Chicago-based private equity firm Madison Dearborn Partners (MDP) has announced a significant leadership transition, positioning the firm for continued success in the competitive investment landscape. Vahe Dombalagian has been promoted to Managing Partner, a newly established role, effective immediately. This strategic move marks a new chapter for Madison Dearborn Partners, building on its 30-year legacy of generating strong returns and fostering a culture of excellence.
Dombalagian will be supported by a partnership group of eight Partners, succeeding Co-CEOs Tom Souleles and Tim Sullivan. Souleles and Sullivan, instrumental figures in Madison Dearborn Partners‘ growth, will transition to Vice Chairmen. In their new capacity, they will continue to contribute their expertise by advising the Basic Industries and Health Care sector teams respectively, and will remain on the boards of directors of current MDP portfolio companies.
Paul Finnegan, Chairman of MDP, emphasized the firm’s enduring principles: “generating attractive returns for our investors, recruiting, developing and retaining the best talent, and fostering a culture of accountability.” He lauded Souleles and Sullivan’s contributions over the past three decades and expressed confidence in Dombalagian’s leadership to “build on our success in collaboration with our entire partnership.” This leadership evolution underscores Madison Dearborn Partners‘ commitment to long-term strategic planning and seamless succession.
MDP’s sector-focused investment approach will remain unchanged, with Elizabeth Betten and Jason Shideler leading Health Care, Rich Copans heading Basic Industries, Matt Norton directing Technology & Government, and Matt Raino overseeing Financial Services. Dombalagian will continue his active involvement in MDP’s Financial Services strategy, demonstrating the firm’s deep bench of talent and continued focus on key sectors.
Reflecting Madison Dearborn Partners’ partnership ethos, sector team leaders, along with Mike Dolce (Capital Markets), John Knutsen (Business Development), and Annie Terry (Legal and Compliance), have been appointed as Partners. This expanded partnership group will support Dombalagian in managing the firm’s operations and ensuring the maintenance of MDP’s high-performance culture. This collaborative structure is designed to strengthen Madison Dearborn Partners‘ internal capabilities and market responsiveness.
Souleles and Sullivan jointly stated that leading MDP has been a “greatest honor,” highlighting their commitment to the firm’s best interests and its Limited Partners. They believe this leadership transition is occurring at the “right time,” expressing confidence in the new generation to lead Madison Dearborn Partners into the future. Their continued advisory roles will provide valuable continuity and experience to the firm.
Dombalagian expressed gratitude for his partners’ trust and excitement for the future. He acknowledged the dynamic nature of the private equity market and affirmed that the new partnership structure positions Madison Dearborn Partners to “continue to evolve and solidify its position as a leading private equity firm” as they move towards their next fund formation. This forward-looking statement reinforces Madison Dearborn Partners‘ proactive approach to market challenges and opportunities.
About Madison Dearborn Partners
Madison Dearborn Partners, LLC (MDP), established in 1992 and based in Chicago, is a prominent private equity investment firm. With over $31 billion of aggregate capital raised and more than 160 platform investments completed, Madison Dearborn Partners focuses on four key sectors: basic industries, financial services, health care, and technology & government. The firm is dedicated to building lasting value and partnering with exceptional management teams. For further details, please visit www.mdcp.com.
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