Venture capital firm Chicago Growth Partners (CGP) has reportedly stopped raising its third fund.
The firm said in a memo sent to LPs that it plans to invest capital in small growth companies “under a new structural arrangement that we feel is more appropriate for our business going forward,” according to PeHUB.
“After much consideration, we have decided to discontinue our fundraising efforts for CGP III and embark on a different path,” said CGP.
“Our partners are not done investing. Rather, after CGP III is fully deployed, we simply plan to invest capital in small growth companies under a new structural arrangement that we feel is more appropriate for our business going forward.”
Last year it was reported that CGP was looking to raise between $400m and $500m for the new fund.
Last month CGP and trident Capital co-led a $60m investment round for payments-as-a-service startup 2Checkout.
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