ParkerGale Capital LP has closed a debut buyout fund of $240 million, exceeding the original target of $200 million. The private equity firm, founded by the former technology investment team of Chicago Growth Partners, focuses on acquiring profitable, founder-owned tech companies in the lower middle market.
The Chicago firm makes majority investments in businesses that generate $2 million to $10 million in Ebitda. Portfolio companies specialize in providing tech-enabled business services that use, or are moving toward using, the Software-as-a-Service (SaaS) model for distributing applications. ParkerGale has already invested in two tech-enabled business service providers, Aircraft Technical Publishers, and waste monitor OnePlus Systems, which has also made an add-on deal in SmartBin.