ParkerGale has closed the firm’s second buyout fund at the hard cap of $375 million and above the target of $300 million.
Chicago-based ParkerGale makes control investments in profitable, founder-owned technology companies and corporate carve-outs in the small end of the middle market. The firm generally commits $30 million to $50 million of equity in companies with enterprise values below $100 million. Companies with subscription or transaction-based revenue models are preferred (www.parkergale.com).
Limited partners in Fund II include returning first fund investors as well as new investors. The firm’s first fund closed in November 2016 with $240 million of commitments. “We are humbled to have the continued support from our founding limited partners and we look forward to building long-term relationships with a great group of new investors,” said Devin Mathews, a Partner at ParkerGale.
ParkerGale was formed in 2014 by Mr. Mathews, Kristina Heinze, Jim Milbery, Ryan Milligan, Corey Dossett and Sharon Janowski. Since its founding, the firm has acquired six technology companies where ParkerGale was the first institutional investor. The firm has also expanded its team, adding six new members since launching – three on the investing team and three on the operating team. ParkerGale intends to grow the team further with its new fund.
“The overwhelming interest we received for the fund is a satisfying recognition of what we are building here at ParkerGale,” said Ms. Heinze. “We are excited to start looking for new companies to add to the ParkerGale family over the next few years.”
Chicago-based Shannon Advisors, a specialist in the middle market, was the placement agent for this fundraise and Kirkland & Ellis provided legal services.
© 2018 Private Equity Professional | November 29, 2018