ParkerGale Capital, LP announced the close of its debut buyout fund. Exceeding its original target of $200 million, the fund closed at $240 million, with contributions from a balanced mix of family offices, pensions, managed accounts, endowments and funds of funds.

“We are excited to be in business and humbled by the support of our limited partners,” said Devin Mathews, Partner at ParkerGale Capital. “Now back to our day jobs – finding more management teams to support and great companies to buy.”

Partner Jim Milbery added, “We believe we are building something unique here at ParkerGale, and we are grateful to our investors for helping us achieve that goal.”

ParkerGale was formed in 2014 by the former technology investment team from Chicago Growth Partners, including Devin, Jim, Kristina Heinze, Ryan Milligan, Dave Chandler as well as Chief Financial Officer Corey Dossett, and office manager Sharon Janowski. Since its founding, ParkerGale has added Principals Alan Williamson and Kevin Fitzgerald and Associate Cass Gunderson. Private equity industry veteran, Tim Murray, serves as the fund’s Senior Advisor.

With this new fund, the ParkerGale team is continuing its focus on acquiring profitable, founder-owned technology companies in the lower middle market.

ParkerGale has completed two acquisitions including Aircraft Technical Publishers, the general aviation industry’s only single-source provider of information management services for manufacturers, owners, operators and maintenance providers, and OnePlus Systems, which offers patented sensor technology and software solutions to monitor waste receptacles for some of the largest companies and smart cities around the world.

BearTooth Advisors acted as strategic fundraising advisor and Kirkland & Ellis acted as fund counsel for ParkerGale.

ParkerGale Capital is a small private equity fund based in Chicago that buys profitable, founder-owned software and technology-enabled services companies where the firm’s operating resources can have a meaningful impact. ParkerGale also hosts the private equity industry’s only podcast, the PEFunCast on iTunes and Google Play.

BearTooth Advisors provides strategic advisory and placement agency services to alternative investment managers globally. Founded in 2014, BearTooth operates from offices in London and New York. Since inception, BearTooth has raised over $6 billion from over 220 distinct LPs for 5 private equity funds.