(Bloomberg) — Vistria Group LP, a private equity firm that specializes in midsize companies, closed a $3 billion fund in a deal that lifts its assets under management to about $16 billion.
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The new investment vehicle will focus on US companies in health care, education and financial services, Vistria said in a statement Thursday. The fund is the firm’s fifth and its largest so far.
Vistria, which has been expanding over the past year, emphasizes its goal of finding investments that generate a positive social impact as well as financial returns. The firm was founded in 2013 by Kip Kirkpatrick and Marty Nesbitt, a longtime ally of former President Barack Obama and treasurer for both of his presidential campaigns.
In November, Vistria appointed former Massachusetts Governor Deval Patrick as a senior parter. He joined the firm a year ago as a senior adviser.
The closing of Vistria’s latest fund was reported earlier by the Wall Street Journal.
The Chicago-based firm has also faced a lawsuit stemming from an investment in a home hospice company. Last month, Delaware’s Chancery Court ruled that Vistria and another firm, Nautic Partners LLC, helped officers from a hospice company unlawfully establish a rival business.
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