Rainier Partners, a Seattle-based private equity firm investing in lower middle-market services businesses, has closed its Rainier Partners Fund I at its hard cap of $300 million, in excess of its $250 million target.

Founded by Alex Rolfe and Jon Altman, Rainier focuses its investment strategy on lower middle-market businesses across North America, with a focus on business services, financial services, consumer services and industrial services. The Rainier team brings an active partnership approach to investments, providing operational resources, strategic support and growth capital. The firm invests in control buyouts, with a focus on family-, founder- and privately-owned businesses and corporate carve-outs.

“As we look ahead, we’re excited to continue executing on our proven strategy — investing in scalable services industries where we have deep experience and can provide operational resources and strategic insights,” states Rolfe.

M2O Private Fund Advisors acted as placement agent. Kirkland & Ellis LLP acted as fund counsel to Rainier.