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Bailey McCann, Opalesque New York: Charlotte, North Carolina-based Pamlico Capital has closed its Fund IV on $910 million after just four months in market. The fund originally had a $750 million target.
Pamlico focuses on lower middle market growth companies in the business and technology services, communications and healthcare sectors in North America. Like predecessor funds, Pamlico Fund IV will make equity investments of $20 million to $100 million in companies with total enterprise values of between $50 million and $250 million.
UBS Securities acted as placement agent for the fund.
In a statement, Pamlico Partner Eric Eubank said the firm's rapid fundraise for Fund IV was indicative of the success of the firm's middle market strategy. Investors in the fund included fund of funds, insurance companies, corporate and foreign pension funds, endowments, foundations and family offices.
Pamlico has been involved in a handful of deals so far this year. In October, the firm made an investment in 10th Magnitude, a Microsoft Azure cloud services firm. The company said in a statement that it plans to use the cash infusion to expand to new locations and make opportunistic acquisitions.
In September, Pamlico sold T2 Systems Inc, a provider of parking management technology, to Thoma Bravo for an undisclosed sum. The Carlyle Group and Madison Capital Funding provided the debt funding for the transaction. In August, Pamlico also exited its investment i...................... To view our full article Click here
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