Parallax Capital Partners has held a first close on $80 million as it works to raise $120 million for its debut fund, according to a person with knowledge of the fundraising.
Founded by former Gores Group executive James Hale, Parallax has been investing on a deal-by-deal basis for 11 years, and has built a track record that cumulatively has generated more than 9x in returns, the person said.
Fundraising has been tough for first-time funds, but Parallax has been able to use its strong track record to attract commitments from limited partners like endowments, foundations and pension plans, the person said.
Parallax could not be reached for comment. Atlantic-Pacific Capital is working as placement agent on the fund, and also did not return a call for comment.
Parallax focuses on buying and operating companies in a broad range of industries, including technology-related businesses like software and services, semiconductor, telecom, IT services and media content and deliver, and other industries like aerospace and defense, consumer products and travel and leisure.
The firm pursues various transactions like corporate divestitures, take-privates, management buyouts and recapitalisations, among others.