Chicago private equity firm Cressey & Co. has closed a fund with $615 million in commitments during the best fundraising environment in years.
The fund, called Cressey & Co. Fund V LP, launched in July. The fund surpassed Cressey's $400 million target. The firm's previous fund closed in 2010 with $385 million in capital commitments.
Cressey generally invests in health care companies with enterprise values between $50 million and $300 million.
Cressey sold Encompass Home Health and Hospice for $750 million to HealthSouth Corp. (NYSE: HLS) in November. In December 2013, the firm sold health care software group Homecare Homebase LLC to Hearst Corp.
Ropes & Gray advised Cressey on the fund formation.
Many private equity firms have been able to close funds in the past year. Earlier in December, SK Capital Partners closed a $1 billion fund. In November, Hellman & Friedman LLC closed a $10.9 billion fund.