has so far raised $219 million for Vistria Fund III LP, according to an SEC filing dated March 29. It’s unclear what the target is for Vistria’s third pool.

Vistria Fund III will mirror the firm’s second pool, a source said. Vistria Fund II closed on $872 million in 2017, PitchBook said. The firm’s debut pool collected $400 million in 2016.

Vistria could not be reached for comment.

Action Item: For more information, here’s the SEC filing for Vistria Fund III.