However, Pamlico will continue to manage its portfolio of over $2bn 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 is funded by Wells Fargo and other investors include AlpInvest, HarbourVest, Lexington Partners and Partners Group. These institutional firms originally committed capital to the group in 2007.
Pamlico plans to move its operations to new offices in Charlotte in the coming months. In the meantime, the firm’s current address will remain the unchanged.
Scott Perper, managing partner of Pamlico Capital, said: “Pamlico’s path to becoming an independent firm is a natural step in the evolution of our business as we look toward future growth. 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.”
Howard Atkins, CFO of Wells Fargo, said: “The team at Pamlico has been investing successfully on behalf of Wachovia and Wells Fargo for over 20 years, and their performance helped them attract third party capital. Together we have determined that Pamlico’s strategic goals can best be realized as an independent firm, and we wish them success.”
