Chicago-based private equity firm NextGen Growth Partners (NGP) has held the first closing of its inaugural fund.
The goal of the first close is to create a solid base for the firm’s entrepreneurs-in-residence (EIR) to begin targeting industries, sourcing and acquiring companies in the lower middle market.
Founded in early 2016, NGP pins its early success on the collaboration between some of Chicago’s most distinguished investment minds. NGP’s business model is to identify and mentor top talent within Chicago’s world-class entrepreneurial community to serve as the leaders of growing lower middle market companies across the country post-acquisition.
NGP is founded and led by private equity investor, operator and University of Chicago Booth School of Business adjunct professor, Brian O’Connor. His colleague Mark Agnew, and Northwestern University’s Kellogg School of Management adjunct professors, Brad Morehead and Alex Schneider, also serve as NGP advisers and investment committee members.
“Chicago is an amazing hub for entrepreneurial talent,” says O’Connor. “I am thrilled to have the chance to work with Chicago’s best and brightest to help them become CEOs and take small businesses to the next level.”
“I’m excited to bring this unique opportunity to fruition,” says Morehead. “We have high expectations for the power we can harness by placing these young entrepreneurs in leadership positions within proven, profitable businesses that are ripe for growth.”
