Thoma Cressey surpasses target

Chicago-based Thoma Cressey Equity Partners, a mid-market private equity shop, has closed its latest fund at $765m, easily surpassing its initial target.

Chicago-based Thoma Cressey Equity Partners completed the fundraising for its latest fund, bringing in $765 million (€633 million) in limited partner commitments. The vehicle, Thoma Cressey Fund VIII, had initially set a target of $650 million when it launched last June.

The new fund represents a significant increase over the firm’s previous effort, raised in 2001, which had been capitalised with $554 million.

Thoma Cressey did not disclose any of the investors in the fund, although it did say its backers include US and European government pensions, funds of funds, corporate pension plans and endowments. Limited partners in past funds from Thoma Cressey include The Los Angeles City Employees Retirement System, HarbourVest, The Massachusetts Pension Reserves Investment Management and The University of Colorado Foundation, among others.

Thoma Cressey’s previous fund has already logged a couple of realisations, including sales of pharmaceuticals provider Critical Care Systems and enterprise software maker Prophet21. The firm also floated financial analysis consultant LECG Corp. in a 2003 initial public offering.

However, the fund does have at least one disappointment, as Daticon, a document management outfit Thoma Cressey acquired in 2003, entered bankruptcy protection earlier this week. Thoma Cressey had committed roughly $35 million of equity into that investment, according to Securities and Exchange Commission filings.

Carl Thoma and Bryan Cressey launched Thoma Cressey in 1997, after the pair split from Golder Thoma Cressey Rauner, which is presently known as GTCR Golder Rauner.

UBS Securities served as placement agent to market the new fund.