Fortune has learned that CHS will not raise a new fund, but will continue to manage out its remaining portfolio companies.

CHS was founded in 1988 by a trio of former members of Citicorp’s leveraged capital group, and has focused on middle-market companies in a variety of sectors. It raised five funds, the most recent of which being a $1.3 billion vehicle in 2005. It later talked about coming back to market with a $2 billion-targeted vehicle, but it never gained enough traction.

Notable CHS investments have included American Reprographics, Baker Tanks and Beacon Roofing Supply.

Co-founder Andrew Code began transitioning out a couple years back to form an investment management firm that also has a private equity arm (Promus Equity Partners). Fellow co-founders Brian Simmons and Daniel Hennessy were not available for comment yesterday, but a firm spokesman said Simmons would be calling me on Monday. So more details to come.

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