Pamlico Capital has closed its third fund on its $650 million hard-cap, surpassing its $500 million target, according to a statement.
Fund III launched during the summer of 2012 with an initial hard-cap of $630 million, which the firm increased to $650 million as part of the final close. About 27 percent of the fund, which was oversubscribed, was provided by existing investors and 5 percent of the fund was provided by the general partner.
The fund had raised $355 million as of April, Private Equity International previously reported. The vehicle marks Pamlico's first fund as a fully independent firm.
Pamlico has yet to make any investments from the fund, which will focus on control stakes across the lower-middle market business and technology services, communications and healthcare sectors. Investments will range from $25 million to $75 million in North American companies with total enterprise values of between $50 million and $250 million.
UBS Securities acted as placement agent for the fund, which attracted investments from limited partners including AlpInvest Partners, Constitution Capital Partners, HarbourVest Partners and John Hancock Financial Services.
Pamlico’s prior fund, which was raised under the auspices of Wachovia Capital Partners, closed on $1.1 billion in 2007. The fund has been renamed Pamlico II and focuses on buyouts and growth equity investments between $15 million and $100 million.
The Charlotte-based firm was established in 1998 as the private equity arm of First Union, which is now Wells Fargo. Pamlico began to raise outside capital in 2007 and three years later the entire investment team, run by Scott Perper, Frederick Eubank and Watts Hamrick formed Pamlico. Today the firm has more than $2.6 billion in assets under management.