The windy city’s central location, eclectic economy, robust industrial base, proximity to prestigious universities, and reasonable cost of living make it a great place for business. Chicago is without a doubt the biggest driver of the midwestern economy and as the third largest city in the country offers tremendous opportunity for private equity firms. There is a reason so many firms rush to do business in Chicago.
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In this article, we’re spotlighting the top private equity firms in the Chicago metro area that are leading the charge in deal-making and market transformation. By the end, you’ll gain a deeper understanding of these firms, their investment strategies, and their impact on the private equity space.
1. Thoma Bravo
Overview: Thoma Bravo is a leading private equity firm focused on investing in software and technology companies. Headquartered in Chicago with additional offices in San Francisco, Miami, and London, the firm was founded in 2008 as a successor to Golder, Thoma, Cressey, Rauner (GTCR). Thoma Bravo manages over $179 billion in assets under management (as of 2024), making it one of the largest and most active software-focused investors globally. The firm is known for its deep operational expertise, sector specialization, and value creation playbook tailored to enterprise software and tech-enabled businesses.
Focus: Thoma Bravo targets control investments in market-leading software and technology companies with strong recurring revenue, mission-critical products, and defensible market positions. The firm employs a thematic investment approach, focusing on application software, cybersecurity, fintech, and infrastructure software. Its strategy emphasizes buy-and-build execution, margin expansion, and strategic M&A. Thoma Bravo partners closely with management teams to drive operational transformation, often taking companies private or scaling founder-led businesses into global category leaders.
2. Adams Street Partners
Overview: Adams Street Partners is a global private markets investment firm headquartered in Chicago, Illinois, with offices across North America, Europe, and Asia. Founded in 1972, the firm is one of the most established and diversified private markets investors in the world, managing over $62 billion in assets as of 2024. Adams Street invests across the full spectrum of private markets including primary fund investments, co-investments, secondaries, private credit, and growth equity. The firm serves institutional investors, pension funds, endowments, and family offices worldwide.
Focus: Adams Street Partners delivers customized private markets solutions across venture capital, growth equity, buyouts, and private credit. Its approach combines rigorous due diligence, long-term relationship building, and deep market intelligence. The firm is known for its global platform, integrated investment teams, and strong alignment with clients. By leveraging its decades of private market experience, Adams Street aims to provide consistent, risk-adjusted returns through diversified exposure and disciplined portfolio construction.
3. GTCR
Overview: GTCR is a Chicago-based private equity firm specializing in growth-oriented investments in the middle market. Founded in 1980, the firm has pioneered a thematic investment approach, managing over $35 billion in equity capital since inception. GTCR partners with experienced management teams to build market-leading companies across North America. Known for its "Leaders Strategy™," the firm often backs executives first and then identifies platform investments, emphasizing long-term value creation and operational excellence.
Focus: GTCR targets control investments in high-growth companies across key sectors including healthcare, financial services & technology, information services & technology, and growth business services. The firm typically seeks platform companies with strong recurring revenue, scalable models, and opportunities for strategic add-on acquisitions. GTCR’s investment approach is centered on executive partnership, sector focus, and strategic transformation, often supporting complex corporate carve-outs, founder transitions, and public-to-private deals to build industry-defining businesses.
4. Madison Dearborn Partners
Overview: Chicago-based Madison Dearborn Partners (MDP) is a leading private equity investment firm with over three decades of experience investing across industries. Founded in 1992, MDP has raised over $31 billion in capital and completed more than 150 investments. The firm focuses on management-led buyouts and structured minority investments in companies with strong growth potential. MDP is known for its collaborative investment philosophy and long-term partnerships with high-quality businesses and management teams.
Focus: Madison Dearborn Partners targets investments across six core industry verticals: basic industries, business & government software and services, financial services, health care, and telecom, media & technology (TMT). The firm typically invests in North American companies with scalable platforms, recurring revenue, and opportunities for organic and acquisition-driven growth. MDP emphasizes strategic alignment, operational enhancement, and value creation through active ownership, while leveraging deep sector expertise and a global network.
5. Valor Equity Partners
Overview: Valor Equity Partners is a Chicago-based growth-focused private equity firm with a national presence, including offices in New York, San Francisco, and Seattle. Founded in 2001, Valor is known for its operational expertise and its role as an early investor in transformative, high-growth companies. The firm manages multiple funds across both growth equity and buyout, with a track record that includes notable investments such as Tesla, SpaceX, and Gopuff. Valor manages several billion in committed capital across its flagship and co-investment vehicles.
