Pamlico Capital

Pamlico Capital was founded in 1988 as First Union Capital Partners, the private equity arm of First Union Corporation. The firm later became known as Wachovia Capital Partners following a merger in 2001. In March 2010, the firm completed a spinout from Wells Fargo to become an independent entity, adopting the name Pamlico Capital after the Pamlico Sound in North Carolina.

The firm focuses on middle-market companies, providing growth capital, leveraged buyouts, and mezzanine capital. It has invested approximately $3.8 billion in over 200 companies since its inception. Pamlico typically seeks equity investments ranging from $25 million to $125 million in companies with enterprise values between $50 million and $350 million.

Since becoming independent, the firm has successfully raised several funds from outside institutional investors, including AlpInvest Partners, HarbourVest Partners, and TIAA-CREF. Its fifth fund, Pamlico Capital V, closed in 2020 at $1.25 billion, reflecting significant investor demand and a focus on expanding its portfolio within its core industry sectors.