Pamlico Capital, a lower middle market private equity firm focused on growth oriented businesses, has held the first and final close of Pamlico Capital IV at its hard cap with total commitments of USD910 million.
PC IV raised its capital in only four months, was oversubscribed and significantly exceeded the original USD750 million target.
Commitments to PC IV came from a group of new and existing global investors comprised of fund of funds, insurance companies, corporate and foreign pension funds, endowments, foundations and family offices.
“We are very pleased and honoured 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,” says 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 capitalise 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 centres on the use of the team’s 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 USD20 million to USD100 million in companies with total enterprise values of between USD50 million and USD250 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,” adds 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.”
