Madison Dearborn soldiers on to close Fund VI

Julian Longhurst
06 May 2010

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The Chicago-based buyout house takes well over two years to close latest fund at around 40% of its original target

Fundraising for Madison Capital Partners VI LP was initiated at the end of 2007, less than two years following the final close of the fund’s $6.5bn predecessor.

At that time, with the full effects of the sub-prime chaos yet to be felt, Madison Dearborn had set an ambitious target of $10bn, though as events panned out the target was dropped by a quarter.

The final close took place recently on $4.1bn. A number of major LPs in fund V elected not to return for this latest offering, inclusing CalPERS and CalSTRS, though the list of LPs willing to come back for more also includes some significant global investors (eg Yale, Harvard and PennSERS).

Madison Dearborn has backed seven European companies in the last decade or so. Most recently, the group joined Apax and TA Associates in the €1.1bn funding of Rome-based international telecommunications company Weather Investments.