Plexus Capital announced Tuesday the closing of two funds that collectively include more than $1.3 billion of total capital.
The Raleigh-based investment firm’s Fund VII raised $977 million of total capital over the past five months, surpassing its target of $750 million. The fund is part of the company’s structured capital strategy that involves investing both debt and equity in companies that have annual revenue of $10 million to $100 million. The target businesses usually have pre-tax earnings of $2 million to $12 million, and Plexus partners with independent sponsors, search funds, private equity groups and management teams to enable growth.
Separately, Equity Fund II raised $345 million over the past three months, more than its target of $250 million. It involves a control buyout strategy that involves investing $15 million to $40 million in equity in companies primarily operating in essential services industries.
“Plexus is proud of the long-term relationships built with our investors and portfolio company management teams, as well as the culture we’ve established over our 20-year history, which centers on transparency, accountability, and following through on our commitments,” Partner Alex Bean said in a release. “Combined with our disciplined investment approach and track record across market cycles, this partnership mentality seemed to resonate with our investors in a challenging fundraising environment.”
Plexus said it received capital from both existing partners and new ones.
The firm was formed in 2005 with offices in Charlotte and Raleigh, led by former Centura Capital bankers Michael Painter, Bob Anders, Mike Becker, Robert Gefaell and Kel Landis.
It has partnered with more than 200 companies since then, raising more than $3.5 billion from investment consultants, insurance companies, pension funds, endowments, foundations, family offices and high net worth individuals
Current partners include Bean, Painter, Becker, Jay Jester, Will Anders and Brad Pence.