# Vistria (private equity firm)
The Vistria Group is a Chicago-based middle-market private equity firm founded in 2013 by Kip Kirkpatrick and Martin (Marty) Nesbitt, which invests in U.S. healthcare, knowledge & learning solutions and financial services companies and has expanded into housing through a dedicated real estate strategy formalized in 2022.[1](https://yespress.io/the-vistria-group) • [2](https://www.sec.gov/Archives/edgar/data/1957938/0001957938-25-000001.txt) Its flagship funds have grown from roughly $400 million (Fund I) to $3 billion (Fund V, closed January 2025), and the firm reported more than $17 billion in assets under management in 2025.[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/) • [4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) • [5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/) The firm's investment manager, The Vistria Group, LP, is headquartered at 300 E. Randolph St., Chicago, Illinois.[6](https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt)
| Fact | Detail |
|---|---|
| Founded | 2013, by Kip Kirkpatrick and Marty Nesbitt (Co-CEOs)[1](https://yespress.io/the-vistria-group) • [5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/) |
| Headquarters | 300 E. Randolph St., Chicago, Illinois[6](https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt) |
| Sector focus | Healthcare, knowledge & learning solutions, financial services; housing (fund formed 2022)[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) • [2](https://www.sec.gov/Archives/edgar/data/1957938/0001957938-25-000001.txt) |
| Flagship funds | Fund I >$400M; Fund II $872M (2017); Fund III $1.11B (2020); Fund IV $2.68B (2021); Fund V $3B (2025)[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/) • [4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) |
| Fund V per SEC Form D/A | $2,745,630,000 sold as of December 2024[6](https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt) |
| AUM | Almost $16B (Jan 2025); more than $17B (2025)[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) • [5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/) |
## History and people
Kirkpatrick and Nesbitt started Vistria in 2013. Kirkpatrick had helped create [One Equity Partners](https://www.edgepedia.org/one-equity-partners), co-founded healthcare investor [Water Street Healthcare Partners](https://www.edgepedia.org/water-street-healthcare-partners) and run a mortgage lender; Nesbitt had built The Parking Spot, an airport parking company, and worked in real estate.[1](https://yespress.io/the-vistria-group) Both are recorded on the firm's fund filings as co-presidents of the general partner.[6](https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt)
In a 2025 leadership announcement, the firm said Kirkpatrick and Nesbitt remain Co-CEOs, while appointing two executives as Co-Presidents of the Flagship Fund. According to the firm, the healthcare co-president, Schuppan, has led more than $10 billion in investments across 28 healthcare companies including Agape Care, Medalogix, Sevita, and St. Croix Hospice, and the knowledge & learning co-president, Alphonse, has directed $4 billion across 14 investments including Full Bloom, MGT, ESS, and Soliant.[5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/)
## Strategy
Vistria targets middle-market companies in North America in healthcare, education (now described as knowledge & learning solutions) and financial services.[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/) • [4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) The firm raises co-investment vehicles alongside its flagship funds.[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html)
In 2025 the firm reported closing a multi-asset continuation vehicle.[5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/) The firm has also expanded beyond its flagship buyout strategy into real estate: Vistria Housing Fund F-1, LP, a Delaware fund formed in 2022, lists Nesbitt and Kirkpatrick as executive officers and Margaret C. Anadu as an executive, with Vistria Real Estate Management Company, LP as investment advisor.[2](https://www.sec.gov/Archives/edgar/data/1957938/0001957938-25-000001.txt)
## Funds by the numbers
The flagship funds are:
- **Fund I**: closed with over $400 million in commitments.[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/)
- **Fund II**: closed in 2017 with $872 million.[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/)
- **Fund III**: closed January 7, 2020 at $1.11 billion, surpassing an $800 million target and closing at its hard cap, with a $100 million commitment from the firm's Principals and Operating Partners.[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/)
- **Fund IV**: closed in 2021 at $2.68 billion, more than twice the size of Fund III.[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html)
- **Fund V**: completed its final closing on January 9, 2025 with $3 billion of total capital commitments, the firm's largest fund to date.[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html)
SEC Form D filings record amounts actually sold, which differ from announced commitments. The Fund V Form D/A filed December 17, 2024 reported $2,745,630,000 sold as of that date, before the January 2025 final close.[6](https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt) J.P. Morgan Securities LLC and Morgan Stanley Smith Barney LLC acted as placement agents for the Fund V offering.[6](https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt)
[Assets under management](https://www.edgepedia.org/assets-under-management) have grown accordingly: more than $3.0 billion of institutional capital as of January 2020, almost $16 billion as of January 2025 (which the firm said more than doubled its AUM in a little over three years), and more than $17 billion later in 2025.[3](https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/) • [4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) • [5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/)
## Portfolio and exits
As of January 2025, the firm reported holdings in 39 portfolio companies and more than 100 employees across multiple U.S. offices.[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) Companies named in the firm's own releases include Agape Care, Medalogix, Sevita, St. Croix Hospice (healthcare) and Full Bloom, MGT, ESS, and Soliant (knowledge & learning solutions).[5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/)
The firm reported returning approximately $1 billion of liquidity to limited partners in 2025, alongside approximately 17 Flagship investments completed in that period.[5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/) Directory data (unverified) lists a Soliant acquisition on July 29, 2024 and a Lumenselect acquisition on February 23, 2026.[7](https://tracxn.com/d/private-equity/thevistriagroup/__glhUlQkslQ1V5XWbdNdfcAx6kIA-hJ0qHNYbfkax2wo)
## Recent developments
Three developments define the period. First, fundraising: Fund V's final close in January 2025 at $3 billion made it the firm's largest vehicle.[4](https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html) Second, strategy: the housing platform, formalized through Vistria Housing Fund F-1 and Vistria Real Estate Management Company with Margaret C. Anadu, extended the firm beyond its original three sectors.[2](https://www.sec.gov/Archives/edgar/data/1957938/0001957938-25-000001.txt) Third, liquidity and leadership: the multi-asset continuation vehicle, roughly $1 billion returned to limited partners in 2025, and the appointment of Flagship Co-Presidents while the founders remain Co-CEOs point to an institution building succession depth.[5](https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/)
## References
1. YesPress, "The Private Equity Firm Betting That Public Problems Can Produce Private Returns" — https://yespress.io/the-vistria-group
2. SEC Form D, Vistria Housing Fund F-1, LP — https://www.sec.gov/Archives/edgar/data/1957938/0001957938-25-000001.txt
3. The Vistria Group, "The Vistria Group closes its third fund at $1.11 billion" — https://vistria.com/the-vistria-group-closes-its-third-fund-at-1-11-billion/
4. PR Newswire, "The Vistria Group Closes on $3 Billion for Fifth Flagship Private Equity Fund" — https://www.prnewswire.com/news-releases/the-vistria-group-closes-on-3-billion-for-fifth-flagship-private-equity-fund-302346686.html
5. The Vistria Group, "The Vistria Group Builds for Its Next Chapter with Flagship Leadership Appointments" — https://vistria.com/the-vistria-group-builds-for-its-next-chapter-with-flagship-leadership-appointments/
6. SEC Form D/A, Vistria Fund V, LP (filed 2024-12-17) — https://www.sec.gov/Archives/edgar/data/1946903/0001946926-24-000001.txt
7. Tracxn, "The Vistria Group - 2026 Investor Profile" (directory data, unverified) — https://tracxn.com/d/private-equity/thevistriagroup/__glhUlQkslQ1V5XWbdNdfcAx6kIA-hJ0qHNYbfkax2wo
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Buyout and control firms › Middle-market buyout firms › Southern, Midwestern, and Western US firms*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license