NextGen reaches $50m for debut fund

The Chicago-based firm invests in lower mid-market companies in the United States.

NextGen Growth Partners held a final close on its inaugural vehicle, NextGen Growth Partners Fund I, after surpassing its $50 million target size, according to the firm’s press release.

Through this vehicle, the Chicago-based firm will invest in lower middle-market companies in the United States with annual cash flows ranging from $1 million to $5 million. In addition to providing capital, NGP also seeks out local entrepreneurs to serve in leadership roles at its portfolio companies.