Fundraising Fox

Madison Dearborn Partners

Private equity

Chicago · Series C–Late Stage · 89 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.

Invests inEnterprise SoftwareFintechGovTechHealthtechChicagoNorth AmericaUnited States

Source: firm website, verified Aug 3, 2026.

Stage
Series C–Late Stage
HQ
Chicago, IL, US
Leads rounds
Follows
Instruments
Equity
Founded
1992
AUM
$20.7B

Team · 89 people

from the firm's website

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 more202012.0%1.30x0.38x
Madison Dearborn Capital Partners VIII-A, L.PLPs: Minnesota State Board of Investment201911.2%1.32x0.45x
Madison Dearborn Capital Partners VII, L.P.LPs: Minnesota State Board of Investment, Daniels Fund, Maryland State Retirement and Pension System20159.8%1.63x0.86x
Madison Dearborn Capital VII-A/BLPs: California State Teachers' Retirement System201513.3%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 more200823.2%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 more20067.5%1.60x1.55x
Madison Dearborn Capital Partners V, LP*LPs: Empire State Development – New York Ventures20061.63x1.63x
Madison Dearborn Capital Partners IV, L.P.LPs: Washington State Investment Board, California State Teachers' Retirement System, California Public Employees' Retirement System +4 more200013.9%1.80x1.75x
Madison Dearborn Capital Partners III, L.P.LPs: Washington State Investment Board, Hawaii Employees' Retirement System19998.6%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).

Frequently asked questions

What stage does Madison Dearborn Partners invest at?
Madison Dearborn Partners invests at the Series C, Growth, Late Stage stages.
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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