Chicago-based small-market private equity firm Prospect Partners closed on $194 million for its third fund, Prospect Partners III, according to an SEC filing.

A call to Prospect Partners was not immediately returned by press time.

The Form D filing did not disclose any of the limited partners in the new vehicle, although past investors include Goldman Sachs, General Motors Investment Management Corp. the University of Notre Dame, Wilshire Associates, and other institutional investors.

The new fund topped the firm’s predecessor, Prospect Partners II, LP, which raised $165 million in 2004.

Prospect Partners, like many Chicago-area sponsors, has bloodlines that trace back to Golder, Thoma & Cressey. Founders Richard Tuttle and William Glastris, Jr. each spent time at GTCR before moving on to other ventures. Tuttle headed up corporate development for Health Care & Retirement Corp., while Glastris put in a stint as a partner at LaSalle Capital Group before launching Prospect in 1998. Louis Kenter, the third co-founder, oversaw his own buyout shop, Kenter & Co., prior to Prospect.

A call to the firm was not immediately returned by press time. The fund has a 2.5% management fee. A placement agent was not listed in the filing.

As of earlier this month, Prospect was still investing out its second fund. The firm acquired refurbished computer services company World Data Products through a secondary deal with Svoboda Capital Partners and Bank of America’s Global Principal Investments Group. Also in August, Prospect backed specialty healthcare services company Navix Diagnostix, Inc., through a recapitalization alongside company management.