# Tercera

Tercera is a Private Equity based in Chicago, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** www.tercera.io
- **LinkedIn:** https://www.linkedin.com/company/tercera-io

## Regulatory record

- **Reports private funds:** No

## About

Tercera is an investment and advisory firm that specializes in next gen IT services businesses. It supports founders and leadership teams who need capital, counsel and connections to scale. It is a growth investor for digital and IT professional services, focused on growing, next generation IT services firms.

## Sectors

- Enterprise Software
- AI/ML

## People

- Michelle Swan — Partner

## Questions

### What type of companies does Tercera invest in?

Tercera focuses on founder-led IT services, cloud consulting, and SaaS implementation firms that are generating between $10M and $50M in annual revenue. The firm avoids pure-play software companies in favor of services businesses with recurring managed-services revenue. Sectors of interest include enterprise cloud migration, AI consulting, and digital transformation partners.

### Is Tercera a venture capital firm?

Tercera operates as a growth-equity firm, not a traditional venture capital fund. It targets profitable or near-profitable services companies with established revenue bases, rather than pre-revenue startups. The firm's first institutional fund closed at over $250M in 2022, with a mandate to invest across North America and Western Europe.

### What is Chris Barbin's background before Tercera?

Before launching Tercera, Barbin co-founded and led Appirio, a cloud consulting firm that pioneered remote-work models for technology services delivery. Appirio grew to over 1,200 employees and was acquired by Wipro in 2016 for $500M. Barbin also founded an earlier services venture, cementing his reputation as a repeat operator in the IT services sector.

### Does Tercera invest internationally?

Yes, Tercera deploys capital across the United States and Western Europe. The firm's thesis targets regions with active enterprise cloud adoption and AI transformation cycles, where mid-market services firms face limited access to growth equity tailored to their operating model.

## Related profiles

- [Tera Ventures](https://altss.com/profile/tera-ventures)
- [Teres Capital](https://altss.com/profile/teres-capital)

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Last updated: 2026-08-11T15:08:18.003Z

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