Hughes & Company has announced it has closed its first private equity fund, Hughes Growth Equity Fund I, at $116 million.

This figure exceeds the original target of $100 million.

Based in Chicago, Hughes & Company seeks control and minority equity investments exclusively in healthcare software and technology-enabled services companies, Founded in 2011, the firm has wide flexibility on investment size and targets low to middle market companies with between $10 million and $50 million in revenue.

Hughes & Company made its first investment from the fund in December 2020 in Azara Healthcare, a population health management software provider.