Hyde Park Venture Partners, an early-stage venture capital company operating from Chicago, recently announced a successful raise of $98 million for its fourth investment fund.
- Illinois Growth and Innovation Fund, RK Mellon Foundation, Renaissance Venture Capital, NVNG, and Cintrifuse Capital are among the LPs
- The new fund elevates HPVP’s total assets under management to $320 million
- Initial investments from Fund IV include Diffit and CivCheck
The firm’s latest fundraising initiative showcases continued support from prior contributors such as the Illinois Growth and Innovation Fund, RK Mellon Foundation, and Renaissance Venture Capital, alongside new participants NVNG and Cintrifuse Capital.
Illinois State Treasurer Michael Frerichs expressed enthusiasm for the ongoing partnership with HPVP, noting the firm’s pivotal role in nurturing the growth of the Illinois and broader Midwest startup landscape.
HPVP initiated the fundraising process in January 2023 with a target of $100 million, as indicated in a regulatory filing. The fund is managed by Gregory Barnes, Guy Turner, and Ira Weiss.
In its previous round, the firm gathered $100 million in December 2019 for its third fund, surpassing its initial $75 million target. With the completion of Fund IV, HPVP’s managed assets have reached approximately $320 million.
The investment focus for Fund IV is on early-stage startups, primarily those based in the Midwest and Toronto.
Allison Lechnir, a partner at HPVP, expressed excitement over the potential of founders in the region, mentioning the critical role of flagship companies in the portfolio such as ShipBob, FourKites, and G2 in elevating the local startup scene. Fund IV is set to continue supporting leading founders not only with capital but also with strategic connections to talent and later-stage partners necessary for growth.
Among its initial ventures, Fund IV has contributed to the growth of Diffit, a company in the ed-tech space, and CivCheck, which collaborates with municipalities and architects to streamline building permit processes.
