Chicago Billionaire Ishbia Raises $850 Million for New PE Funds

Shore Capital Partners, a Chicago private equity firm founded by billionaire Justin Ishbia, raised $850 million for two new funds that will invest in health care and back entrepreneurs looking to acquire and manage companies.

The closing of the two new funds brings Shore’s fundraising to $1.3 billion this year, according to a statement on Tuesday. The firm, which also closed on a food-and-beverage fund earlier this year, has overcome a dry spell that has hit the broader industry in recent years, driven by higher interest rates, inflation and macroeconomic uncertainty.

Shore raised more than $625 million for ...