(Correction: Removes the reference to Secretary Penny Pritzker, which was erroneously referred to as one of the founders of the Vistria Group.)

Martin Nesbitt who has close ties with President Barack Obama, launched the Vistria Group. According to a source who is familiar with the new company, the launch aimed to raise $500 million for its initial funding.

Martin Nesbitt, who had co-founded the Parking Spot in 1988, is a Chicago-based entrepreneur, whose family is tied to real estate such as the Hyatt hotels. Nesbitt, for his part, played basketball with Obama back in their college days.

Vistria came from a Greek and Latin word combination which meaning was the power of three. The name Vistria reflected the private equity firm's three-pronged expertise, namely regulation, finance, and operations.

The money was raised for mid-market buyouts that aimed to focus on health care, education as well as financial services buy-outs. The Vistria Group was built for operation in 12 major airports when it was sold in 2011. 

According to a report from the Chicago Tribune, Kip Kirkpatrick would be joining the team for Vistria Group. He was a former Democratic candidate for Illinois treasurer,