Chicago Growth Launches Fund III
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Chicago Growth Launches Fund III

Chicago Growth Partners has made a Form D filing with the SEC as it begins fundraising for the firm’s third fund, Chicago Growth Partners III, LP.

According to the filing, the target for the new fund is $400 million although the final close will likely be higher. Chicago Growth’s second fund closed in 2008 with $500 million of commitments and the firm’s first fund closed in 2004 with $270 million of commitments.

Chicago Growth has engaged MVision as its placement agent. MVision has offices in London, New York, Hong Kong and Sydney (www.mvision.com).

In preparation for fundraising, Chicago Growth has recently completed five dividend recapitalizations in order to provide cash-on-cash returns to its investors. In March, the firm recapped World 50, a provider of private peer memberships used by senior executives to share information and insights on strategic and leadership issues. World 50, based in Atlanta, was acquired by Chicago Growth in November 2010. Also in March, the firm completed a dividend recapitalization of Advanced Pain Management, one of the largest pain management groups in the country. Chicago Growth Partners acquired the company in 2010. In December 2012, Chicago Growth completed dividend recapitalizations for FineLine Technologies which it acquired in May 2011; SchoolMessenger, acquired in September 2010; and Teaching Strategies, acquired in February 2012.

Chicago Growth Partners invests from $15 million to $75 million of equity in companies with revenues from $15 million to $150 million. The firm targets four primary sectors: education; healthcare products and services; tech-enabled services; and industrial technology (www.cgp.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-25-13

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