Pamlico Capital, the Charlotte private-equity group that spun out of Wachovia Corp. in 2010, just raised $910 million in its fourth fund. It took about four months, and the fund exceeded the target of $750 million. A government filing said that the offering included 63 investors, typically a mix of institutions and wealthy individuals.
Topping one’s goal in private equity almost inevitably suggests that previous funds run by the PE group have excelled. Like most PE peers, Pamlico doesn’t publish its returns, but without a doubt they have been substantial. Its last fund, for $650 million, closed in late 2013. The company manages more than $2 billion worth of a wide variety of businesses.
Pamlico invests in middle-market companies with annual revenues between $15 million and $200 million. Its investments typically are from $20 million to $100 million and focus on communications, health care and technology. That’s why the company isn’t well-known; its deals are smaller than the blockbuster transactions that get most of the press.
The firm’s eight partners also eschew publicity, unlike some brethren at bigger firms. The local partners are Stuart Christhilf, Eric Eubank, Arthur Roselle, Scott Perper, Watts Hamrick, Walker Simmons, Scott Stevens and Eric Wilkins. Most have been part of the firm for 20-plus years. The firm also has one principal, Brian Chambers.
As in its 2013 deal, Pamlico used UBS Securities as its placement agent, while Robinson, Bradshaw & Hinson PA handled the legalities.