Focus: Valor Equity Partners invests in growth-stage and early expansion companies that are leveraging innovation to disrupt established industries. The firm targets sectors such as consumer technology, industrial automation, food and beverage, and applied technologies. Valor differentiates itself through a deeply operational approach—deploying internal teams to assist with strategy, tech enablement, data analytics, and scaling infrastructure. The firm emphasizes long-term partnerships with visionary entrepreneurs and management teams, driving growth through a combination of strategic support and hands-on execution.
6. Partners Enterprise Capital
Overview: Partners Enterprise Capital (PEC) is a registered investment advisor managing over $20 billion in assets through long-term private equity investments in real estate operating companies (REOCs) across the United States. The Chicago-based firm operates at the intersection of private equity, venture capital, and real estate investment management. PEC is mission-driven, relationship-focused, and committed to building long-term value in partnership with management teams. Its flat structure and entrepreneurial culture foster broad, dynamic roles and a collaborative approach to business building.
Focus: PEC invests primarily in REOCs operating within the industrial, residential, and retail real estate sectors. The firm targets scalable platforms with strong fundamentals and partners closely with operators to drive growth, value creation, and operational excellence. Its strategy emphasizes long-term alignment, data-driven decision making, and integration of capital, analytics, and governance. PEC’s investments are designed to scale high-performing real estate platforms that can deliver durable, risk-adjusted returns through strategic execution and market insight.
7. Riverspan Capital
Overview: Riverspan Partners is a Chicago-based private equity firm focused on partnering with founders and management teams to build market-leading companies. Founded by seasoned investors and operators, the firm emphasizes long-term, collaborative relationships and brings institutional resources to the lower middle market. Riverspan takes a people-first approach and seeks to serve as a trusted, value-added partner in helping companies scale with purpose and resilience.
Focus: Riverspan targets control investments in U.S.-based companies across business services, technology, healthcare services, and consumer sectors. The firm typically invests in companies with $3 million to $15 million in EBITDA. Riverspan is sector-focused and growth-oriented, emphasizing strategic expansion, operational improvement, and talent development. The firm aims to preserve founder culture while supporting transformative growth through a combination of deep engagement, functional expertise, and long-term alignment with management.
8. Walton Street Capital
Overview: Walton Street Capital is a private equity real estate firm headquartered in Chicago, Illinois. Founded in 1994, the firm has invested in more than $50 billion of real estate assets globally. Walton Street focuses on opportunistic and value-add strategies across property types, with a long-standing reputation for institutional discipline, rigorous underwriting, and active asset management. The firm serves a global investor base, including public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, and high-net-worth individuals.
Focus: Walton Street Capital targets equity and debt investments across office, industrial, multifamily, hospitality, retail, and data centers, among other property types. The firm focuses on opportunistic and value-add real estate strategies, including direct acquisitions, joint ventures with experienced operators, and credit-oriented structures. Walton Street emphasizes downside protection, disciplined execution, and market cycle awareness, seeking to generate attractive risk-adjusted returns through active asset management, operational enhancements, and repositioning of assets.
9. The Vistria Group
Overview: Vistria Group is a Chicago-based private investment firm that combines purpose-driven investment with private equity discipline. Founded in 2013 by Marty Nesbitt and Kip Kirkpatrick, Vistria manages over $15 billion in assets across its private equity and real estate strategies. The firm seeks to generate strong financial returns while also delivering positive social impact, leveraging its deep sector knowledge, public-private network, and operational expertise to support transformational growth in its portfolio companies.
Focus: Vistria invests in U.S.-based companies within three core sectors: healthcare, education, and financial services—industries where mission and margin intersect. The firm typically targets companies with strong fundamentals, recurring revenue, and opportunities for both organic growth and strategic expansion. Vistria employs a collaborative, hands-on investment model, partnering with management teams to drive innovation, operational improvement, and scalable growth. The firm integrates ESG and impact principles into its investment process to align outcomes with long-term value creation.
10. Wynnchurch Capital
Overview: Wynnchurch Capital is a Chicago-based private equity firm focused on investments in middle-market companies undergoing transformation. Founded in 1999, the firm manages over $9 billion in committed capital and has a strong track record of partnering with businesses in transition, including corporate carve-outs, underperforming companies, and special situations. Wynnchurch is known for its operational expertise and collaborative approach to value creation across complex industrial sectors.
Focus: Wynnchurch targets control investments in North American companies with revenues typically between $50 million and $1 billion. The firm focuses on sectors such as industrial products & services, transportation & logistics, metals & mining, building products, and aerospace & defense. Wynnchurch employs a hands-on strategy, working closely with management to drive operational improvement, strategic repositioning, and growth. Its investment philosophy centers on deep diligence, disciplined execution, and the ability to unlock value in complex or overlooked opportunities.
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