Plexus Capital, a provider of capital to small businesses in the US, has closed Plexus Fund IV at its fully subscribed offering of USD400 million.
Consistent with its predecessor funds, Fund IV will focus on the same strategy of investing in profitable businesses with USD10 million to USD100 million in revenue to support growth, recapitalisations and transitions of ownership.
With the closing of Fund IV, Plexus has raised more than USD950 million since inception in 2005, including capital accessed through SBA’s Small Business Investment Company programme. In addition to SBA capital and significant investments from the Plexus team, investors include 57 banks, 208 individuals and family offices and eight institutions.
“The strong support from our existing and new investors is a reflection of the quality of our team, our differentiated strategy and consistent track record through volatile economic cycles,” says Plexus managing partner Michael Painter. “We look forward to leveraging our now more than two decades of experience as a team to continue supporting the growth of lower-middle market companies across the US.”
Named 2013 US Small Business Investment Company of the year, Plexus has invested USD562 million in 77 companies across its four funds.
Plexus Fund I, an USD80 million 2005 vintage fund, returned 10.5 per cent net annualised returns to investors.
Plexus Fund II, a USD175 million 2009 vintage fund, has returned 19.6 per cent net annualised returns to investors to date.
Plexus Fund III, a USD300 million 2013 vintage fund, is now 96 per cent deployed in 28 companies.