Madison Dearborn Partners
Private equityChicago · Series C–Late Stage · 89 people tracked
Also known as MADISON DEARBORN PARTNERS, LLC
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 Aug 3, 2026.
Team · 89 people
from the firm's websiteFund performance · per public LP disclosures · 9
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Madison Dearborn Capital Partners VIII, L.P.LPs: California Public Employees' Retirement System, Washington State Investment Board, New Mexico Public Employees Retirement Association +2 more | 2020 | — | 12.0% | 1.30x | 0.38x |
| Madison Dearborn Capital Partners VIII-A, L.PLPs: Minnesota State Board of Investment | 2019 | — | 11.2% | 1.32x | 0.45x |
| Madison Dearborn Capital Partners VII, L.P.LPs: Minnesota State Board of Investment, Daniels Fund, Maryland State Retirement and Pension System | 2015 | — | 9.8% | 1.63x | 0.86x |
| Madison Dearborn Capital VII-A/BLPs: California State Teachers' Retirement System | 2015 | — | 13.3% | 1.86x | 1.04x |
| 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 more | 2008 | — | 23.2% | 2.20x | 2.16x |
| 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 more | 2006 | — | 7.5% | 1.60x | 1.55x |
| Madison Dearborn Capital Partners V, LP*LPs: Empire State Development – New York Ventures | 2006 | — | — | 1.63x | 1.63x |
| Madison Dearborn Capital Partners IV, L.P.LPs: Washington State Investment Board, California State Teachers' Retirement System, California Public Employees' Retirement System +4 more | 2000 | — | 13.9% | 1.80x | 1.75x |
| Madison Dearborn Capital Partners III, L.P.LPs: Washington State Investment Board, Hawaii Employees' Retirement System | 1999 | — | 8.6% | 1.50x | 1.49x |
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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