Chicago-based ParkerGale, a private equity firm, has closed its second fund at a hard cap of $375 million, beating its $300 million target. ParkerGale focuses on middle-market tech companies. Shannon Advisors was the placement agent while Kirkland & Ellis LLP provided legal counsel for ParkerGale.
Chicago – November 28, 2018 – ParkerGale, LLC today announced the close of its second buyout fund. Exceeding its original target of $300 million, the fund closed at the hard cap of $375 million in Limited Partner commitments with contributions from a balanced mix of existing and new investors.
“We are humbled to have the continued support from our founding LPs and we look forward to building long-term relationships with a great group of new investors,” said Devin Mathews, Partner at ParkerGale.
Partner Kristina Heinze added “The overwhelming interest we received for the fund is a satisfying recognition of what we are building here at ParkerGale. We are excited to start looking for new companies to add to the ParkerGale family over the next few years.”
ParkerGale was formed in 2014 by Devin, Kristina, 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.
ParkerGale will continue its focus on acquiring profitable, founder-owned technology companies and corporate carve-outs in the small end of the middle market. The firm generally commits $30 to $50 million of equity in companies with enterprise values below $100 million. It takes a hands-on approach to operations utilizing its in-house team of functional experts in talent, systems, growth and products. Chicago based Shannon Advisors, a specialist in the middle market, acted as placement agent and Kirkland & Ellis LLP acted as legal counsel for ParkerGale.
ParkerGale Capital is a small private equity firm based in Chicago that buys profitable, founder-owned technology companies and corporate carve-outs where the firm’s operating resources can have a meaningful impact on the outcome. ParkerGale also hosts the private equity industry’s only podcast, the PEFunCast on iTunes and Google Play. For more information, please visit www.parkergale.com
Correction: The original press release gave the date as November 28, 2017. It is November 28, 2018.