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Wachovia becomes independent private equity firm Pamlico

Wachovia Capital Partners, a private equity firm focused on investments in growth companies, has become independent from Wells Fargo and been renamed Pamlico Capital.

Pamlico will continue to manage its portfolio of over USD2bn in assets, including unfunded commitments available for new investments, on behalf of its existing limited partners.

The entire team of investment professionals will remain with Pamlico Capital.

“Pamlico’s path to becoming an independent firm is a natural step in the evolution of our business as we look toward future growth,” says managing partner Scott Perper. “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. The team is excited about its future as Pamlico Capital and the opportunity to invest in growing businesses in sectors where we have deep experience, including business and technology services, communications, and healthcare.”

Pamlico is funded by Wells Fargo and a number of institutional investors, including AlpInvest, HarbourVest, Lexington Partners and Partners Group. These institutional firms originally committed capital to the group in 2007.

“AlpInvest was impressed with the longevity of the management team and their successful investment track record when we first invested,” says Tjarko Hektor (pictured), partner at AlpInvest. “We are enthusiastic about continuing to partner with Pamlico as an independent private equity firm.”

Pamlico will move its operations to new offices in Charlotte, North Carolina over the next several months.

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