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Madison Dearborn Partners

Private equity

Chicago · Growth · 88 people tracked

Also known as MADISON DEARBORN PARTNERS, LLC

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Investment thesis

MDP applies an industry-focused strategy built over nearly four decades, concentrating on three sectors: Financial & Transaction Services; Healthcare; and Technology & Government. Its team leaders have devoted their careers to individual industries, bringing deep sector investing and operating experience. The firm pursues both buyout and growth equity deals, emphasizing the quality of a business, its prospects and leadership over deal structure, and will take either control or minority positions. MDP is deeply embedded in Chicago and Midwest business, civic and philanthropic circles. Its current fund, Madison Dearborn Capital Partners VIII, holds $5.0 billion in aggregate commitments from a global limited partner base.

Source: firm website, verified Sep 29, 2026.

Stage
Growth
HQ
Chicago, IL, US
Leads rounds
Follows
Instruments
Equity
Founded
1992
AUM
$20.7B
Tracked investments
6
Unicorns
1
IPOs
1

Team · 88 people

from the firm's website
Alane Millar
Alex Pereira
Annie S. Terry
Anshul Ranain
Anthony Proutyin
Ben Hicksin
Ben Spacapanin
Brandon Levitanin
Guiselle Gonzalez
Gustavo Rosselló
Holly Thomasin
Jack Vettelin
Jacob Lieberin
Jared Whitein
John T. Isit
Joseph Licitrain
Katie N. Limina
Kelly T. Peltolain
Kyle Nelson
Laura Hill
Lauren Perlin
Lincoln Lambertonin
Luis Alfaroin
Matthew Shoubin
Meghan M. Slentzin
Michelle L. Shemroske
Mimi Lynch
Molly M. Hughesin
Ruth M. Roche
Sarah Kurian
Stephanie J. Vossin
Tanner Scottin
Todd E. Novak

What they invest in

from 5 of 6 portfolio companies

AI & Machine Learning ×3Enterprise Software ×3Digital Health ×2Healthtech ×2SaaS ×2Cybersecurity ×1GovTech ×1Marketing Tech ×1

HQs:United States×4

Investments · 6 tracked

founders shown can be your intro path

By year:2023 · 12019 · 12015 · 12014 · 14 dated

BioScripoptioncarehealth.comNASDAQ: OPCHMar 2015

Option Care Health provides infusion therapy services for patients with a range of acute and chronic conditions, working with healthcare providers, health systems, hospitals, insurers, and pharmaceutical manufacturers.

Digital HealthHealthtechElmsford, US

Patricia Bogusz(Executive Officer)David Evans(Executive Officer)Kimberlee C. Seah(Executive Officer)Hai Tran(Executive Officer)Myron Z. Holubiak(Executive Officer, Director)Brian Stiver(Executive Officer)

HARMONIA HOLDINGS GROUP, LLCharmonia.comin✓ verified

Harmonia provides advanced technology solutions for U.S. federal government agencies, specializing in AI/ML, cybersecurity, data science, and cloud modernization using Agile and DevSecOps methodologies.

AI & Machine LearningCybersecurityEnterprise SoftwareGovTechBlacksburg, US

Pallabi Saboo(Co-founder, Strategic Advisor)Jai Saboo(Co-founder, Strategic Advisor)Marc Abrams(Co-founder, Chief Technology Officer)

Guidon Partnersguidonpartners.cominSep 2014

Guidon Partners is a partnership of healthcare services executives that co-invests alongside private equity firms and management teams, contributing its own capital plus hands-on operating expertise.

Digital HealthHealthtechRichmond, US

Paul DiazHerb FritchNicholas J. Pace(Principal and Executive Vice President)Gregory W. Scott(Managing Director and Co-Chief Executive Officer)Kevin RuthTom Davisin

InMomentinmoment.cominMay 2019

InMoment's XI Platform is a customer experience (CX) analytics and action platform that helps companies collect feedback, analyze insights, and execute improvements across customer, employee, product, and market touchpoints.

AI & Machine LearningEnterprise SoftwareMarketing TechSaaS

Co-investorsJMI EquityPeterson Venture Partners

Zilliantzilliant.comin𝕏

Zilliant provides an AI-driven pricing platform that automates and optimizes pricing operations for B2B companies using real-time data intelligence.

AI & Machine LearningEnterprise SoftwareSaaSSales Tech

Co-investorsEscalate Capital PartnersHouston VenturesGoldman Sachs

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

SpiderOak

Exits · 1

1 IPOs

BioScripNASDAQ: OPCH

Fund performance · per public LP disclosures · 9

as of Sep 2025
FundVintageCommittedNet IRRTVPIDPI
Madison Dearborn Capital Partners VIII, L.P.LPs: California Public Employees' Retirement System, Washington State Investment Board, New Mexico Public Employees Retirement Association +2 more2020—12.0%1.30x0.38x
Madison Dearborn Capital Partners VIII-A, L.PLPs: Minnesota State Board of Investment2019—11.2%1.32x0.45x
Madison Dearborn Capital Partners VII, L.P.LPs: Minnesota State Board of Investment, Daniels Fund, Maryland State Retirement and Pension System2015—9.8%1.63x0.86x
Madison Dearborn Capital VII-A/BLPs: California State Teachers' Retirement System2015—13.3%1.86x1.04x
Madison Dearborn Capital Partners VI, L.P.LPs: Washington State Investment Board, The Regents of the University of California, Pennsylvania Public School Employees' Retirement System +4 more2008—23.2%2.20x2.16x
Madison Dearborn Capital Partners V, L.P.LPs: California Public Employees' Retirement System, Washington State Investment Board, The Regents of the University of California +4 more2006—7.5%1.60x1.55x
Madison Dearborn Capital Partners V, LP*LPs: Empire State Development – New York Ventures2006——1.63x1.63x
Madison Dearborn Capital Partners IV, L.P.LPs: Washington State Investment Board, California State Teachers' Retirement System, California Public Employees' Retirement System +4 more2000—13.9%1.80x1.75x
Madison Dearborn Capital Partners III, L.P.LPs: Washington State Investment Board, Hawaii Employees' Retirement System1999—8.6%1.50x1.49x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

IPO stake values · per SEC filings

Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.

CompanyOwnedIPO priceAt IPOStake value
BioScrip21.1%$26.90Sep 2021$1B

Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned × the initial public offering price, as disclosed — a market value at IPO, not a return multiple (the firm's original cost is not disclosed).

Frequently asked questions

How many investments has Madison Dearborn Partners made?
Madison Dearborn Partners has 6 tracked investments, 1 of which have exited.
What stage does Madison Dearborn Partners invest at?
Madison Dearborn Partners invests at the Growth stage.
What sectors does Madison Dearborn Partners focus on?
Madison Dearborn Partners focuses on Enterprise Software, Fintech, GovTech, Healthtech.
Where is Madison Dearborn Partners located?
Madison Dearborn Partners is headquartered in Chicago, US.
Does Madison Dearborn Partners lead rounds?
Madison Dearborn Partners typically participates in rounds rather than leading them.

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