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Wachovia spin-out Pamlico closes first independent fund on $650m hard cap

8 Oct 2013

dollars pile moneyPamlico Capital has closed its first fund since spinning out of the Wachovia Corp bank three years ago on its $650m hard cap.

The firm easily beat its $500m target thanks to being “significantly oversubscribed” according to a statement, which said all of the LPs from its previous vehicle returned for the latest fundraise.

They included AlpInvest Partners, HarbourVest Partners, Constitution Capital, TIAA-CREF and the GE Pension Trust.

Pamlico was known as Wachovia Capital Partners before it spun out of the bank in 2010, two years after Wachovia had been bought by Wells Fargo at the height of the financial crisis.

The firm continued to manage its existing portfolio of more than $2bn of assets, including unfunded investor commitments.

Pamlico gathered more than $1.8bn for its last fund in 2007, but cut that down to $1.1bn during its split from Wells Fargo according to peHUB.

It traces its origins back to 1988 when it was launched as the private equity arm of First Union Capital.

AlpInvest partner Marek Herchel said, “We have been investors with Pamlico since 2007, and are pleased to once again invest with the firm.

“As one of the world’s largest private equity managers, AlpInvest seeks to place capital with firms that have demonstrated consistently strong performance.

“We have long been impressed with Pamlico’s successful investment track record and the continuity of its management team, and anticipate this will continue to be a highly rewarding and mutually beneficial relationship.”

Pamlico targets control-oriented buyout in lower mid-market growth companies in the North American business and technology services, communications and healthcare sectors.

It said Pamlico Capital III would aim to make control equity investments of $25m to $75m in companies with enterprise values of between $50m and $250m.

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