Pamlico Capital said Nov. 21 that its latest fund closed at its hard of $910 million in total commitments. Pamlico Capital IV raised its capital in only four months, was oversubscribed and significantly exceeded the original $750 million target. Pamlico targets lower middle market growth companies in North American sectors such as Business and Technology Services, Communications and Healthcare sectors.
CHARLOTTE, NC, November 21, 2016 – Pamlico Capital (“Pamlico”), a leading lower middle market private equity firm focused on growth oriented businesses, today announced the first and final close of Pamlico Capital IV (“PC IV”) at the hard cap with total commitments of $910 million. PC IV raised its capital in only four months, was oversubscribed and significantly exceeded the original $750 million target.
Commitments to PC IV came from a diverse group of new and existing global investors comprised of leading fund of funds, insurance companies, corporate and foreign pension funds, endowments, foundations and family offices.
“We are very pleased and honored to have received such a high level of support from our current investors and are excited to partner with a few new investors in this fund and beyond,” said Pamlico Partner Art Roselle. “PC IV will build on our existing strategy of providing transformational capital to help accelerate the growth of businesses with untapped potential, often as a company’s first institutional investor. As we invest PC IV, we will leverage our industry expertise to pursue and capitalize on exciting investment opportunities in the lower middle market to drive value creation and improve operational performance.”
Pamlico pursues investment opportunities primarily in lower middle market growth companies in the Business and Technology Services, Communications and Healthcare sectors in North America. Pamlico’s investment strategy centers on the use of the team’s deep industry expertise and transactional experience to identify attractive sub-sectors within its three target industries where exceptional growth or consolidation opportunities exist and where Pamlico can take an active role helping management teams build value for shareholders. As with Pamlico’s previous funds, PC IV will seek equity investments of $20 million to $100 million in companies with total enterprise values of between $50 million and $250 million.
“The significant interest in our fourth fund underscores the team’s experience, capability and strategy, as well as our investors’ confidence in our consistent track record of delivering strong returns,” added Pamlico Partner Eric Eubank. “Our hands-on approach to sourcing, monitoring and guiding investments has helped us deliver consistently strong returns for over 25 years. PC IV will enable us to continue partnering with impressive management teams to drive change and accelerate growth while focusing on our theme-based investment approach.”
UBS Securities LLC acted as placement agent for Pamlico. Robinson, Bradshaw & Hinson, P.A. provided legal counsel.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S. Pamlico Capital seeks growth equity and buyout investments of up to $100 million alongside proven management teams in its target industries: Business & Technology Services, Communications, and Healthcare. Since its founding, Pamlico has invested over $3.0 billion in over 100 portfolio companies. For additional information, please visit www.pamlicocapital.com.