In this paper we present a set cover based approach (SCP) to multi-way partitioning for minimum delay for Look-Up Table based FPGAs. SCP minimizes the number of chip-crossings on each circuit path with minimum logic duplication costs to achieve implementations with minimum delay and minimum number of chips. The overall complexity of SCP is (V 2). Experimental results demonstrate that SCP produces partitions that on the average have 14% fewer chips, 28% fewer pins, and 93% fewer chip-crossings on each circuit path compared to ANN which is a simulated annealing based implementation of classical multi-way partitioning. SCP achieves this performance and compact packing at the cost of duplicating 13% of logic on the average. Additionally, in comparison with a lower bound we observe that SCP has produced near-optimal solutions.