Wachovia Capital Partners, the private equity unit of financial services company Wells Fargo, has spun out to become an independent firm, now operating under the banner Pamlico Capital.
Pamlico will continue to manage its portfolio of over $2bn in assets, including unfunded investor commitments available for new investments, on behalf of its existing limited partners and the entire Wachovia team will remain intact.
Managing partner Scott Perper said, “Pamlico’s path to becoming an independent firm is a natural step in the evolution of our business as we look toward future growth. Over the last 22 years, we have built a cohesive team, developed an industry-focused strategy, and constructed a portfolio of successful investments by partnering with superb management teams.”
Pamlico is funded by Wells Fargo and a number of institutional investors, including funds of funds AlpInvest, HarbourVest, Lexington Partners and Partners Group. These institutional firms originally committed capital to the group in 2007.
Wells Fargo CFO Howard Atkins said, “The team at Pamlico has been investing successfully on behalf of Wachovia and Wells Fargo for over 20 years, and their performance helped them attract third party capital. Together we have determined that Pamlico’s strategic goals can best be realised as an independent firm, and we wish them success.”
Pamlico, under its previous moniker Wachovia Capital Partners, has invested $3.8bn in over 200 companies and will continue to make growth equity and buy-out investments of up to $100m per deal.
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