Wind Point Just Short of $1B Close

Wind Point Partners has raised $915 million for its seventh fund.The Chicago-based shop is still waiting on a few potential commitments for Wind Point Partners VII LP, but the firm essentially stopped fundraising about six months ago, according to a source familiar with the effort.

Wind Point had targeted $1 billion for the fund when they initially polled their limited partners in the fourth quarter of 2007. But by the time they officially hit the fundraising circuit in April 2008, the economy had taken a nosedive and some LPs were looking to cut back their pledges by as much as 50 percent, our source said. The firm held a first close of $760 million in July 2008, as previously reported in Buyouts.

The predecessor fund, Wind Point Partners VI LP, closed in September 2005 with $700 million in commitments.

The firm picked up around seven new investors this time around, and the fund has a total of about 33 LPs, our source said. According to a Feb. 27 regulatory filing, LPs include State Retirement and Pension System of Maryland and the State Treasurer of the State of Michigan.

This story was first reported on the website of peHUB’s sister publication, Buyouts magazine, where Bernard Vaughan is a senior editor. Read the rest of the story here.