Pike Street Capital Partners, a private equity firm that launched in 2018, raised $237 million in what is thought to be one of the larger fundraising efforts by a Seattle private equity firm.
The firm is focused on buyouts of profitable industrial technology companies with annual revenues of $10 million to $100 million. It marks the first fund for Pike Street, which is led by veterans of Evergreen Pacific Partners.
The firm originally planned to raise $200 million for its inaugural fund, but co-founder Paul Caragher said in a statement that the oversubscribed fund is a “testament to our investors’ belief in our operational investing model where we partner with founders, owners, and management teams to implement sustainable growth plans.”
Seattle’s private equity ecosystem is relatively small when compared to hotbeds such as Silicon Valley, Boston and New York.
The firm has already invested in three companies out of the first fund: US BioTek Laboratories, Head Rush Technologies and QuickBox Fulfillment.
Pike Street’s founding partners include:
- Caragher, former CEO of Radiant Zemax, a light measurement company that formed after an Evergreen Pacific Partners deal. He also held several leadership positions at Danaher.
- Dave Dandel, a former partner at Evergreen Pacific Partners who previously worked with D.A. Davidson, Piper Jaffray, and Key Bank’s Investment Banking Group.
- Edward Whatley, a former partner at Evergreen Pacific Partners who worked as an investment banker in New York with Credit Suisse and CIBC World Markets.
