New Money is our spotlight on Chicago fundings.
ParkerGale
Deal: $240M Debut Fund
Participants: BearTooth Advisors acted as strategic fundraising advisor and Kirkland & Ellis acted as fund counsel for ParkerGale. The fund was assembled through a "balanced mix of family offices, pensions, managed accounts, endowments and funds of funds."
What they do: ParkerGale Capital is a small, Chicago-based private equity fund that buys profitable, founder-owned software and tech-enabled companies, deploying the firm's operating resources to drive its acquisitions forward. Founded two years ago, the fund is led by the former tech investment team from Chicago Growth Partners, the private equity firm that "winded down" in 2014 after abandoning plans to raise a third fund. Since its launch in 2004, CGP invested in over 20 companies, including The Tie Bar, 2Checkout, TeachingStrategies.
According to a news release, ParkerGale has already completed two acquisitions - Aircraft Technical Publishers, a provider of safety and compliance information for the aviation market, and OnePlus Systems, a solutions provider that brings efficiency, profitability, and responsibility to waste hauling.
Other details: The ParkerGale team consists of CGP vets Devin Mathews, Jim Millbury, Kristina Heinze, Ryan Milligan, Dave Chandler as well as Chief Financial Officer Corey Dossett, and office manager Sharon Janowski. The firm has also added Principals Alan Williamson and Kevin Fitzgerald and Associate Cass Gunderson.
The firm is also behind one of the private equity industry's only podcasts, the PEFunCast.
Summarized Mathews, "We are excited to be in business and humbled by the support of our limited partners. Now back to our day jobs – finding more management teams to support and great companies to buy."
(Image via Wiki Commons)
